According to Cycling Industry News, over 2 million bicycles are stolen every year. That’s a huge issue if your bike is your primary mode of transportation, and especially if you have invested a large amount of money in it.

The only way to protect your investment from thieves, accidents and other unexpected events is to purchase bike insurance. But keep in mind that some insurers have limits on home, condo and renters policies so you may not receive the replacement value you’re looking for. Also, talk to your agent about the deductible and what you can expect to pay out of pocket.

How bike insurance works

You have a few different options for insuring your bicycle.

1. Insure your bike under your renters or homeowners personal property coverage. These policies cover all personal property; you just need to make sure you have enough coverage for your bike and all your other items. Most of these policies should cover your bike whether it's stolen from inside your house or outside your workplace.

The policies should cover damage, too. As long as you are locking up your bike and taking other precautions to keep it safe, your insurance should cover you.

2. Purchase scheduled personal property insurance. This type of insurance is extra coverage for your bike. It can help replace your bike if it is damaged or stolen, even if the damage is minor. It also covers you if you cause a bike crash.

Scheduled personal property coverage is not subject to your deductible, so, you’ll get the full coverage to repair or replace your bike.

Insurance for professional bikes

If you use your bike for work, your homeowners or renters insurance won't cover it. That's because it isn’t considered “personal property" if it's part of your profession.

In that case, you’ll need bike insurance. This type of insurance covers your bike if it is stolen or damaged. But, like auto insurance, it also covers you in case of an emergency. For instance, it might cover medical care for an injury you sustain while biking.

Bike insurance covers other related losses

All types of bike insurance cover your bike and bike accessories such as your lock, helmet, lights and reflectors. In the case of theft or damage, you can get money to replace these items, too.

To get the most money out of your bike insurance, keep all receipts related to the bike so you can prove how much it is worth. This means receipts for the bike itself and all other accessories or costs.

If you have an expensive bike and use it often, protect it with bike insurance. No matter what comes your way, whether it is a thief, an open car door or a wreck on the trail, you’ll have what you need to get back on the road. Talk to your Rathbun Insurance account manager about getting the right coverage for you.