Bicycle Insurance?

I came across an article today that brought up the subject of bicycle insurance and I found my interest piqued. Before I began reading the article, I did what most of us do in such a case, and attempted to divine what “bicycle insurance” is, just based on the headline.

My first thought was that it works like car insurance; your bike is damaged in an accident or some other ill befalls your carbon fiber darling and the insurance company takes care of the repair (with the obligatory deductible coming from your pocket, of course). Then I read the article.

Firstly, while the headline says  “bicycle insurance”, it become clear in the first paragraph that this “insurace” is in fact, “bicycle assistance insurance”. So, my hopes and dreams of a cover-all policy for my bike went out the window. So, now knowing that this was just roadside assistance, I visited the site linked in the article and was taken to Better World Club.

After about two seconds of reading the information page, it seems that this is little more than a glorified cab ride. The details are (from Better World Club site):

Bicycle Roadside Assistance Services

Service Coverage:

Bicycle assistance is available up to 30 miles in total (per covered member) for annual membership programs.

Covered Members:

Bicycle membership covers only one individual, however you can upgrade to cover your entire family (up to 4 cyclists total) for only $17. As with our auto assistance, associates may be: spouse or domestic partner, dependent children living at home or at school between the ages of 16 and 24.

Service Calls:

Bicycle Plus memberships are eligible for four service calls, and single Bicycle memberships are eligible for two service calls, per year. If you have a combined Auto/Bicycle membership, you are entitled to a total of 4 services calls per year that can be split between your car and/or bicycle.

“Towing”

If you’re in need of emergency assistance on your bicycle, simply call the emergency roadside assistance number provided with your membership materials. A service provider from our network will be dispatched to transport you and your bicycle to your desired destination.

“Locked Out”

Due to the variations between car and bicycle ownership, we cannot guarantee ownership of the bike before a lock out would be performed. Therefore, if you’re bicycle is rendered immobile by lock, we will not dispatch service to free it. However, if you have organized service to free a locked bike, you may submit a claim for reimbursement up to a limit of $50.

“Flat Tire”

If your vehicle is rendered immobile due to a flat, we will not deliver new equipment. We will, however, dispatch a service provider with commonly available tools upon request.

Now, let’s say I am on a typical ride of 50 miles (+/-) and I need roadside assistance. First, the majority of the cycling community is gracious and well-equipped enough to help get me rolling again. Second, this policy on covers thirty miles a year, so do I get dropped off somewhere in Englewood, NJ on Route 9W? On the FAQ page for Better World, there is no mention of bicycles, specifically,  at all. So, I have to assume that the miles beyond your allotted thirty per year are at the same rate as towing miles for a car, which are  (according to BW, typically $2-$3/mile up to as much as $8-$12/mile).

I encourage you to click on the links I’ve provided and see if you can figure out something that I can’t (which, believe me, is more than possible!). I must say, that it seems as though I would be paying $39.95 a year for a taxi.

I did put in a call to both Geico and to Progressive to see whether their renter’s insurance (I am a renter in NYC) covered a mishap with my bicycle outside the home (cracked frame or broken component). With Geico, they do not cover any incidents that take place outside the home without a special rider (didn’t get the price on that). As for Progressive, the gentleman I spoke to didn’t quite know how to answer. What I did get out of it was that, should my bike be stolen, it was covered (with deductible, of course), but he was not sure about damage to the bicycle itself.

What are your thoughts on bicycle insurance?