Two-Wheel Traveling

April 20, 2009 - Going green means two things these days: saving the planet and saving your cash. One way people are going green is by ditching their cars and turning to bicycles as a means of transportation; but, as more bikes travel the streets, theft and vandalism are increasing too.

According to the Insurance Information Institute (I.I.I.), more than 1 million bicycles were stolen in the U.S. in 2006. Cities and suburbs are hot spots for theft, but universities and college towns rank high on the list too.

“Oftentimes consumers don’t think about the insurance that applies to their bicycles,” says Terry McConnell, vice president and manager, Personal Lines Underwriting. “However, a good bike can cost a few thousand dollars so it’s an investment you may want to make sure is properly insured.”

Coverage for your bike

Bicycles are covered under the personal property section of standard homeowners and renters insurance. This coverage will provide reimbursement, minus the deductible, if a bike is stolen or damaged in a fire or other peril listed in the policy.

“Another option is to schedule the bike on an inland marine endorsement for personal articles coverage,” says McConnell. “You’ll have a lower deductible, usually $50 or $100, and get all-risk coverage.”

Filing a bike claim

To make filing a claim easier, I.I.I. suggests the following:

• Save your receipts
  When you buy your bicycle you’ll probably purchase expensive equipment to go with it. Be sure to save all your receipts. The cost of a helmet, patch kits, pumps, extra inner tubes and other essentials can add up quickly. If your bike is damaged or stolen, having receipts can help speed the claims process.
• Add your bicycle to your home inventory
  Everyone should have an up-to-date home inventory. This can help you purchase the correct amount of insurance and will make the claims filing process easier if there is a loss. ERIE offers a household inventory form to make the tracking of personal possessions easier.

“You should also register your bicycle,” says McConnell. “When a bicycle is recovered, identifying the owner is difficult. Registering the bike will increase the likelihood of you getting the bike back.” Consumers can register their bikes on the National Bike Registry Web site.

Safe bike riding

To protect yourself while cycling, I.I.I. suggests the following safety tips:

• Always wear a helmet; the most serious bike injuries are to the head.
• Wear reflective clothing so motorists can see you clearly.
• Properly maintain your bicycle; repair tires, gears and brakes as they age.
• Obey the rules of the road. Follow the same rules that apply to cars and other vehicles, such as stopping at stop signs and yielding to pedestrians.
• Ride in the same direction as cars, never against traffic.
• Ride well to the left of parked cars. This will help you avoid being “doored” when a motorist unexpectedly opens the driver’s side door as you ride by.

To learn more about bicycle safety, visit Advocates for Auto and Highway Safety.

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