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Why cyclists should consider renters or homeowners insurance

If you're an avid bicyclist, you know how much hard work and dedication goes into making your ride the perfect bike. You can put a lot of time and money into bicycles to replace or upgrade certain parts of your ride. There are even some bicycles that cost as much as a nice used car, so why wouldn't you want to insure your ride you've invested so much into?

Bicycle theft on the rise

First and foremost, bicycles are one of the easier vehicles for criminals to steal. Although there are several thick and heavy-duty locks and cables to protect rides, thieves always seem to find a way to pray on people's rides.

According to SAFE Bikes, a voluntary bicycle program based in San Francisco, more than 4,000 bicycles were stolen in the city in 2012 alone, which equals roughly 11 bikes stolen each day. To give residents in the area a feel of how much bike theft has increased, the program said that bicycles are stolen at three times the rate of smartphones.

With the city hosting more than 75,000 bicyclists each day, the city saw a 70 percent increase in thefts since 2006. One of the reasons this has skyrocketed is because of the demand and availability of bike parts. The Internet allows riders to purchase customized bikes.

Customized bikes are inherently more expensive, making them more attractive targets for thieves. This ultimately drives up theft and especially so in bigger cities across the nation.

Protecting your bike

Even with the most up-to-date lock equipment, thieves still find a way to steal bike parts, or the entire ride. Many criminals in cities place pre-cut parking meters or signs, so when a rider locks his or her bike to the pole, the thief can pull the pre-cut pole out of the ground and easily walk off with the bike. It's always smart to lock both the front and rear wheel along with the frame when you plan to leave a bike outside. Make sure the structure is fully attached to the ground and cannot be compromised.

Finding the right insurance

While using smarter practices to lock your bike is certainly beneficial, if you're truly invested in your ride, you need to consider renters or homeowners insurance. For those living in the city, burglars tend to be on the prowl for easy bikes to steal from stairwells, storage areas on an apartment building or bikes that are locked up outside in the front or backyard.

Instead, using renters insurance will protect your bike and only force you to pay a small deductible to get your ride fully replaced. According to the blog 303 Cycling, some insurers also cover damages made by your bike if you were ever in a crash.

A serious danger bicyclists encounter while taking to the road is hit and runs. Sometimes these actions are not purposeful as some drivers don't even realize they just knocked you off the road or clipped you on your bike. With the high amount of hit and runs, renters insurance can help you replace your damaged bike.

Coverage for stolen bikes

Another benefit of most homeowners or renters insurance plans is that you can have your bike replaced by paying the deductible if your bike were ever stolen outside of your home. This is helpful if you use your bike to ride to work or meet friends because even if it's miles away, most renters and homeowners insurance companies will cover your bike.

To see what homeowners or renters insurance is best for you and your bike, use CoverHound to find an affordable rate.

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