A bicycle insurance company is going to have to come up with a new product for mom and dad in the coming years, because one of the companies offering bike insurance is going out of business.
BikeInsurance.com has closed its doors after just six months of operation.
It’s not surprising, as the company’s CEO is retiring in June.
However, its closure was unexpected because of the state’s new motorcycle and bicycle insurance law.
The new law requires all riders to be insured through a motorcycle company, and all riders must have at least one motorcycle insurance policy.
The new law also allows bicyclists to get a motorcycle insurance card.
However it also has rules that prevent some types of bike insurance from being covered by bike companies, like coverage for electrics.
“I think the law is being passed in the wrong direction for bicyclists,” said Jessica Toth, owner of BikeInsuranceNJ, which was founded by Toth and her husband.
“I don’t think you’re going to see a change in the industry until we see a big shift in the way bike insurance works.”
Bike insurance is different than car insurance, which is more expensive.
Bikes and cars are essentially two different types of vehicles.
Cars are designed to take you anywhere, while bikes are designed specifically for short trips.
However in the case of insurance, bikes are considered an accessory rather than a vehicle.
The law was passed because bike insurance companies were doing a good job of making their customers feel safe, Toth said.
But as the law was being debated in the state legislature, she said, some people in the insurance industry took advantage of the change to change the law in ways that hurt customers.
“The law is not good for bicyclist insurance,” she said.
“They just didn’t want to change it to a better law that is good for the consumer.
They wanted to change things to a system that is less secure.”
The Toths say they have to find a new company to keep their business going.
“We’re going into this with the expectation that we will not have our business in New Jersey,” Jessica Tath said.
The state is trying to reform the motorcycle and bike insurance industry, but it hasn’t made much progress so far.
The New Jersey Department of Insurance and the New Jersey Association of Insurance Agents, the two industry groups representing motorcycle and auto insurance companies, are working on a solution.
The Department of Financial Services recently approved a $10 million loan to help pay for the purchase of a new motorcycle insurance broker.
But the department has not been able to secure funding from the state to pay the loans full cost.
“It’s going to be a struggle to get this thing going,” Jessica said.
Toth said the bike insurance problem is especially frustrating because the law allows bike companies to charge a rider an extra fee.
In theory, it’s a way to get customers to pay more for a product.
But in practice, the bike companies charge a fee that doesn’t cover the cost of the product.
Toths said she is considering a lawsuit against the bike company that she claims is responsible for her bike insurer’s bankruptcy.
If she succeeds, she would have to take out an injunction against the company, which could take months to complete.
Jessica said the new motorcycle policy will be available to all customers by the end of August, so she can start getting her first motorcycle insurance policies from bike insurance providers.
“People are not going to buy a bike insurance policy just because they don’t want a car,” Jessica taunted.
“It’s the same thing.”
Bicycle insurance companies in New York, California, Washington, Oregon, Washington D.C., and Texas are also closing their doors.