As we enter the racing season it is a good time to review what you are doing to protect yourself and those you love from the dangers of being out on the road.   There are some basic  insurance  coverages you should carry to protect yourself.  Just a few weeks ago I was with a close friend who rode his bike for the first time in over 7 months following a terrible car VS. bike accident that left him nearly dead.  He continues to make a long and painful recovery but serves as a daily reminder to me of what we face while training on the open roads.
 
1.    CARRY UNINSURED/UNDERINSURED MOTORIST COVERAGE ON YOUR AUTO.  Look at your own automobile insurance policies and see what you are carrying for Uninsured/Underinsured Motorist Coverage.  This is your best protection for the money against being hit by a car while on your bike.  You can only carry up to the same amount as your liability coverage, so consider increasing both up to the maximum your carrier will allow.  If you have multiple cars, you can carry it on one and it extends to all autos, which is what I usually recommend unless you can't get higher limits from your carrier.  If this is the case, carry it on every car you own and it will stack or add together if you are injured by an uninsured or underinsured motorist.
 
2.  GET A PERSONAL LIABILITY UMBRELLA.  Consider purchasing a Personal Liability Umbrella and add Uninsured/Underinsured Coverage to it.  This type of policy is fairly inexpensive (typically $150-500 depending on the number and age of your household drivers) and gives you a much higher amount of protection.  It protects your income and assets from liability claims, AND protects you if you are hit by an uninsured or underinsured motorist.
 
3.  HAVE ENOUGH LIFE INSURANCE AND GET YOUR WILL DONE.  Review your Life Insurance.  If people you care about will suffer financially if you die, you should have it.  A good rule of thumb is to carry 5 to 10 times your gross annual earnings.  The good news is that it is cheap and since we are cyclist are health is better and often we qualify for preferred rates.  Term insurance is cheap and easy to get.  If your employer offers a group life plan, take it but know if is almost always not enough and to take it with you if you change jobs is VERY expensive.  Review your wills and trusts at the same time, or get them done if needed.
 
4.  CONSIDER DISABILITY INSURANCE.  Review your Disability Insurance.  Employers often offer very good group plans, so take it if you can.  If it is not offered, consider purchasing an individual plan which costs more but will prevent financial devastation in the event of a long term disability.  Social Security Disability Benefits do not start until at least one year of total disability, and getting a check is very difficult.  Long Term Disability Insurance is your safety net to protect your income.
 
5.  HOMEOWNERS OR RENTERS INSURANCE COVERS YOUR BIKES AND RELATED EQUIPMENT AND PROVIDES COMPREHENSIVE PERSONAL LIABILITY.  Your personal property, including bicycles, is covered under your Homeowners Policy if you own your home or Renters Policy if you rent.  Make sure you have enough personal property coverage to replace all of your belongings in the event of a total loss such as a fire.  Know that any loss is subject to your deductible (usually $500 to $1,000) and making numerous small claims can cause your rates to go up or get you cancelled.  The ACA provides excess property damage liability with a $1,000 deductible and $10,000 limit.  While this may cover a bike damaged in a crash, your own coverage would be primary so make sure you have enough.  Renters is cheap, so get some if you don't own your home.  The liability coverage protects you if you cause an accident or injury, or if someone alleges you did.  Carry at least $300,000 and consider more as it is cheap.
 
6.  HAVE AN EMERGENCY FUND.  Try and save enough money to cover all living expenses for 3-6 months.  If something happens, having money to pay bills will go a long way toward helping you recover.  Worrying about money never helped anyone feel better.  Put away something every payday and it will add up.  I help people all the time start up a $50 a month savings program and it adds up fast.
 
7.  GET A ROAD ID.  I wear mine on a rubber bracelet like a Livestrong. 
 
8.  HAVE FUN!   Get what you need in place to protect yourself and go ride your bike and enjoy this great sport!!