Adventurous And Timid Bike Riders: Will You Buy Bike Insurance?

[RusticBohemian]

People often complain that riding a bike on bike-unfriendly roads w/drivers that don't drive with your safety in mind is dangerous. I'm curious to know if more would be willing to set out if  they had bike insurance, which is now available.

I sold my car in 2010 and have used my bike for my primary transportation since then. I've taken it around several US states as well as through Cambodia, Thailand, Laos, Malaysia, Burma, and Indonesia. 

Although I've never been in an accident, I have certainly come close on several occasional, mostly because drivers aren't paying attention or are going too fast.

So I noted with some interest that what is being billed as the first bicycle accident and liability insurance policy in the US is now available: http://bikeportland.org/2012/07/18/follow-up-bike-accidentliability-insurance-now-available-for-purchase-74934

For $39.99 a year you get $100,000 in injury reimbursement and $1 million in liability insurance.

The old car vs bike fight only ever goes one way, so I suppose liability isn't all the useful you run down a pedestrian.

But I've known several bicyclist who have had significant medical bills after being struck, and I wouldn't mind the peace of mind of knowing I was covered.

Of course, safety is an illusion and all that: http://www.mrmoneymustache.com/2012/06/07/safety-is-an-expensive-illusion/

But for $40, I think it's would be nice to have, particularly because I don't have general medical insurance. I plan to sign up.

Any mustachians going to be joining me, or do you see this as overinsurance?

Would having bike insurance change your transportation choices?

[sol]

I see little value in liability insurance for damage I might cause with my bike, and I think the accident insurance would be redundant with the health insurance I already have.

[Daley]

Don't forget too that most homeowner and renter policies already cover liability caused by cycling, and your uninsured motorist policy (if you have car insurance) should cover your medical if the person who hit you flakes out or disappears.

If you don't have a mailing address and don't own a car? Sure, might be worth the $40 a year... otherwise it's a bit redundant for most people.

[arebelspy]

But for $40, I think it's would be nice to have, particularly because I don't have general medical insurance. I plan to sign up.

Given that's the case for you, it does seem worth it (especially if you rent and don't have homeowner's insurance, like IP notes).

It might even save someone money, if it makes them feel comfortable enough to bike more.