The Rare Gang

As with any type of insurance, policies vary from company to company, and policies of any company can offer various levels of coverage for the items they may insure. It’s always important to understand your insurance policies, and to ask questions about any coverage about which you don’t have a good understanding. Bicycle theft is a fast rising type of crime, especially since more and more people are paying attention to energy-saving means of transportation. Bicycling is becoming a more popular means for daily transportation, and is not only considered a recreational sport these days. This means that there is a greater demand for content insurance to include bicycle theft. With that in mind, the costs to the insurance company of insuring theft of bicycles cause content premiums to increase and stipulations to be added to content policies that insure bicycle theft. There are contingencies in insurance policies that cover bicycle theft to which an owner needs to adhere to collect on the policy should a theft occur. The owner’s responsibilities to do all in one’s power to prevent theft may be listed in the contingencies of a policy’s statement, so know what you have to do to ensure collection on any claim you may need to make. Remember that if you have a bicycle theft policy included in your homeowners content insurance, the policy may only cover theft if it occurs on your property, so you need to be sure to understand where the theft is covered, as well.