This time of year is when many people around the Pacific Northwest bring out their bicycles and put two wheels to the pavement. But if something were to happen to you while riding, would your insurance coverage step in for you?
Bicycle Insurance, which is similar to auto insurance, is available in Europe (where biking is much more common) but doesn't exist stateside. Most homeowners or renters insurance policies cover the theft of your bicycle and some lock manufacturers may replace a stolen bike that had been properly secured. Insurers may impose conditions or require that that you pay the deductible for a damaged or disappearing bicycle. Often times, the insurance company will then pay you the value of the bike when it was stolen (or in insurance terms, "actual cash value"). The personal property element of your homeowners or renters policy (or the other person's policy if they caused the accident) will usually cover you against the damage to the bike, while your personal liability coverage will likely protect you if you cause an accident or injury.
Of course, the most important protection you can have while riding is a helmet!