Bicycles can serve as both a source of fun and a means of transportation. They may also be expensive to replace - meaning that consumers should take the appropriate measures to insure their investment.
In honor of National Bike Month, the Insurance Information Institute offered advice of picking this coverage, which often comes with a renters or homeowners insurance policy. Actual cash value and replacement cost coverage offer varying degrees of protection, with the latter costing slightly more.
It is important to save the receipt from when the bike was purchased, according to the report, in order to determine the amount of coverage necessary.
"Bicycles can cost anywhere from several hundred dollars for a garden variety bike to custom-made options that can cost thousands of dollars," Jeanne Salvatore, senior vice president and consumer spokesperson for the III, said. "To protect your bike, always make sure it is locked up and that you have adequate insurance coverage."
Liability coverage can also protect against potential injury lawsuits following a bike accident. Cyclists should also protect themselves by wearing a helmet, following traffic laws, using bicycle lanes when possible and riding defensively.