Since it is the National Bike Month and Bike to Work Week (from May 17 to May 21), many biking enthusiasts are getting their bikes out of their garage. No matter what you ride, be it a commuter, hybrid, off-road or racing bike, you need to have a thorough understanding of the rules of the road. Moreover, you need to protect this financial investment of yours with appropriate bike insurance.
Biking has gained popularity both as a sport and as a convenient means of transportation than car. Since then, bike sales have only risen. As a matter of fact, with an increase in the popularity of biking, there has also been an increase in the instances of bike theft. There have been several incidents of bike parts been stolen.
Bikes are majorly stolen is highly populated areas such as big cities and suburbs. Apart from this, universities and offices are other hot
A bike can cost you between a fifty thousand rupees for basic models to lakhs of rupees for high end options. No matter what model you choose to ride, it is essential to protect your bike. Apart from making sure that you lock it up whenever and wherever you park it, ensure that you are taking a two-wheeler insurance coverage.
If you buying a new bike or replacing an old one, keep the receipt and give a call to your insurance provider as soon as possible. Depending on the model and the cost of your new bike, you will come across different insurance policies. Before you purchase a plan, make sure that you are reviewing your coverage options with your representative or the insurance company.
In case you don’t know, bikes are covered under the personal property section of standard homeowners and renters insurance policies. Under this coverage, you will be reimbursed the amount in case your bike is said to be stolen or damaged in a fire, hurricane or any other natural disaster listed in your policy. So, make sure you check all the documents before signing them.
Types of coverage for personal property:
- Actual Cash Value
- Replacement Cost Coverage
Actual Cash Value
The actual cash value, as the name suggests, will reimburse the actual worth of your bike given its age.
Replacement Cost Coverage
The replacement cost coverage will reimburse you the amount that will cost to replace your old bike with the one of similar kind and quality at current cost.
If you go to see, replacement cost coverage costs are about 10 percent more than actual cash value, but it still makes it a worthy investment.
The National Highway Safety Administration Rules:
- Protect your head – never attempt to ride a bike without a properly fitting helmet.
- Assure bike readiness – ride a bike that best suits you. Also, verify all the parts of your ride to make sure that they are secure and working efficiently.
- Learn and follow the rules of the road – bikes are vehicles and therefore riders must abide by the same traffic laws as drivers or motor vehicles.
- Be Visible – assume that you are not seen by others and take the responsibility of making yourself visible to other motorists, pedestrian, and riders.
- Drive with care – always keep safety in mind. Drive with care. Courtesy and predictability are fundamental factors for safe riding.