It’s spring, which means great bicycling weather upon us. May isalso National Bike Month, which means we’ll be seeing a lot morebike racks out on the road.

Have you ever wondered what happens when a bicycle is stolen ordamaged while on your car’s bike rack? Do you know if yourinsurance will cover possessions that are inside (or outside) ofyour car?

In many cases, a bicycle or bike rack will be covered, but thereare circumstances in which your coverage may vary. Here are fivecommon scenarios and the most important steps to take in eachone:

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  • Your bike is damaged while it is secured to yourvehicle: In most states, a claim can be filed under thepersonal property provision of your Homeowners’ or Renters’insurance policy. If the policy includes a provision forreplacement cost value coverage, the insurer will pay thereplacement cost of the bicycle, less any deductible. However, ifthe policy provides for actual cash value coverage, the insurerwill only pay the current depreciated value of the bicycle.
  • A different vehicle damages your bike while it issecured to your vehicle: If the liability of the othermotorist is clear, then his or her insurer will pay the full actualcash value of the bicycle. If the motorist is uninsured, that same100% actual cash value payment will be paid by the insurer of theowner of the vehicle to which the bike is attached. However, thispayment occurs only if the owner has uninsured motoristcoverage.
  • A hit-and-run motorist damages your bike while it isattached to your vehicle: This claim would be paid underthe owner’s Homeowners’ or Renters’ policy. The replacement costvalue would be paid, less the deductible.
  • Another person’s bike is damaged while it is secured toyour vehicle: In this scenario, the liability portion ofyour Auto insurance will pay the actual cash value to the owner ofthe bike.
  • A bike attached to your vehicle is stolen: Aslong as an incident report is filed with the police, your Renters’or Homeowners’ policy will pay the replacement cost value, less thedeductible.

It is important to realize that the typical deductible in aHomeowners’ or Renters’ policy is commonly $250 or $500. In manyinstances where a claim is made under the provisions of such apolicy, a relatively significant portion of the bike’s value willnot be covered.

A “floater” can be purchased that specifically covers the fullcost of repairs or the full replacement cost value if the bicycleis not repairable. If you has a very valuable bike, perhaps forracing, it can also be insured via its own policy.

So while you’re giving your bike a spring tune-up, be sure toalso check and see if your current insurance policy covers bicycletheft and other damages.

Torr Leonard is the social media manager of the Encino,Calif.-based insurance agency AnswerFinancial.