If you are a serious cyclist, you know how expensive purchasing and maintaining a bicycle can be. Depending on the type of bike and your riding preferences you can spend anywhere between $100 and $20,000. For higher end bikes, do not solely rely on your homeowners or renters insurance to protect your ride. It may not be enough to cover that prized mountain bike or streamlined road bike for competitions. Whether you use your bike for transportation, recreation, fitness, competition or relaxation, it doesn’t hurt to be prepared.

Here are three ways that bicycle insurance can protect your investment.

1. Physical damage

Get coverage for your bike’s repairs or replacement in the event of vandalism, damage from a crash or a collision with another cyclist.

Other physical damage covered includes:

• Spare parts
• Theft coverage
• Transit coverage: Protects your bike during travel, whether by land or air, to and from locations in the US and Canada.

2. Competition reimbursements

If you participate in competitions or organized rides, you are covered for:

• Competition fee reimbursement: If your bike is damaged and you are unable to participate in a planned competition, your nonrefundable entry fee can be covered up to $500.
• Rental reimbursement: Up to $250 per occurrence coverage towards a rental bike if yours is damaged or stolen while you are participating in a competition.

3. Protection for you

Bicycle insurance isn’t only for your bike. It also protects you.

• Personal liability: This coverage protects you if you injure or damage the property of another person while cycling.
• Medical payments: Covers medical costs if you get injured while riding your bicycle.
• Roadside assistance: For $12 a year per bike, you get 24-hour emergency services. You can also get up to 35 miles of transportation per breakdown.
• Vehicle contact protection: If you are hit by a vehicle that does not have insurance, you are protected.

Don’t let damage or theft interrupt your riding. Having bicycle coverage can get you back on a bike with the wind in your hair in no time. If you are interested in bicycle insurance, Westwood partners with Markel Specialty to protect your interest. Contact a Westwood agent to get started. We’re here to help!