When a student son or daughter leaves home for college, very often parents help subsidize their expenses to some degree by allowing them to include the contents of their student houses and things like bicycles in their own current home policy. . .
This was not the case for a student, who recently had her individually insured bike stolen while in college. She had locked her bike with a good safe lock and gone to lectures. When she returned an hour later, her bike had been stolen from her. Though upset and inconvenienced by the matter, she was comforted by the fact that she had had the foresight to purchase insurance through a well-known company that marketed to the student population. The bicycle had been a special gift from her parents and she had taken great care of it, but there is only so much care that can be given to something as portable as a bicycle.
However, when it came time to file a claim, he found something surprising: the insurer didn’t cover his claim because he hadn’t removed the front wheel and seat! The mind boggles at the thought of dozens of students circling a university, armed with front wheels and saddles, but actually the statement was quite correct. It appears that the condition was in fact stated in the fine print of her policy. While she accepted that she should have read all the fine print, the student felt that this was beyond reason.
Upset that even though she had paid more than 10 percent of the value of the bikes when they were new for the annual premium and had accepted an excess of 10 percent, she was denied coverage for what she thought was a crazy reason , she took the matter further. She felt very strongly that her attention should have been drawn to the very strange condition at the time of taking out the insurance. The insurers’ underwriters were unsympathetic, although the insurers eventually changed their minds and agreed to pay the claim.
It seems that he had realized the impracticality of removing wheels and saddles every time riders needed to leave their bikes anywhere. As a result of this, they had actually updated all policies with this condition excluded. As a matter of good will, they had decided to apply this also to the position of our sad student.
Cycling clubs often offer very good deals on bicycle insurance as well. An environmental group would offer insurance, with a bike salvage package and third party cover for just over thirty pounds.
Cycling is environmentally friendly, saves money, and is excellent exercise. In many large towns and cities, it is much more time efficient than traveling by public transport. Just a word of warning though: there are over a hundred deaths every year in the world of cycling and over two thousand serious accidents. You wouldn’t drive a car without insurance, so why take any chances on a bike? You are not just talking about personal injury, if you are responsible for causing an accident or damage, you could be sued for that as well.
An online broker is the easiest way to find the right cycle insurance for you. They have details of all types of coverage at the best prices.
As explained in this article, bicycles require the appropriate type of insurance, but this is not the only insurance required. We should all consider other types of insurance, such as home insurance and life insurance. Life Insurance is especially necessary to protect our families in cases of sudden death.
