Bicycle Insurance Available to Fill the Gap and Protect You from Financial Liabilities

PR Newswire

FORT LAUDERDALE, Fla., Dec. 20, 2022 /PRNewswire/ -- Bicycle insurance policies available from Velosurance now offer the option to purchase $300,000 of cyclist personal liability coverage. While liability coverage is important for all cyclists, the newly available $300,000 limit is especially important for those who are covered by a personal liability umbrella policy.

All personal liability umbrella policies require a minimum primary liability coverage (Combined Single Limit) of $300,000 before the policy will respond to a claim. In other words, if a cyclist policy liability amount is $100,000 and the cyclist is sued for $1,000,000 by the injured party, there will be a $200,000 gap between the $100,000 cyclist liability amount and the required $300,000 umbrella liability amount before a personal liability umbrella policy will respond.

The option to purchase $300,000 cyclist liability is almost a necessity for e-bike owners. No home insurance liability policy will cover an e-bike because in the eyes of home insurance companies they are "motorized vehicles." Just like the home insurance policy would not cover the family car it also does not cover liability on e-bikes.

The unfortunate fact of life is that you do not need to be at fault to get sued. All it takes is for a distracted pedestrian to step out from between two cars into the path of a cyclist for the cyclist to be blamed for causing an accident. The scenario described is the classic textbook example of an accident that misplaces fault entirely upon the cyclist, one that can even result in having a lawsuit wrongly filed against them. Even though an allegation can be without merit, it needs to be defended. If a lawsuit is not defended, the named person will lose by default and have a judgment placed against him. This is why the liability coverage available in Velosurance cyclist insurance policy is so valuable.

Without a liability policy to assign and pay for a defense attorney, the defendant will need to hire one out-of-pocket. The contingency fee for a liability attorney starts at $10,000 and can easily reach $40,000 pre-trial. The liability coverage within the Velosurance bicycle insurance policy will indemnify, or pay on your behalf, the cost of damages or settlement resulting from the claim, and defend in a case brought against you.

Velosurance was founded by two avid cyclists to address the insurance needs of cyclists nationwide. The policy is specifically designed to protect cyclists from all the risks associated with riding a traditional or an electric bicycle (e-bike). The core policy covers the bike for theft and accidental damage and can be extended with optional coverages, such as medical gap coverage, liability protection, and vehicle contact protection. The coverage territory can be extended with the optional worldwide endorsement. To get covered today visit velosurance.com for a two minute bicycle insurance quote and policy purchase.