Whether you’re a serious cyclist or you just ride for fun, keeping your bike safe is always going to be a top priority. Taking out bike insurance will give you peace of mind that your prized possession is well-protected – as long as you have the right policy in place. With so many providers to choose from, it can be hard to decide which policy is right for you. To make things easier, take a look at these seven things to look for when taking out bike insurance:
1. Maximum Claim Limit
Practically every insurance will have a maximum claim limit in place, so you’ll want to check how much you can actually claim back, if you need to. If your bike is worth $2,000 but your maximum claim limit is only $700, for example, you won’t be able to replace your bike with the same model if it’s ruined in an accident. To make sure you’re able to access a like-for-like replacement in the event of a claim, check that the maximum claim limit meets your needs and matches the cost of a similar model.
2. Model Exemptions
Some insurance providers only offer coverage for certain types of bikes or specific models, which means it’s vital to make sure that your bike isn’t exempt from your policy. In fact, you may even want to choose a provider that offers model-specific insurance policies, particularly if you’ve invested in a top of the range bike.
If you’re looking for Lectric bikes insurance, for example, Velosurance makes it easy to get the coverage you need. With Lectric bikes insurance from Velosurance, you can access coverage for the XP 2.0, or the XP Step-Thru and choose additional policy features to supplement your core coverage.
3. International Cover
If you want to ride some of the most stunning routes in the world or you’re a fan of cycling holidays, international cover should be an essential element of your insurance policy. Many policies only cover damage or accidents that occur in your home country but, if you’re traveling abroad with your bike, you’ll want to ensure that it’s fully insured.
Remember – even crossing the border into Canada could render your policy ineffective if you don’t have international cover, so think carefully about where you plan to ride your bike and make sure your insurance company will cover any route you want to take.
4. Races and Events
While a standard insurance policy isn’t going to extend to professional cycling events, you might want to check whether you’ll be covered if you choose to take part in local races or charity events. These can be a great way to get involved in your local community and boost your fitness but, when hundreds of cyclists are sharing the same track, the risk of accidents can increase. Due to this, avid racers may want to choose a policy that will cover their bike against damage or destruction that occurs during the course of a race or sporting event.
5. Claim Length
When you need to make a claim, you won’t want to have to wait an excessive amount of time for it to be approved. If you’re waiting for months to get your bike repaired or to acquire a replacement, for example, you could find that you’re unable to partake in your favorite hobby until your insurance company finally processes your claim.
Before you purchase a policy, it’s worth asking how long the average claim takes to be completed. This will give you an idea of how long you’ll be waiting if you do need to make an insurance claim in the future and will help you to decide whether it’s the right policy for you.
6. Personal Liability Cover
If you’re involved in a collision or accident and you’re partly or wholly responsible, anyone else affected might decide to take legal action against you. Insurance policies that include personal liability cover can offer some financial protection against these types of claims, so it’s worth considering whether you want to include this type of cover in your bike insurance policy.
Compensation claims and legal fees can easily reach hundreds of thousands of dollars, so having personal liability cover in place can be a weight off your mind if something goes wrong.
7. Ratings and Reviews
If you want to get an independent opinion on a particular provider or policy, it’s worth checking out online reviews and ratings. Customer feedback will give you an insight into whether a company lives up to its promises and can be a great way to get the information you need before you purchase an insurance policy.
Finding the Best Bike Insurance
The right bike insurance policy can provide financial reassurance but it’s important to compare providers and do some research before you decide which company can provide the best cover. With a little due diligence, you can find the best policy for you and ensure that your bike is properly protected.