Nothing can replace the freeing feeling of riding around your city on a bicycle especially when you are faster and much cheaper than a car stuck in traffic. However, everyone who likes riding a bike on a daily basis should take some time to ensure that their bicycle is properly insured.

With bicycle insurance you won’t have to worry about your bike getting stolen every time you leave it locked outside of your office building or when at the supermarket to buy some supplies for home.

Such insurance can also cover all kinds of crashes or damages. You will want insurance especially if you have paid a hefty price when you first bought the bike because any damage done to it would probably cost a lot too.

Before you go out and get yourself insurance it is important to understand the available types and what kind of bike-related situations they can cover.

Types of insurance

One of the most widely used types of insurance is home insurance. A recent study has shown that more than 70 percent of the people that ride on a daily basis insure their bike with home insurance.

It is popular because it offers an all-in-one package that can cover all the basics. Although, there are some disadvantages that come with this type when compared with specialist insurance.

Here are some of the options you may have when you are insuring your bicycle.

Theft insurance

Obviously, one of the biggest reasons why most people want their bikes insured is in case of theft. The reason for this is because thousands of bicycles are stolen every single day which accumulates millions all over the world. It is an easy target for thieves and an easy item to re-sell.

With the right insurance you can easily get the worth of your stolen bicycle paid back, some companies even offering to replace your old one with a brand new. As the ecological way of life is a lot more popular these days, bicycles are becoming the favored way of transportation means that these insurance companies a lot more customers. Because of this more and more insurance companies have appeared, making very competitive offers to the customers.

Before getting insurance make sure to check whether the package you are getting covers this area and if it does how much will they pay you in case your bicycle gets stolen. If you are looking for the best possible package for accidental damage, make sure that you compare multiple insurance companies for their offers. You can compare and find cheap bicycle insurance here.

Bicycle damage

While getting your bicycle stolen is one of the scariest things that you might think of, accidental damages are also a big portion of why people want to get insurance. With the right company, accidental damage would be covered no matter which part has been damaged. From individual and smaller components and if there arises a need, the whole bike could be replaced too.

Depending on the package, companies may even cover damages for your phone if it was in use as GPS, a dedicated GPS device, helmets and so on.