Protecting Your Right To Ride

Does My Homeowners Policy Cover My Bike?

Does My Homeowners Policy Cover My Bike?

There are so many things in life that I just assume are insured. Sometimes I think I should take a closer look. My bicycle is one of those things.

Heck, my road bike alone is at least $1,600 to replace it. And my mountain bike is worth another $800.

If something happened to them, it could set me back both monetarily and fitness-wise.

Note: Your coverage may be different. This post is not legal advice and does not discuss any one particular coverage. Coverages change frequently, and this post makes no attempts to maintain accuracy. Check with your provider to get accurate details.

Location Matters

Most homeowners insurance only covers bicycles that are stolen or damaged on the property that is insured. So wrecking it in traffic or at a bicycle race won’t be covered. Additionally, if it is stolen from campus while you are in class, you might similarly be AWOL.

Theft, Not Damage

Sometimes there is more coverage for theft than there is for damage. In some cases, you might be covered if the bike is stolen from your car (auto insurance) or damaged during an accident.

Few homeowner policies will insure your bike when it is stolen off of the named property, such as while you are at the grocery store. But they might not cover someone running over the bike while you are inside grabbing a yogurt.

And coverage for crashes at bike races is out of the question.

But I Have A “Rider”

Not to confuse terms, but some home insurance policies offer you “riders” for additional, specific coverage. In many cases, this insurance only covers the “actual cash value” of the item and not the “replacement value.”

The result is that your 2-year-old bike is not worth $400 less than when you bought it. Then you subtract the $500 deductible, and there may no longer be any coverage value left to replace your bicycle.

The best thing you could consider doing for a high-value bicycle is to find specific coverage. Purchasing your bike on a credit card may provide coverage for 90-360 days from the date of purchase. Following that, you’ll want to invest in a more robust coverage.

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