Thanks to a partnership between Better World Club and Portland’s Gales Creek Insurance Services, cyclists now have the opportunity to purchase the first nationwide comprehensive accident and liability insurance plan designed specifically for bike commuters. The policy—which will cover cyclists on road bikes, mountain bikes, and even electric bikes—offers cyclists who’ve been in a collision, reimbursements of up to $100,000 and liability payments of up to one million.
Although many bike commuters currently rely on their homeowners insurance for liability claims, it’s estimated that about half of all commuter cyclists don’t have a homeowners policy. Similarly, those relying on auto insurance to cover them in the event they’re struck by a motorist have no coverage against crashes caused by other factors.
The policy, called BIKEon, costs anywhere from $20 to $100 per year (depending on the type of coverage), and is being made available through Better World Club’s $39.95 annual bike roadside assistance membership.
In an article from Oregon Live, Better World Club spokeswoman Marion Margiotta said, “Every week around the country, there are cyclists who end up in the emergency room. Some are at fault in an accident and others aren’t, but either way, most will incur huge expenses and may not be covered by other insurance.” BIKEon insurance will help cyclists reduce the financial risks associated with being in an accident.
The new insurance program is the result of over 10 years of research from Gales Creek Insurance Services, who looked at similar cycling programs available in other nations. Executive VP of Gales Creek Insurance, Jeffery Lang was quoted as saying, “The Brits have it, there’s been programs in Australia since World War II, New Zealand, most industrialized countries, western industrialized countries have these sorts of plans.” Now, encouragingly enough, the U.S. is catching up.
Without taking a close look at exactly what is and is not covered within the policy, it’s impossible to assert whether BIKEon makes sense for most cyclists. However, for instances where a biker might not be covered under their existing policies, it definitely offers an interesting safety net for any potentially catastrophic events.
We’d be interested to hear your feedback in the comments. Do you think you’d be interested in a bike specific insurance policy? Or, is the coverage you already have sufficient to give you peace of mind?
Photo credit: https://www.flickr.com/photos/jeremybrooks/5284355229/