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Bike commute update: GEICO drops my insurance rate

A quick update on my bike commute:

This morning I called GEICO to see if my reduced driving habits would lead to a lower insurance rate. I told the agent that by biking to work and for errands I would drive 3,000 miles less for the year. I also reported that I no longer parked my car in the public BART lot each day, thus greatly reducing the risk of a break-in or theft.

Because of these two changes, effective today my annual car insurance rate dropped by $186. I then estimated other savings from becoming a bike commuter.

  • Gas savings @ $3.25/gallon: $468/year
  • Parking fees (no more $1/day to BART): $250/year
  • Oil change (one less needed during year): $30/year
  • Total savings: $934/year

In sum, if I can keep up the biking through the Bay Area winter (we do get rain here), my bicycle investment will pay off in eight months, five of which have already passed. So by the end of January, I will reach break-even financially. And that’s in addition to the carbon and health benefits. This is a good deal.

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