Also known as bicycle or biking insurance, cycling insurance is a type of vehicular insurance coverage that provides benefits to cyclists in the event of some type of accident involving a bicycle. In many nations around the world where bicycles are a common mode of transportation, the range of benefits included in the insurance rival those found in most auto insurance plans. Even in countries where cycling insurance is more recreational than a practical transportation option, bicycling insurance often provides benefits that address compensation for damages and healthcare costs.
The scope of coverage with cycling insurance varies, depending on several factors. When bike riding is a common part of the culture, as in a number of European nations, there may be governmental regulations that require bike riders to carry a minimum amount of coverage. Typically, these plans would include provisions for medical care for both the rider and any other party injured in covered event, as well as providing funds for repairing the damaged bike or other vehicle if the biker was at fault. In addition to covering damage sustained during the operation of the bicycle, most will also include at least some compensation in the event of theft or vandalism of the bicycle.
As with other forms of insurance, the cost associated with cycling insurance will depend on the range of coverage included in the policy, and the amount of deductibles associated with each type of coverage. One strategy to help keep costs relatively low is to go with higher deductibles on each coverage line item, and to also install safety devices on the bicycle as a means of reducing the risks of theft or vandalism. This means that by using a secure lock that can prevent theft while using the bike during the day as well as having a secure garage or other interior space to house the bike when it is not in use will often make it possible to lock in discounts on the overall insurance package.
Comparing different cycling insurance policies is always a good idea. Depending on the location and the number of providers who offer the coverage, consumers can often identify at least a couple of policies that offer the greatest degree of benefits for relatively low premiums. As with any type of insurance, it is important to investigate the background of the provider to make sure the insurance is likely to process claims promptly and prepare payments in a timely manner.