Why insure my bicycle?
Insuring your car or home makes perfect sense. But why insure your bike?
Some people may buy a bicycle for a few hundred dollars and use it for leisurely recreational rides in the park with their kids, or to commute to school or work. Others spend that much on a single wheel for their high end road bike, and they ride it daily.
My husband was an avid cyclist. He did the weekend club rides religiously and got his miles in during the week in various ways. That usually involved riding to and from work at least a few days a week as well as mountain bike rides. Needles to say, he purchased many of those wheels that cost hundreds of dollars over the years.
A couple of times, he was hit by a car during his commute on the bike. One of those times, he was hit by an unlicensed driver with no insurance and an old, beat up car. The driver begged him not to call the police, and kept insisting she would pay for a new bike as his was destroyed.
My husband knew, and told the driver, that his bicycle was worth more than her car. She looked at him blankly, but he knew she could not come close to affording to buy a new bicycle for him. He also knew that his bicycle insurance would cover his loss.
When you ride a bike like that, it is a serious investment. Consider the event of a total loss of that asset. Your source of exercise, enjoyment and stress relief, your lifestyle, is gone. Thousands of dollars to replace it.
Insuring your bike will give you the peace of mind in the event of an unexpected event – car crash, theft, house fire. You know what a big role that bike plays in your day-to-day life. Make sure to protect that investment in your physical and mental health!