Newport is becoming an increasingly bicycle –friendly city thanks to street improvement projects and volunteer groups including Bike Newport. There are many beautiful bicycle routes around Aquidneck Island, but it is important to know the rules of the road and to protect yourself, your family and your bicycles with the proper equipment and insurance coverage.
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.
If you are purchasing a new bike, keep the receipt and call your insurance agent or company representative immediately. If you own a particularly expensive bicycle, you may want to consider getting an endorsement that will provide additional coverage.
There are two types of coverage for personal property:
Actual Cash Value – reimburses you for what the bicycle is actually worth given its age. A 10-year-old bicycle, for example, would be valued at the cost of a comparable bicycle minus 10 years depreciation.
Replacement Cost Coverage – reimburses you for what it would cost to replace your 10-year-old bicycle with one of like kind and quality at current cost. Replacement cost coverage costs about 10% more than actual cash value, but it is a good investment.
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 he or she decides to sue, you will be covered up to the limits of your policy. Your homeowners or renters insurance also includes no-fault medical coverage in the event you injure someone. This coverage usually ranges from $1,000 to $5,000.
To make filing a claim easier, we suggest the following:
Save your receipts
When you buy your bicycle you may also purchase expensive equipment to go with it, so make sure to save your receipts for everything. The cost of a helmet, patch kits, pumps, extra inner tubes and other essentials, not to mention that fancy new bike jersey, can add up quickly. If your bike and related items are stolen or destroyed, having receipts can help speed the claims process.
Add your bicycle and related items to your home inventory
Everyone should have an up-to-date home inventory of all their personal possessions. An inventory can help you purchase the correct amount of insurance and make the claims filing process easier if there is a loss.
Of course the best protection of all is to keep your bike safe; to help avoid theft, follow these simple rules:
It is even more important to keep yourself and your family safe while you are riding. The National Highway Traffic Safety Administration suggests that cyclists follow these seven rules:
Content: Insurance Information Institute ©2015
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