The National Bike Registry estimates that one million bicycles are stolen each year in the U.S. and only a small percentage of them are ever recovered. The annual cost to American families is more than $200 million.
The following tips can help lower the risk of having your bike stolen:
Bicycles are covered under your homeowners or renters insurance. However, there is usually a $250 - $500 deductible. Your homeowners or renters policy also provides liability coverage in the event of a collision that results in injury to another person. There are no deductibles for liability claims.
Once you purchase a bicycle, keep the receipt for it and any accessories you add. Also, take photographs of the bike. Store these documents off-premises and alert your insurance professional to your new purchase.
If you own an expensive bike, consider purchasing a floater. This will provide more coverage than a homeowners or renters policy. For instance, in the event of an accident, a floater covers the cost of bike repairs. A floater costs approximately $9 for every $100 of the bike's value and there are no deductibles.
Source: Insurance Information Institute; www.iii.org
The information on this site is general in nature. Any description of coverage is necessarily simplified. Whether a particular loss is covered depends on the specific facts and the provisions, exclusions and limits of the actual policy. Nothing on this site alters the terms or conditions of any of our policies. You should read the policy for a complete description of coverage. Coverage options, limits, discounts and deductibles are subject to availability and to individuals meeting our underwriting criteria. Not all features available in all areas.
Insurance is underwritten by The Travelers Indemnity Company and its property casualty affiliates, One Tower Square, Hartford, CT. For a complete list of personal insurance underwriting companies, click here.