Noyes, Hall & Allen Blog

Bicycle Commuting: Reducing Financial Risks

September 30th, 2008

Bicycle commuting is increasingly popular, with over 200 people registered for the online Portland Bicycle Commuting Meetup group. You don’t need a fancy new bike to commute. In fact, many people use older 10 speed or 3-speed bikes. But many others have invested a considerable amount in their commuter bikes. 

Of course there are many ways to protect their asset and means of transportation. A good lock is a no-brainer. So is riding carefully and competently to avoid colliding with vehicles. Ditto for dressing brightly and using lights to increase visibility. 
But what if the worst happens? What if your bike is stolen, or if you are in an accident with your bike? The good news is that homeowners or renters insurance will cover damage to your bike caused by theft or collision with a vehicle. The bad news is that too many apartment-dwellers (a considerable share of the bike-commuting population) fail to buy renters insurance at all. This stuff is cheap! Covering your “stuff” up to $20,000 often costs less than $15.00 a month. If you own a vehicle, you usually qualify for car insurance discounts if you buy a renters’ insurance or homeowners insurance policy from the same company. Often, the car insurance savings will almost pay for a renters policy. 
Losing your bike would stink, but losing everything else, including future earnings, would stink even more. That’s what can happen if you cause an accident. See, you can be liable for an accident just like an auto driver can. Let’s say you make an “Idaho stop”, and proceed through the intersection, failing to notice that oncoming car. The car slams on the brakes, swerves, and misses you, but hits something else. Guess who’s at fault? It would be nice to have some insurance to help you pay the damages and court costs. That’s what your old friend the homeowners/renters policy is for! 

Most cyclists take care to operate their bikes safely and protect their property. They invest a lot of time and effort into staying safe. Despite these efforts, bad things can happen. So do yourself a favor: get a renters insurance quote or homeowners quote and protect yourself. 

For more information about insuring your bicycle, car, home or other property, contact Noyes Hall & Allen Insurance at 207-799-5541.

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good comments, but overwhelmed by article's context. Ins. agents must serve clients best we can in challenging environment.

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