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III reminds cyclists to insure their rides this summerPosted On Mon, June 6, 2011
While gas prices have subsided in recent weeks, the cost of self-serve regular is still too high for some, forcing many to ride their bicycles to work instead of their cars. In light of this, the Insurance Information Institute has published a list of tips cyclists should keep in mind this summer.
For instance, Jeeanne Salvatore, senior vice president of III, says people shouldn't forget to insure their bikes because of how expensive they can be.
"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 Salvatore. "To protect your bike, always make sure it is locked up and that you have adequate insurance coverage."
Having it insured not only protects a bicycle from out-of-pocket expenses in the event its damaged, but it will also cover expenses if it happens to be stolen. Citing statistics from the FBI, III says 183,028 bicycles were stolen in 2009.
Because bicycles are a mode of transportation, it may seem like they're covered under an auto insurance policy, but III says they're usually covered under a standard home insurance plan.
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