What Is Bike Insurance and How Does It Work?
Bike is the most convenient and fastest means of travelling, but when it comes to bike, if something goes wrong or your bike breaks down you won’t be able to travel or enjoy your ride. This is why bike insurance is mandatory.
Bike insurancce policy is a kind of policy that protects you from any accident while riding your bike. There are different types of insurance policies available, but bike insurance is a very popular and inexpensive option.
Who requires Bike insurance?
People who ride bikes mostly require bike insurance for the following reasons:
It is very expensive to repair a broken bicycle. A broken bike is more than just a piece of metal, but it is also an investment that could cost you thousands of dollars.
If your bike is stolen, you will lose all the money that you have put into it.
If you break your bike, you will have to replace all of the parts and fix it.
If you suffer from an injury due to riding, you will have to pay a lot of medical bills.
Bike insurance is different from other types of insurance. You might need car insurance or life insurance, but you won’t need bike insurancce. Bike insurance covers only the parts of the bike that are involved in the crash.
Types of Bikes Insurance
There are different types of insurance policies available for different kinds of bikes. You need to buy a bike insurance according to the type of bike that you use. It includes:
Mountain bike insurance
Riding bikes insurance
Inflatable Tires insurance
Folding bikes insurance
Car insurance and bike insurancce are quite different, but if you have an insurance company which offers both, you should definitely check it out. This way you can save a lot of money.
How Does Bike Insurancce Work?
Bike insurance is like an umbrella insurance for the entire bike. It insures against damages to the parts of the bike that are most at risk. The coverages include:
Damage to the wheels and tyres
Damage to the frame and handlebars
Damage to the pedals, seat and saddle
Damages to the chain
Damage to the fenders, lights and mudguards
Damage to the chain guard and fenders
Damage to the headlight and taillight
Damage to the mirrors, dashboard and steering wheel
If your bike is stolen, the insurance will pay for the replacement of the entire bike.
Well, bike insurancce is basically an agreement between you and the insurer, which helps to cover the costs of your vehicle in case something happens to it. It is a kind of insurance policy that protects you from getting an accident.
Now, what does this agreement include? There are many things in the agreement, but here are a few of them:
Insurance covers against any damage to your bike caused by a third party or the bike owner
The cost of repairs to your bike if it breaks down
Payments for a replacement bike in case your bike gets damaged
Covers for the repair of damage caused to the frame, engine, and wheels
It’s better to have a comprehensive bike insurance than a regular insurance because it covers more areas of your bike.
You’ll receive full support if you have a bike insurance policy.
There are two types of insurance policies for your bikes. They are as follows:
Comprehensive and collision coverage
These are very expensive because it covers a wide range of things. The comprehensive coverage includes almost all parts of the bike, including the tires, engine, frame, and even the wheels.
Collision coverage is much cheaper because it only covers the body of the bike. So, if it gets involved in an accident, it won’t affect the other parts of the bike.
Most insurance companies offer some discounts on your premium for different services, like:
Regular maintenance of your bike,
Registration of your bike, and
Keeping your bike in good condition.
If you don’t have a bike insurance policy, then I’m sure that it will affect you in some way. However, if you buy a bike insurance policy, then you’ll have a much smoother ride.
I hope you understood the basics of bike insurance. If you are thinking of buying a bike, then you must take a look at bike insurance as it will protect you from any unexpected issues that can come up while you ride.