MAY IS NATIONAL BICYCLE AWARENESS MONTH
New York, May 1, 2008 — Millions of Americans are expected to celebrate National Bicycle Awareness Month by leaving their cars behind and hopping onto their bikes during the week of May 12-16 for National Bike to Work Week. Unfortunately, bicycles have become a major target of thieves, according to the Insurance Information Institute (I.I.I.).
Almost 1 million bicycles were stolen in the U.S in 2006, according to the FBI and most of them were never seen again. With the increasing popularity of bicycling as a sport and as a means of transportation, bike thefts are on the rise.
“A good bike can cost several thousand dollars,” says Jeanne Salvatore, senior vice president and consumer spokesperson at the I.I.I. “To protect it, always lock your bike, and make sure you have adequate insurance coverage.”
Bicycles are stolen most often in densely populated areas such as cities and suburbs, but university and college towns are another hot spot; in fact bicycle thefts represent over half the property crimes on campus.
Bicycles are covered under the personal property section of standard homeowners and renters insurance. This coverage will reimburse you, minus your deductible, if your bike is stolen or damaged in a fire, hurricane or other disaster listed in your policy.
There are two types of coverage for personal property.
Homeowners and renters insurance also provide liability protection for harm you cause to someone else or to their property. Therefore, if you injure someone in a bicycle accident, and they decide to sue, you will be covered up to the limits of your policy. This protection also includes no-fault medical coverage; in the event you injure someone, he or she can simply submit medical bills to your insurance company so that medical bills can be paid without the injured person having to sue you. This coverage usually ranges from $1,000 to $5,000.
To make filing a claim easier, the I.I.I. suggests the following:
To protect yourself and your bicycle while cycling, follow some simple rules:
For more information regarding insurance, go to the I.I.I. Web site.
The I.I.I. is a nonprofit, communications organization supported by the property/casualty insurance industry.
Insurance Information Institute
110 William Street
New York, NY 10038
(212) 346-5500 www.iii.org