FORT LAUDERDALE, Florida., December 20, 2022 /PRNewswire/ — Bike insurance policies available from Velosurance now offer the option to purchase $300,000 of the cyclist’s civil liability guarantee. Although liability coverage is important for all cyclists, the new $300,000 The limit is particularly important for those who are covered by a personal liability umbrella policy.
Liability insurance for cyclists
All personal liability insurance policies require a minimum primary liability coverage (Combined Single Limit) of $300,000 before the police respond to a complaint. In other words, if the liability amount of a cycling policy is $100,000 and the cyclist is prosecuted for $1,000,000 by the aggrieved party, there will be a $200,000 gap between the $100,000 the amount of liability of the cyclist and the amount required $300,000 umbrella liability amount before a personal liability umbrella policy responds.
The call option $300,000 Rider responsibility is almost a necessity for e-bike owners. No home liability insurance policy will cover a electric bike because in the eyes of home insurers they are “motorized vehicles”. Just as the home insurance policy does not cover the family car, it also does not cover liability on e-bikes.
The sad fact of life is that you don’t have to be at fault to be sued. It is enough for a distracted pedestrian to come out of between two cars to find himself in the path of a cyclist for the latter to be accused of having caused an accident. The scenario described is the classic example of an accident that places the fault entirely on the cyclist, which may even lead to a lawsuit wrongfully being brought against him. Even though an allegation may be baseless, it must be defended. If a lawsuit is not defended, the named person will lose by default and a judgment will be rendered against him. This is why the liability cover available in the Velosurance cycle insurance policy is so valuable.
Without a liability policy to assign and pay for a defense attorney, the defendant will have to hire an attorney out of pocket. Contingency fees for a liability attorney start at $10,000 and can easily reach $40,000 before the trial. Liability cover under the Velosurance bicycle insurance policy will indemnify or pay on your behalf for the cost of damages or settlement resulting from the claim, and defend in any action brought against you.
Velosurance was founded by two passionate cyclists to meet the insurance needs of cyclists nationwide. The policy is specifically designed to protect cyclists from all risks associated with riding a traditional bicycle or an electric bicycle (e-bike). The basic policy covers the bike against theft and accidental damage and can be extended with optional coverages, such as medical deficiencies coverage, liability protection and vehicle contact protection. Territory of coverage can be extended with the optional Global Rider. To be covered today, visit velosurance.com for a two-minute bike insurance quote and policy purchase.
Policies underwritten by Markel American Insurance, 4521 Highwoods Parkway, Glen Allen, Virginia 23060.
Media Contact:
David Williams
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SOURCE Velosurance
