| While there are many ways to safely secure your | | | | personal property - that's what the item is actually |
| basic bicycle, these will not always prove to be | | | | worth given its present age. For example: A ten year |
| foolproof and therefore taking out adequate basic | | | | old bicycle would be valued at the cost of a new |
| bicycle insurance is an important additional step. | | | | bicycle minus ten years' depreciation. |
| Another reason why bicycle insurance is becoming | | | | However if your basic bicycle insurance was a |
| even more essential is because you and I are looking | | | | replacement cost coverage, then the bicycle would be |
| to alternate forms of economical transport (much like | | | | replaced without any depreciation with your the bicycle |
| the fuel economizer gas moped scooter) but more of | | | | being replaced would be for one at current market |
| a human propelled nature. This has resulted in more | | | | value meaning that that that same ten year old bicycle |
| people embracing bicycles for commuting to and from | | | | would be valued at the cost of a new bicycle of similar |
| work. And lets not forget the the importance of the | | | | quality. |
| bicycle and exercise, where the basic bicycle is | | | | Of course there is always a catch as the insurance |
| extremely popular whether it is used for leisure or | | | | generally does not pay the full value of the loss. Your |
| sporting events. | | | | bicycle insurance policy may typically have a |
| So how are basic bicycles and bicycle-related incidents | | | | deductible, maybe $100, maybe $1000, depending on |
| covered under insurance? | | | | what you could afford or chose when you bought the |
| Policies differ by Insurance Company, and may even | | | | policy. |
| differ within a province, state or country. | | | | Before you do have a theft loss, its a good idea to |
| In general, both homeowners and renters insurance | | | | take a photo inventory of your bicycle, and keep |
| may typically cover your personal property worldwide | | | | receipts of the original purchase, whether your |
| against specified perils, generally including theft, and this | | | | two-wheeled pedal powered transport costs a few |
| will of course include your bicycle. | | | | hundred or more than a thousand which could be the |
| There are limitations and exclusions on this coverage, | | | | case nowadays with the many types of hi-tech bikes |
| and they vary significantly among different insurance | | | | in the marketplace. This will undoubtedly help in |
| companies and policies. | | | | speeding up your claim especially if the bicycle is over |
| One common restriction is that personal property at a | | | | a thousand, and will solidify report of theft to the police |
| secondary residence such as a vacation home or one | | | | where you can present the records you kept at the |
| that you are visiting for an extended period of time, | | | | time of purchase. |
| may have a fairly small amount of coverage. So if you | | | | One last bit of advice, before reporting a theft claim, its |
| want property at that location to be fully insured, you | | | | beneficial to compare the amount you expect to |
| better insurance on the property taken to or at that | | | | recover to the possible costs of the claim, such as a |
| location. | | | | claims surcharge on your insurance premiums for the |
| At this point you are wondering how much will | | | | next several years, and the possibility that you will not |
| insurance pay for my bicycle if it gets stolen wherever | | | | qualify for standard homeowners coverage. Of course |
| I am? | | | | policies vary dramatically by company so always with |
| Again this depends on the coverage you have. The | | | | your local insurance agent for advice. |
| norm for many policies is to pay actual cash value for | | | | |