It can be difficult to compare bike insurance plans. Bike insurance plans are complicated, and different companies offer different features and discounts. For example, the cheapest bike insurance policy may cover only one, two, or three bikes; the most expensive may cover five to ten bikes.
Comparing the best bike insurance plans will help you decide which plan is right for you. The best way to decide is by reading these examples as a guide, but we also recommend that you read our detailed comparison of bike insurance quotes page first so that you’re armed with all the information you need to make an informed decision.
Reasons to have bike insurance
If you’re sensitive to the image of your company, you may want to consider a strategy that shows off your “biker” credentials. It’s not a bad idea to put out a press release on the same day that your bike insurance is announced (or at least have it ready for when the press releases are released) so that people who read about your products can get an idea of what kind of coverage you have.
This isn’t just a fun way to build buzz around your product; this is one of the best ways to gain comparison with other companies. You might be surprised how often people compare insurance providers by looking at each other (or by comparing them against each other). This can help you find out what kind of coverage they need, and how they were able to get it.
Things to consider when shopping for bike insurance plans
We can be found all over the Internet, whether we like it or not. Everyone is scrambling to find the cheapest bike insurance and we are no exception. So, let’s take a look at some of the most common questions that people ask us on this topic:
1. How much does a good bike insurance plan cost? This may be one of the most important questions for any prospective buyer. Not only does it affect your ability to buy a bike (which is quite important), but it also affects how much you are going to save in the long run.
2. Does my existing insurance cover my bike? Your existing policy may not cover your bike if you live in a hostile climate, if you ride in a helmet-free environment or if you own an older model that was built before helmets were mandatory on bikes (the latter two examples are common). This means that even though your current coverage may be sufficient for your needs if you need to buy a new bike soon, you could end up paying more than what’s covered by your current policy — and that could be very expensive indeed (we’ve heard horror stories from people who bought expensive new bikes only to find out that their insurance only covered about half of them).
3. Is there any other kind of insurance I can get? There is no such thing as “no other kind of insurance” when it comes to buying a new bike; it just doesn’t exist (that doesn’t mean too many people think there is none). There are many forms of insurance you can get: breakdown cover – if something happens to the bike while it is still under warranty; theft cover – if someone steals it and claims against your insurance; accident pay – if someone gets hurt on your property when they ride away with their new toy (this one sounds familiar – do we still have car rentals today?); extended warranty – when something goes wrong after the one-year period has passed; liability coverage – people sue each other over injuries caused by accidents; collision damage waiver – means that after an accident someone has been forced by their insurer to pay damages for everything from bumpy roads to broken brakes; etc., etc., etc…
4. Do I need all these forms of protection? Although this question is often asked and although each form might sound appealing individually, they all add up to total liability protection — so nobody can sue anyone else .
How to get the best bike insurance plan for your needs
The insurance companies don’t want you to compare bike insurance plans. They’d like you to stick with their plan. But, if you are forced to choose between two bike insurance plans, it is important to know what each plan has to offer and how they compare.
First, an overview of the two insurance options available:
• Healthy Ride Insurance (HRI): This is a bike rider-only policy with coverage for up to three occupants. It will pay out up to $1,000 per accident on a single trip; $500 per accident on multiple trips; and $250 per accident on a single trip with passengers. The coverage limits vary by age and physical condition and the policy does not cover medical expenses or funeral costs from a motorcycle accident (but it does cover medical expenses from other types of accidents).
• Bike Friendly Rider Insurance (BFRI): A group rider policy that covers the driver, passenger(s), and up to three occupants of an automobile. The policy will pay out up to $1 million per accident; $500 per accident on multiple trips; and $250 per accident on a single trip with passengers (with an extra $250 if there are four or more passengers). The coverage limits vary by age and physical condition, as well as the type of car being insured.
The advantage of Healthy Ride Insurance is that once it pays out a claim under its umbrella policy, there is no need for any documentation or documentation fees. If a claim comes in under BFRI, you can have your receipt from Healthy Ride go directly into your BFRI account without having to file any claims yourself — or even contact your insurer for assistance in doing so.
The biggest advantage over BFRI is that if the party involved in an accident does not make any payments within 14 days of becoming aware of it, Healthy Ride will send you an invoice for the amount due ($1 million), as required by law. And then it's done! You don't have to do anything but wait for your check! – but there are some catches: £1 million is quite a lot of money when you're only covered for three people!…and because healthy ride doesn't take out motor vehicles (so no health insurance), if someone gets hurt while riding in one of those cars they'll need both forms—adjusted bodily injury claims vs medical insurance claims—fed into their BFRI account at once (then they'll be covered).
Conclusion
In the end, you are only as good as your competitors. By combing through a bunch of data and doing an apples-to-apples comparison, you can get a much better idea of what is working and what isn’t.
The above post was written by my friend Taneja during our last trip to London on the subject of bike insurance. It is amongst the first pieces of content I ever wrote in my life, so it holds a special place in my heart.