However the coverage doesn’t tend to be very extensive. This has the advantage of being completely free, until your bike gets stolen! The problem with this is that if you ride an expensive bike, you might be not able to cover the cost of its loss, which doesn’t exactly give you peace of mind. This is basically having no bike insurance, and means you will need to cover your own costs in the event of theft or injury. Let’s have a look at each one in order of cost… 1. But in order to decide whether it’s worth taking out an insurance policy you need to make sure you’re completely aware of what those conditions are.īut I’m getting ahead of myself here because there are actually four very distinct ways of insuring your bike. There needs to be conditions as part of any agreement. Or at least in that insurance policy which will document in great detail and confusing language all the situations where in fact the insurance company won’t pay for a new bike or hospital bills! Simples? Well yes, but the devil is in the detail. So you pay the insurance company a small amount of money every month and then when if there’s a crash or your bike is stolen, they will pay for a new bike and any medical costs. Insurance Premium: The cost of your insurance What Sort of Things Can I Insure?įor bikes, that “larger financial loss” that your insuring against will usually be the result of theft, damage or medical bills resulting from an accident. The agreement that details what’s covered, what’s not covered, and the conditions under which they will (or won’t) pay you, is called the insurance policy. The monthly payment is called the premium. So when you take out insurance you’re basically agreeing to pay a company a small amount of money every month in exchange for a guarantee that should you suffer some type of larger financial loss, the company will pay part or all of that loss. But if like me, you struggle with some of the concepts and terminology, keep reading as I cover it all here. I did say this was going to be basic didn’t I? If this is too basic jump to the next section. Then I’ll get back to doing more interesting stuff like riding my bike. And now I’m going to document it here in the most simplest form imaginable. And I find the prospect of comparing lots of different policies very, very boring.īut I was determined to find out enough to make an educated decision. I find the language confusing (premiums? underwriting? liabilities?). I find the whole concept depressing (paying month after month for something that might never happen). I’ve got to be honest here: I knew very little about insurance when I started researching this article. The question is: should we take out bike insurance to cover it? So there’s a good chance we’re going to be robbed. And reports suggest that that up to 50% of cyclists will have their bike stolen at some point. But we already know that no bike lock is unbreakable and no bike is unstealable.
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