Bicycling Can Be Good for You and the Environment, But Remember to Properly Insure Your Ride. May Is National Bike Month; I.I.I. Offers Insurance, Crime Prevention and Safety Tips

Throughout the country, many cyclists are taking advantage of bike month programs from car-free bike tours and classes on basic bike mechanics to racing clinics and group riding programs. Regardless of whether you plan to train for a century ride or simply like to cycle around the block with your children, it is important to understand the rules of the road and protect your financial investment with the proper insurance, according to the Insurance Information Institute (I.I.I).

 According to the Federal Bureau of Investigation, 183,028 bicycles were stolen in 2009 (average value $318). 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 of property crimes on campuses.

• Actual Cash Value
  Actual cash value reimburses you for what the bicycle is actually worth given its age. A 10-year-old bicycle, for example, would be valued at the cost of a comparable bicycle minus 10 years depreciation. 

• Replacement Cost Coverage
  Replacement cost coverage reimburses you for what it would cost to replace your 10-year-old bicycle with one of like kind and quality at current cost. Replacement cost coverage costs about 10 percent more than actual cash value, but it is a good investment.