Now that the weather is improving, many Denver and Arvada residents ride their bikes to work or school. It’s a great way to exercise and save on commuting costs.

Riding bikes is gaining more popularity.   The League of American Bicyclists points out that the “number of trips made by bicycle more than doubled” in the last few years.

An essential part of riding a bike is knowing how to cycle safely and adequately insure your bicycle.

Insuring Your Bicycle

As a  bike can now cost anywhere from a few hundred to several thousand dollars for a racing bike, it’s essential to understand how to protect your bike from calamities like theft or vandalism adequately.

Fortunately, bicycles are covered under the personal property section of standard homeowners and renters insurance policies. This coverage will reimburse you, minus your deductible, if your bike is stolen or damaged in a fire, hurricane, or other disaster listed in your policy. Even better is that most policies will cover you if the bicycle is stolen from your car.

You can insure personal property like a bike in two ways—for its actual cash value or its replacement cost. If you have an existing cash value policy, you would be reimbursed based on the depreciated value of the bike. With replacement cost, you would be paid the cost of replacing your current bike less the deductible.

 Homeowners and renters insurance policies also provide liability protection for harm you may cause to someone else or their property. If you injure someone in a bicycle accident and they sue you, you will be covered up to the limits of your policy.

It does not matter if you own or rent the bike; if you have a home or renters insurance policy, you will have liability protection. Most people have $100,000 to $300,000 worth of liability protection as part of their standard policy. But higher amounts of coverage are available. Your homeowners or renters insurance policy includes no-fault medical coverage if you injure someone. This way, they can submit a medical claim to your homeowner’s insurance company without suing you. This coverage usually ranges from $1,000 to $5,000.

If you own a costly bicycle, you may consider getting an endorsement for your homeowners or renters insurance policy. Several insurance companies have endorsements for sports equipment, some specifically for bikes. The endorsement may have broader coverage, and there will likely be no deductible.