If you had a briefcase containing millions of dollars and government secrets, you wouldn’t protect the contents by gathering up all your bath toys and burying them in a bag in your window box. You would buy a lockbox for the cash and documents, themselves or place them in a safe deposit box at the bank. Likewise, people who want to protect their cars generally do so by purchasing automobile insurance, and not by buying a protective cover for their phone. It seems logical that those things we own which we could not/would not want to replace at the drop of a hat should be safeguarded directly, without regard to the other things we own.
The matter of insuring a bicycle, however, is not so simple…for the simple fact that in the U.S., there is no such thing as bicycle insurance per se. The owners of bicycles need to cover them through more peripheral routes if they want their bicycle’s value reimbursed or their medical treatment covered following a collision with a motor vehicle or other traffic accident. The particulars of insuring your bicycle can seem tricky and not very intuitive, but it is important to undertake the unpleasant task of navigating your state’s insurance codes to figure out the best way to guarantee security for your vehicle and your person in case of disaster. It won’t be fun in any case, and the research process may seem less necessary than sadistic; but the following information may make it somewhat less grueling by providing a starting point:
1. Your bicycle will probably be covered through your homeowner’s/renter’s insurance.
Strange as it seems at first glance, bicycles are generally insured through your place of residence. This is not so peculiar when you take into account that bicycles are simply being grouped with other items of property covered by homeowner’s or renter’s insurance. The expenses covered by this insurance are those accrued by damage or theft of the bicycle, itself.
2. (As with anything else), different policies cover different types of damages.
There are two ways to insure a bicycle: you may choose RPV (replacement cost value), or you may opt for ACV (actual cash value). RPV coverage grants the bicycle’s owner enough to buy a new model of the bicycle that was destroyed or absconded with, regardless of the age of the bicycle (and, of course, minus the deductible). ACV coverage, on the other hand, calculates the value of the bicycle as it was when the catastrophe occurred and renders its worth at the time of its demise or theft. If you go with ACV coverage, you will want proof that you owned the bicycle in question, that it was stolen, and that it was worth what you claim it was. (It may be worth it to seek the advice of a bicycle accident lawyer when preparing
3. Your person will probably be covered through the other driver’s auto insurance…but your own auto insurance policy plays a hand, as well.evidence to support your claim.)
When you are injured in a bicycle accident, there are two types of auto insurance that come into play: the other driver’s liability coverage and your own personal injury protection (PIP) coverage. When seeking compensation from the driver, it is important that you gather evidence of fault in the form of police reports, witness statements, etc. (Again, consulting with a bicycle accident lawyer is helpful in knowing what to include and how it should be presented.)
In addition, depending on your own auto insurance policy, you may be entitled to damages under your PIP insurance when you are injured on a bicycle. Just how much varies from state to state; your insurance agent can fill you in on the particulars of your PIP insurance.
Logically, adequate insurance coverage should come to the rescue when you have been hurt. Sadly, this is not always the case—too often, the very forces that should work in the victim’s favor conspire to deny them the compensation for which they have paid. In such cases, a bicycle accident lawyer like those at Christensen & Hymas can show them how to negotiate with—and, if necessary, go to legal battle with—their insurance provider. For a free discussion of your personal situation with an experienced bicycle accident lawyer in the Salt Lake City area, call (80) 506-0800.