Warmer weather has people parking their four-wheel vehicles in the garage and opting for a two-wheeled option. No, we’re not talking about motorcycles. We’re talking about their more labor intensive, off-road capable cousin, the bicycle.
Whether it’s to visit places not accessible by car, competing in a cycling race, or taking a leisurely ride with the family around the neighborhood, bicycles have become a staple to many of us.
“Over 15 million bicycles are sold each year in the U.S., of which 4 million are of higher value,” said Dave Williams, CEO and co-founder of Velosurance, a company that offers bicycle insurance policies in the U.S. ” A good quality, entry-level mountain or road bike costs around $1,500, and the average-value bike sold in 2013 was valued at approximately $4,000, with high-end bicycles costing as much as $20,000.”
With so many Americans spending thousands of dollars on bicycles, having someone steal their bike, or a bike getting damaged while being transported, can put a big damper on your weekend plans. Talk with your insurance agent to see what coverage applies to your bicycle under your homeowners or renters insurance policy. If the coverage isn’t enough, then a stand alone bicycle insurance policy may be what you need.
Along with having the proper insurance for your bicycle, purchasing the best locks possible will help protect your investment against theft any time it is not in use. According to the U.S. National Crime Victim Survey, over 1.3 million bikes were stolen, which equates to approximately 2.5 per minute. Take the extra measures to ensure you can enjoy your bicycle for a long time.