Bicycle insurance: Useful in many situations
When you ride a bicycle, you may not think you need insurance. However, having it could save the day in the case that you’re found partially liable for an accident or even if you’ve been hurt and need extra insurance coverage. While not all bicycles are big enough to cause much damage, it’s possible that you may find that your lawyer is having to respond to requests for compensation after you cause dings or damage to a vehicle in a shared-liability situation.
Do you actually require insurance to ride a bike? The answer is no, and you don’t usually have to worry about it. Your bike is so much smaller than other vehicles that unless one of you is traveling at high speeds, the impact you would cause shouldn’t cause much damage. The problem is that if you do cause damage to someone else’s vehicle, you could be held liable, even if you aren’t covered by insurance. It’s better to be safe than sorry, in that case, and to carry insurance that can help cover your own expenses, too.
Sometimes, your car insurance will also cover you for cycling accidents, so that is something to look into. If it won’t, then you may want to look at your homeowner’s insurance or your renting policy to see if you have any coverage if you’re in an accident. Bike-specific coverage is available, too, so you can make sure you have the coverage you need in the event you’re in an accident with someone who isn’t covered.
Underinsured or uninsured motorist coverage may be something you could consider for your bicycle insurance, so you know that even if you’re hit by someone who isn’t insured, you can still get the money you need.
Source: FindLaw Canada, “Do I need bike insurance?,” accessed Oct. 28, 2015
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