Bicycle insurance may refer to several types of insurance policies that will cover a bicycle or a bicycle rider. People who race bicycles may purchase bicycle insurance to cover them should they be involved in an accident during the race; other riders may purchase a bicycle insurance policy to protect against damage or theft of the bicycle, while others still may choose insurance that covers liability should the bicyclist be the cause of an accident that injures another person or damages someone else's property. Another type of insurance that fits this category is organizer's insurance, meant for race or event organizers who want to protect themselves should a problem occur during their event.
Bicycle insurance that covers liability can come in handy in several situations. One common situation occurs when a motorist makes contact with a cyclist and damages or completely destroys the bicycle. The bicycle insurance policy will cover the cost of the bicycle. While many bicycles are not very expensive, some may cost a significant amount of money, sometimes even more than the cost of a car. This insurance will be helpful especially if the motorist who hit the cyclist is uninsured and cannot cover the cost of the damaged or destroyed bicycle.
Racing insurance may be required of racers before they can participate in a racing event. Many race organizations offer one-day insurance coverage for a small fee that will cover the rider in the event of a serious accident during the race. These one-day policies may vary from race to race, and they are likely to be very bare-bones policies. A person who races regularly may want to purchase a more significant bicycle insurance policy that will protect against more severe injuries if his or her regular health insurance does not already do so.
Organizers of races and events should also purchase insurance to cover their events. Such insurance may help cover costs of having medical personnel on hand, and protect against lawsuits in the event of a dispute, accident, or other unplanned event. The insurance policy may also help cover liability for damage to buildings, parks, wilderness, and so on. Such insurance will limit the organizer's liabilities; for example, if a rider gets injured on the course and the cause of the injury was not related to the organizer or the event, the injured person cannot sue the organizer for damages or injuries.