Bicycling insurance rates will go up as state cuts $10B in funding

WASHINGTON — A sweeping package of funding cuts that will reduce funding for the state’s bicycle insurance program by $10 billion is set to go into effect Monday.


Jay Inslee and members of the Senate Finance Committee will take up the bill Monday, as will state Transportation Secretary Mary Beth Jepsen.

The cuts will reduce the number of bicycle insurance policy holders by nearly 1 million, according to the bill, which is expected to be signed into law by Inslee.

The $10-billion fund is slated to be used for transportation projects, including the expansion of the Washington State Department of Transportation’s Bicycle and Pedestrian Bridges program.

The budget cut comes as the state faces a $1.3 billion shortfall on its bicycle insurance.

The state’s annual budget is about $4 billion, but the state is projected to run a $3 billion deficit this fiscal year.

Inslee’s administration said the $10bn in cuts were necessary to help cover the cost of adding to the state health insurance pool.

The bill also provides $5.2 billion for capital improvements to transportation projects.

Insuements are not expected to start flowing until January, as the funding is being phased in, and the program is expected not to start accepting bike insurance until 2019.

The state’s Insurance Department estimates the program will cover about 70,000 people.

The reduction in the insurance program will affect about 700,000 bicyclists and pedestrians.

Bike insurance rates are set to increase by up to 15% on average for drivers, and up to 30% for bicyclists, Inslee’s budget office said.

Insurers have been required to raise rates by an average of 1.8% in each of the last three years.

The rates increase are set in place by the federal Affordable Care Act, which requires the states to provide affordable coverage to people who qualify for it.

Insurance companies are required to charge premiums for those who receive insurance through the federal government.

Insurers argue that they are responsible for covering those who need it, such as people with pre-existing conditions.

Insuring bicyclists is expected, however, to be a lot less expensive than for drivers.

Insurance companies are expected to charge between $6 and $9 for a single bike, according, with an average $25 to $45 per year for a family of four.

Insurements are expected in the mid-$20,000 range.


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