When you’re out on your bike, you’re at risk for a variety of mishaps. And, of course, your bicycle could be stolen. But, is it necessary to have a bicycle insurance policy? Isn’t your bike covered by your homeowners or renters insurance if it’s stolen? Yes, but only up to a certain point. The personal property section of your homeowners or renters insurance policy will cover your bike, but there are a number of reasons why you may want to consider additional coverage for your bike.
We’ve compiled a list of the top five bicycle insurance providers.
Insuring your bicycle is easy with Velosurance
Founded by two cyclists, Velosurance aims to protect cyclists across the country. A multi-risk policy from Velosurance protects your bicycles from damage or theft in the event of an accident. Additional coverage options include liability, roadside assistance, and medical gag coverage. Velosurance’s employees are all cyclists, so they know what you’re going through.
For a rider in Arizona looking to insure a $5,000 motorcycle, this quote reflects general insurance. Insurance company Markel rated an AM Best A specialty insurer, is in charge of the underwriting of their policies.
Simple Bike Insurance
The Most Economical Bicycle Insurance Available
You have to find your bike’s serial number to get a quote from Simple Bike Insurance, which is not so simple. It also wants to know the make and model of your bike, as well as the year it was built..
In addition, Simple Bike Insurance offers a wide range of policies, so you’re sure to find one that meets your needs. Deductibles are customizable, and you can choose from a variety of optional coverages to customise your policy. Deductibles range from $200 to $500, with policies starting at $100.
Markel: The Best Insurance Company for Racers on Bikes
To avoid the middleman, you could simply go directly to Markel, which underwrites several of these bicycle insurance companies.
This quote is for a New Jersey resident who is looking to insure a $5,000 motorcycle.
For a quote, you’ll be asked a few questions about your bike and yourself, but you won’t have to dig up your bike’s serial number (although to get bicycle insurance, you will need that information).
They’ve got a lot of positive reviews from customers, and they offer special coverage for bike racers like vandalism and lost race fees. As a bonus, they’ll also protect your bike during transport.
Sundays Insurance: The Best Bike Association Discounted Bicycle Insurance.
Even if you’re the one who damages your bike, Sunday’s Bicycle Insurance will cover the cost of a new one (intentional damage is not covered). There is no limit to the number of bikes you can add to your policy, and you can choose your own insurance deductible. There is a 10% discount for members of the United States Triathlon, United States Cycling, or International Mountain Biking Association.
We were unable to get a quote from them because they require your bike’s serial number.
E-Bike Insurance: The Best Protection for Your Investment
For mountain bikes, road bikes, triathlon and electric bikes Spoke has the policy to fit your needs.
Pedal assisted (with a maximum speed of 20 mph), throttle assisted (with a maximum speed of 20 mph), and Pedal assisted (with a maximum speed of 28 mph) are all covered by this insurance company.
Quotes for these policies will likely be very similar because Markel underwrites them as well. When we asked Spoke for a quote, they simply redirected us back to Markel’s quote page, which was disappointing.
Why Is Bicycle Insurance Necessary?
A lot of people are passionate about bicycling, and it can border on obsession for some. Even though the average road bicycle costs between $500 and $1,000, serious cyclists can ride bicycles that cost more than the average automobile. Then again, you can’t go without a few bikes. It’s unlikely that your homeowners insurance will cover the cost of your $10,000 motorcycle.
Specialty insurance for your bike may be necessary for a variety of other reasons.
- You ride a mountain bike (which causes more damage to both bikes and humans than road biking)
- You take part in road races.
- In the event of an accident, you don’t have any kind of insurance for your property.
- What if something happens to you and you need medical attention?
- You own multiple bicycles (a road bike, a mountain bike, a commuter bike, etc)
Adding a rider to your homeowners insurance may also be an option if you want to protect your expensive bicycles. Assuming the bike is worth more than the deductible, then yes. Some insurance policies will cover things like race fees and roadside assistance if your bike is stolen while you’re away from home.
What Does Insurance For Bicycles Include?
Bicyclists are well aware of the myriad of misfortunes that can befall them and their machines. The following coverages are included in bicycle insurance:
- Your bike will be repaired for any accidental damage.
- Even if you’re on the road and your bike is stolen, you’ll get a new one.
- If your bike is damaged and needs to be repaired, you can rent a replacement bike while it is being repaired.
- Assistance at the roadside.
- Coverage of racing.
- Access to a network of bike shops for repairs.
- Coverage for air freight.
- In-transit damage or theft.
- If you’re hit by a car or have an accident while riding your bike, the medical coverage provided by your bicycle insurance will cover any expenses not covered by your health insurance. So you don’t have to pay a penny out of your own pocket, it covers all of your insurance deductibles.
- If you are unable to work as a result of a bike accident, this insurance can help you make up for any lost wages.
- In the event that you are involved in an accident and injure someone else while riding your bicycle, you will have personal liability insurance. In the event of a collision with a pedestrian, you will be covered.
What is the Price of Bicycle Insurance?
For a bike worth several thousand dollars, Markel estimates that the average annual premium will be between $250 and $300. There are many variables that affect the cost of bicycle insurance, including the level of coverage, the cost of the bike, the deductibles, and other add-ons.
Why Pay for Bicycle Insurance?
As a serious cyclist, you may want to consider purchasing bicycle insurance to protect your investment in expensive bicycles. For about $300 a year, you can have your bikes and other gear insured against theft and damage.
The other option is to buy a good bike lock if you only ride your bike a few times a week and your bike isn’t that valuable. If you’re hit by a car, the other driver’s insurance should cover the cost of replacing your bike, unless the driver of the car doesn’t have auto insurance. Any injuries you suffer will be covered by your health insurance.