Bicycle Basics: How to Help Protect Your Ride

Millions of college students rely on bicycles to get them to class on time, without having to suffer through traffic, pay for parking, or spend a fortune on gas. And for the many others who enjoy riding to work, competing in races, cruising the boardwalk, or pedaling to the park with their children, a bike may be one of their favorite possessions.

Bicycling has become more popular as a means of transportation and as a sport in recent years. It’s estimated that nearly 40 million people (age 7 and older) rode a bike more than once in 2010, and sales of bicycles and accessories reached about $5 billion in 2009.¹

According to the Federal Bureau of Investigation, more than 183,000 bicycles were stolen in 2009, and it’s likely the official figures are understated because many thefts are never reported. It’s more common for bikes to disappear in cities, suburbs, and bustling college towns. Bicycle thefts account for more than half of the property crimes reported on college campuses.² Sadly, many thousands of cyclists are injured or killed in accidents on the roads each year.³

Here are some helpful suggestions for insuring and protecting your bike, as well as some essential safety tips.

Insurance Angles

Standard homeowners or renters insurance typically covers theft or severe damage to your bicycle under the personal property section of a policy, minus your deductible. You may want to add a special endorsement (often called a floater) if you own a relatively expensive bicycle and/or your policy is subject to a high deductible. This type of coverage may also pay for pricey repairs in the event of an accident, and there is usually no deductible.

If you purchase a bicycle and/or accessories such as locks, helmets, pumps, inner tubes, etc., it’s recommended that you keep all the receipts in a secure location and add identifying information such as the serial number and photos of the bike to your home inventory.

Homeowners and renters policies also provide liability protection and no-fault medical coverage (up to the policy limits) in the event that you injure someone or cause property damage.

How to Help Thwart Thieves and Stay Safe

Buy a solid lock. Most cables are pretty easy to cut. Consider using a U-lock.
Lock it properly. Leave your bike in a visible, well-lit place, and vary the location to avoid being targeted. Lock both wheels and the frame tightly to an immovable object like a post, pole, or bike rack. Make sure the bike can’t be lifted over the top of the object to which it is locked.
Always lock up, even inside. Many bikes have been taken from garages, apartment stairwells or hallways, and dorm rooms.
Improve your chances for recovery by registering your bike. Give local police the make, model, color, and serial number in advance, and/or join the National Bike Registry.
Be prepared to ride. Always wear a helmet that fits properly and make sure the bike is in good shape before you head out.
Know and follow the rules of the road. Use the bike lane whenever you can, and try to ride courteously and predictably.
Remain alert. Don’t assume others can see you, ride defensively, and never wear headphones.

1–2) Insurance Information Institute, 2011
3) National Highway Traffic Safety Administration, 2010

The information in this article is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Emerald. © 2011 Emerald Connect, Inc.