by Edmund Marquez
The IC3 Tucson Race Team really appreciates the support we've received from local businesses and churches in Tucson. One of our sponsors, Edmund Marquez has taken his time to write up a post for us to discuss insurance and how it applies to cyclists.
As an avid cyclist, and a local Allstate agent, I am often asked how to better protect a cyclists bike, or their body, with their insurance. Here are a couple tips for you to ponder, and some advice to go with it.
In regard to your bike, which you most likely have spent thousands on, it is covered by your primary property policy. This can be a Home, Renters, Mobilehome, or Condo policy, in which you reside (not a rental property). Allstate for example, will cover your bike, even up into the thousands of dollars, less your deductible. So, if your bike is stolen from your home, or burns up in a fire at your home, we would pay to replace your bike, and you would just be responsible for your deductible. Please know that most companies will not cover your bike in case you crash it while riding it. There are smaller specialty companies that you can find on the internet, or at a local bike shop, that can provide coverage while you are riding it. My advice in regard to having the full value of your bike covered, is to take numerous pictures of it, and keep your receipts. Some Claim Adjusters, who aren’t cyclist, may have a hard time comprehending how much you spent on your bike, so it is better to have the backup to prove the value.
In regard to your body, and the medical bills that can incur when a crash happens, obviously it is best to have health insurance. But what about going beyond that? I highly advise an Accident Policy, which pays you in case you are injured, hospitalized, go to the Emergency Room, etc. I have a Platinum policy through Allstate, and it runs about $50 a month, and it will pay money to ME, not the hospital or health insurance company, in case I am injured on my bike. Also, I highly recommend that you increase your Medical Pay coverage on your Auto policy to at least $50,000 - $100,000. It is inexpensive to do, and it will pay out in case you are hit by a car while riding your bike. It will also pay if you are hit by a car while jogging and walking. It is an inexpensive way to make sure your medical bills are covered, or can pay for a chiropractor or physical therapy if it is denied by your health insurance company.
It is important to review your coverages with your agent on an annual basis. If you have questions, or don’t have an agent because you are with the Gecko, please feel free to email me at firstname.lastname@example.org. Thank you, and be safe out there! Cycling is an amazing sport, which will keep up us in shape for years to come.
Rides with the Jim Click Racing Team