Insurance and Bike Share Programs

Insurance and Bike Share Programs

“Unlike car share programs, most bike share programs do not provide you with any insurance as part of the membership, so it’s important to understand how other insurance policies you may have would apply.  In most cases, if you were in an accident involving a bike from a bike share program, your homeowners insurance or renters insurance would cover your liability if you were to injure someone with the bike. Damage to the bike would typically be covered if it was a result of another vehicle or vandalism, but it may be subject to a deductible, which could exceed the cost of the damage. If the bike is stolen while it’s in your possession you should be covered for theft, but it’s important to report the theft both to the police and to the bike share program as soon as you are able. Finally, make sure when you use a bike, you return it in a timely fashion, as some of the bike share programs will consider a bike “stolen” if it is kept for more than 24 hours- and they could subject you to a replacement fee for the bike, which would not be covered by your policy.
It’s important to make sure you’re aware of what your homeowners or renters policy will and won’t cover as it relates to participating in a bike share program by reviewing your homeowners or renters insurance policy with a Trusted Choice agent.”