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Does Bicycle Insurance Exist, and Should I Have It?

Car insurance is a necessary purchase for any person who drives a car. With a car insurance policy in place, you have a source of financial support in the event that you are injured in a car accident.

You may not use a car as your main method of transportation. Instead, you may ride a bicycle to get around. As a bike owner, you may be unsure of how your expenses would be covered if you were ever injured in a bicycle accident. Although car insurance is commonplace, most people do not know if bicycle insurance even exists.

Bicycle insurance plans are available, either as a standalone policy or as part of another type of insurance plan. You may benefit from purchasing a bike insurance plan, but it’s possible that another source of coverage is more appropriate for your circumstances.

Tips for Biking Safely

What Does Bicycle Insurance Cover?

A bicycle insurance plan will typically cover the costs that result from a bike accident, such as medical bills and property damage expenses. Additionally, a policy may cover the costs of other people’s injuries if you are at fault for an accident. Bike insurance policies generally provide theft coverage as well.

Bicycle Insurance May be Included in Another Insurance Plan

Bicycle insurance is available as its own policy, but may also be included as an add-on plan to homeowners insurance, renters insurance, car insurance, or another type of policy. You can inquire with your insurance providers about the availability of bike insurance in your existing policies, or the possibility of adding a bicycle insurance plan to your coverage.

Do I Need Bicycle Insurance?

Whether or not you need bicycle insurance is dependent on a number of factors: How often do you ride your bike? Is your bicycle your only method of transportation? Are your bicycle accident-related expenses covered by an existing insurance plan, or another source of coverage?

Although a bicycle insurance policy may provide an additional safety net in the case of an accident, this extra coverage may not be necessary because your expenses could be covered by the at-fault driver’s car insurance plan. You may also be able to file a claim directly against the driver to recover financial and non-economic damages.

The legal team of Goodman Acker P.C. can help you recover the compensation you deserve following a bicycle accident. Contact us if you or a loved one have been injured.

Call (248) 793-2010 or send us a message for a free consultation.

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