7/6/2011 - Should I insure my bicycle?
The answer is yes. With gas prices and temperatures rising, more people are using their bicycles to conserve fuel and get exercise at the same time. Because people are becoming increasingly reliant on their bicycles, the Insurance Research Institute is reminding people of why it's important to insure them.
"Bicycles can cost anywhere from several hundred dollars for a nice basic bike to super fast racing and triathlon bikes that can cost thousands of dollars," said Jeanne Salvatore, senior vice president and consume spokesperson for the III. "To protect your bike, always make sure it is locked up and that you have adequate insurance coverage."
While bicycles may not be stolen with the same frequency as cars, they're still sought after by thieves, as the FBI reports more than 183,000 of them were stolen nationwide in 2009.
It may come as a surprise, but bicycles are traditionally covered under standard home insurance plans, not car insurance. Policyholders may want to review them to see what kinds of scenarios are covered, such as theft.