The National Bike Registry estimates that one million bicycles are stolen each year in the U.S. and only a small percentage of them are ever recovered. The annual cost to American families is more than $200 million.
The following tips can help lower the risk of having your bike stolen:
Bicycles are covered under your homeowners or renters insurance. However, there is usually a $250 – $500 deductible. Your homeowners or renters policy also provides liability coverage in the event of a collision that results in injury to another person. There are no deductibles for liability claims.
Once you purchase a bicycle, keep the receipt for it and any accessories you add. Also, take photographs of the bike. Store these documents off-premises and alert your insurance professional to your new purchase.
If you own an expensive bike, consider purchasing a floater. This will provide more coverage than a homeowners or renters policy. For instance, in the event of an accident, a floater covers the cost of bike repairs. A floater costs approximately $9 for every $100 of the bike’s value and there are no deductibles.
Source: iig.org
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