Is Bicycle Insurance Worth It in Georgia?

Posted in Bicycle Accident on March 20, 2023

Individuals have various options when it comes to bicycle insurance. In some cases, it may be possible to add bicycle insurance through their homeowners’ or renter’s insurance policy. However, it is also possible to purchase bicycle insurance separately from other insurance policies you may have. Here, we want to discuss purchasing bicycle insurance so you are better informed as you move forward with your research.

Is Bike Insurance Required in Georgia?

Most people are aware that they are required to carry insurance when they operate a vehicle or a motorcycle in the state of Georgia. However, these same insurance requirements do not apply to bicyclists. Individuals do not need to purchase insurance in order to legally operate a bicycle on Georgia roadways.

What Does Bicycle Insurance Cover?

Individuals should consider investing in bicycle insurance if they want to cover their bicycle against accidental damage or theft, or if they regularly travel with their bicycle throughout Georgia or throughout the country.

In many cases, individuals already have some type of bicycle insurance through other policies they carry. For example, homeowners’ or renter’s insurance policies often cover a stolen or damaged bike so long as the individual pays the deductible. The deductible can be incredibly high, sometimes reaching into the thousands of dollars. It may not be practical to rely on this type of insurance for a bicycle claim.

There are no specific standards offered for bicycle insurance, and we encourage you to shop around to determine what type of coverage is best for you and your bicycle. You should expect a reasonable bicycle insurance policy to cover:

• Bicycle theft
• Crash damage
• Damage caused by transit
• Lost in transit claims
• Liability coverage

Any type of standalone bicycle insurance policy is going to provide more comprehensive coverage for your bike than a homeowners’ or renter’s insurance policy. These other policies may only pay for replacement or repairs for the bike up to the policy limit after paying the deductible, but bike insurance typically covers the cost to repair the bike at the current market value with a low deductible, even if the incident was caused by your negligence. 

Bicycle insurance begins to make more sense for individuals who have expensive bicycles, typically bicycles costing $2,000 or more. The total cost of a policy typically runs between 300 and $400 a year.

Will an Attorney Help Your Claim?

If you or somebody you care about is struggling with a bicycle claim, whether with a regular insurance carrier or a bicycle insurance carrier, you may need to reach out to an attorney. This is particularly true if you have sustained injuries caused by the careless or negligent actions of another party. Your attorney can help examine every aspect of the insurance policies involved and help determine whether or not you should receive compensation for your losses. When you work with a skilled Atlanta bicycle accident lawyer, you will have an advocate ready to handle every aspect of the claim on your behalf.