While recently sponsoring the Ulcer Bike Ride at Thanksgiving Point, staff members of the Christensen Law Firm were repeatedly asked what one should do about bicycle insurance, most specifically how to insure one’s bicycle in case of theft. Many seemed to know that homeowner’s or renter’s insurance should sufficiently cover most bikes in the case of a house being broken in to and goods taken. But what should you do to insure your bike if it’s stolen outside of your home, say, at a local bike race? Or if the bike gets stolen from off the top of your car rack and the car is not parked in your garage? Or if your stolen bike is worth an amount more than what your standard homeowner’s insurance policy is liable to cover? In all of these cases, you need something more to both insure your bicycle and ensure your position against your insurance company.
After comparing the legal aspects of these questions with insurance policies, it is apparent that the needed insurance is an extension of your homeowner’s or renter’s insurance, but is something more commonly referred to as Special Personal Property Insurance (there may be different names for different insurance companies, but the idea is the same). Many of the lower value items in your home will be covered under your standard homeowner’s or renter’s insurance, but for things of higher value, such as a $10,000 bicycle, an extension is necessary to protect yourself in case of the theft of said item. With this kind of insurance, you must itemize each piece of property you would like to insure and accompany the piece of property with its current value. The value is determined by either a proof-of-purchase or an appraisal. Extending your policy and giving the necessary information to your insurance company will insure your piece of property against theft whether the item is stolen inside or outside of your home. Only by doing so can you ensure that the value of a bike taken from outside a local grocery store or from off your bike rack will be returned to you.
It may seem somewhat complicated, but following these steps will provide the necessary peace of mind you need to ensure that you are insured. Here at the Christensen Law Firm we go the extra mile to provide assurance for our clients and our prospective clients, understanding that peace of mind is often priceless. If you have found this information to be valuable, please share it with your friends within the cycling community, or feel free to Like it, Tweet about it, or share it any way you would like! You may also visit the Bicycle Accident Lawyers website for more information on the lawyers at the Christensen Law Firm, and to find out how they can help you.