Is There a Need for Cycling Insurance?

The need for cyclists to protect their interest, both at home and on the road, is nothing new.  In most instances, cyclists can piece together enough coverage from the various types of insurance they already have.  However, if one of those pieces of insurance is missing, such as private passenger auto insurance, then there is a large hole in the protection for the cyclists.  To deal with these issues there has been a recent trend toward cycling insurance — insurance specifically to cover the bicycle and incidents arising while cycling.  There are also additional options that are not available through any other insurance, such as trip interruption. 

Tell us what you think.  Is there a large enough need for cycling insurance to justify a market when much of the coverage can be had through options on other insurance policies?  Can a provider with a cycling program offer better rates and service than the current system?