There are three scenarios in terms of having your bike repaired or replaced after and accident.
- You’re riding along and you hit something like a pole, a tree, or barrier and the bike gets cracked or damaged. In this situation, you better hope you have homeowners insurance or a specific policy that insures your bike frame. Remember that if you have coverage on your homeowners insurance they’re generally going to apply a deductible to your claim and they’re also going to reduce the value of your bike by depreciation. You could take a big hit when you’re trying to replace or repair it. I always recommend that people get a specific bike insurance policy that pays just for your bike under any circumstances, typically you’ll pay a small deductible but they’ll give you the value of your bike at that time.
- You’re riding in some type of an event or your riding somewhere and you get hit by another cyclist and you fall down and it’s their fault. In this situation, if they’re a homeowner, their homeowners insurance would pay for the damage or the replacement of your bike.
- If you’re in an accident with a car and the car is at fault and they hit you and damage or destroy your bike, then your claim would be against the property insurance from the driver of the car that caused the accident.