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May Is National Bicycle Awareness Month

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As Millions of Cyclists Take to the Streets, Thieves May Not Be Far Behind; Make Sure You Are Adequately Covered, Warns the I.I.I.

INSURANCE INFORMATION INSTITUTE
Contact: Press Offices
New York: 212-346-5500; media@iii.org
Washington, D.C.: 202-833-1580

NEW YORK, May 1, 2008 - Millions of Americans are expected to celebrate National Bicycle Awareness Month by leaving their cars behind and hopping onto their bikes during the week of May 12-16 for National Bike to Work Week. Unfortunately, bicycles have become a major target of thieves, according to the (I.I.I.).

Almost 1 million bicycles were stolen in the U.S in 2006, according to the FBI and most of them were never seen again. With the increasing popularity of bicycling as a sport and as a means of transportation, bike thefts are on the rise.

"A good bike can cost several thousand dollars," said Jeanne Salvatore, senior vice president and consumer spokesperson at the I.I.I. "To protect it, always lock your bike, and make sure you have adequate insurance coverage."

Bicycles are stolen most often in densely populated areas such as cities and suburbs, but university and college towns are another hot spot; in fact bicycle thefts represent over half the property crimes on campus.

Bicycles are covered under the personal property section of standard homeowners and renters insurance. This coverage will reimburse you, minus your deductible, if your bike is stolen or damaged in a fire, hurricane or other disaster listed in your policy.

There are two types of coverage for personal property.

  • Actual Cash Value
    Actual cash value is what the bicycle is actually worth given its age. A ten year old bicycle, for example, would be valued at the cost of a new bicycle minus ten years depreciation.
  • Replacement Cost Coverage
    Replacement cost coverage will reimburse you for what it would cost to replace your ten year old bicycle with one of like kind and quality at today's cost. Replacement cost coverage costs about 10 percent more than actual cash value, but it is a good investment.

Homeowners and renters insurance also provide liability protection for harm you cause to someone else or to their property. Therefore, if you injure someone in a bicycle accident, and they decide to sue, you will be covered up to the limits of your policy. This protection also includes no-fault medical coverage; in the event you injure someone, he or she can simply submit medical bills to your insurance company so that medical bills can be paid without the injured person having to sue you. This coverage usually ranges from $1,000 to $5,000. To make filing a claim easier, the I.I.I. suggests the following:

  • Save your receipts
    When you buy your bicycle you will probably purchase expensive equipment to go with it. Be sure to save all your receipts. The cost of a helmet, patch kits, pumps, extra inner tubes and other essentials can add up quickly. If your bike is damaged or stolen, having receipts can help speed the claims process.
  • Add your bicycle to your home inventory
    Everyone should have an up-to-date home inventory of their personal possessions. This can help you purchase the correct amount of insurance and will make the claims filing process easier if there is a loss. To help you create a home inventory, the I.I.I. provides free, downloadable software located at . As well as listing all your possessions, the software allows you to add digital photographs of your valuables and save scanned receipts.

To protect yourself and your bicycle while cycling, follow some simple rules:

  • Always wear a helmet; the most serious bike injuries are to the head.
  • Wear reflective clothing so motorists can see you clearly.
  • Properly maintain your bicycle; repair tires, gears and brakes as they age.
  • Obey the rules of the road. Follow the same rules that apply to cars and other vehicles such as stopping at stop signs and yielding to pedestrians.
  • Ride in the same direction as cars, never against traffic.
  • Ride well to the left of parked cars. This will help you avoid being "doored" when a motorist unexpectedly opens the driver's side door as you ride by.

To learn more about bicycle safety visit .

For a related Web video, go to the I.I.I.'s Bicycle 杏吧原创 Quiz.

For a related Video News Release, go to Bicycle Safety. Reporters who would like a DVC Pro or Beta hard copy of the b-roll footage, please contact: Susan Stolov at 301-728-1978 or SusanStolov@WashingtonIndependentProductions.com .

For more information regarding insurance, go to the .

The I.I.I. is a nonprofit, communications organization supported by the property/casualty insurance industry.

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