Your homeowners insurance will cover certain problems related to bicycles, such as theft or vandalism. But if you don’t own a home, you can find coverage elsewhere, like renters insurance, condo insurance, or even a separate bike insurance policy. pedal while we examine the many spokes of bike insurance.
How are bicycles insured?
Bicycles are typically insured under the personal property section of a homeowners insurance, condo insurance, or renters insurance policy.
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Here’s a look at how different types of bike problems are covered.
theft and vandalism
If your bike is stolen or vandalized, you are covered by your home, renters or condo insurance policy. The amount of the claim depends on whether you chose replacement cost or actual cash value (ACV) coverage. the replacement cost will pay for a new bike of a similar model. acv pays only the depreciated value of your bike.
an insurance deductible will apply in cases of theft or vandalism. The deductible is the amount that is deducted from an insurance claim check. For example, if your bike is worth $1,000 and has a $500 deductible, you will receive a $500 claim check ($1,000 – $500 = $500).
If your bike is damaged, coverage for your home, condo insurance, or renters insurance depends on the situation. here’s a look at how some scenarios can be covered:
- Your bike is damaged in a car accident while you are transporting it. Your home, condo or renters insurance policy will cover you, up to your policy limits and your deductible will apply.
- another driver crashes into your bike. If another driver crashes into your bike, he can file a claim against their liability insurance.
- Your bike is destroyed in a house fire. The fire is an issue covered by your home, renters, and condo insurance. the cost of replacing your bike will be covered, up to your policy limits, and your deductible will apply.
- You crash your bike. If you hit an object like a tree or a car, you typically won’t be covered by a home, condo, or renters insurance policy for bike damage.
- A driver hits you. Your medical expenses may be covered by your driver’s liability insurance. If the driver is uninsured, his health insurance may cover his medical bills. You may also be covered under the personal injury protection (PIP) portion of your auto insurance policy, depending on your state.
- hit an object. if you hit an object like a tree or a car, your health insurance will cover your medical expenses.
- You spent a lot of money on your bike. a regular bike can cost between $200 and $700, while a specialty bike can cost more than $1,000.
- frequently rides off-road, which can put your bike at greater risk.
- you compete in cycling events.
- you own a bicycle that has been specially designed, improved, or modified.
- does not have homeowners or renters insurance.
If you are injured in a bicycle accident, you may be covered, depending on the scenario:
If you accidentally hit someone and injure them, their medical expenses may be covered by the liability portion of your home, condo, or renters insurance policy.
damage to third party property
If you crash into someone else’s property and cause damage, such as denting a car, the liability portion of your home, condo, or renters insurance may cover the property damage.
When do I need separate bike insurance?
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The Insurance Information Institute suggests that if you own an expensive bike, you should ask about a supplement to homeowners or renters insurance, known as an endorsement, that allows you to schedule personal ownership. this increases your coverage. You can also explore a separate bike insurance policy.
Bicycle insurance policies generally provide broader and deeper coverage than homeowners or renters insurance policies. For example, Markel says that one of its bike insurance policies covers things like collision damage, roadside assistance, parts, and replacement bike rentals, while typical homeowners or renters insurance does not.
Trusted Choice, a network of independent insurance agents, says you should shop around for independent bike insurance if:
how much does bike insurance cost?
You can find a separate bike insurance policy for around $100 to $300 a year.
markel and another bike insurer, veloinsurance, say their annual premiums start at $100. the average markel bike insurance policy costs between $250 and $300 a year.
Should you file a claim if your bike is stolen or damaged?
If your bike claim is less than or only slightly more than your insurance deductible, you may not want to file a claim. For example, if your bike was worth $600 before it was destroyed but your homeowners policy has a $500 deductible, it doesn’t make financial sense to file an insurance claim. a claim will likely increase your home insurance premium and you’ll only get $100 from your insurance company.
how to find the best bike insurance for you
To find the best bike insurance, a good place to start is with a policy you already have. Your home, renters, or condo insurance policy covers your bike for certain issues, like theft and vandalism, up to your policy limit.
If you own an expensive bike or your home, renters or condo insurance policy isn’t enough for your needs, consider a stand-alone bike insurance policy. These types of policies usually have broader coverage.
Before you buy a separate policy, compare coverage options and get quotes to find the best bike insurance policy.
here are some companies that sell bike insurance.
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markel bike insurance will pay the full value of your bike if it’s stolen or damaged due to a problem covered by the policy. The company also sells types of coverage such as replacement bike rentals, event fee reimbursement, racing coverage, electric bike coverage, and collision damage coverage. You can also get medical payments coverage if you’re hurt while driving, with limits ranging from $1,000 to $10,000.
markel offers liability coverage in amounts ranging from $25,000 to $300,000.
simple bicycle insurance
Simple bicycle insurance covers your bicycle for its full value if it is stolen or damaged due to a problem covered by the policy. You can purchase types of coverage such as parts coverage, racing coverage, and replacement bike rentals. You can get medical payments coverage up to $10,000.
simple bike offers liability coverage up to $100,000.
spoke bike insurance sells coverage for different types of bikes, including mountain bikes, electric bikes, triathlons, commuter bikes, and road bikes. You can purchase types of coverage like parts and accessories, theft protection, and replacement cost coverage that pays the full value of your bike if it’s stolen or damaged due to a problem covered by your policy. You can also purchase medical payments coverage in amounts from $1,000 to $10,000.
spoke offers liability coverage in amounts ranging from $25,000 to $100,000.
sundays bike insurance is for road bikes, mountain bikes and e-bikes, up to $21,500 for each bike in your collection. You can purchase types of coverage such as accidental damage, racing and event coverage, and coverage for custom parts. You can also get coverage for up to $1,000 for emergency medical expenses.
sundays does not offer liability coverage.
Velosurance bicycle insurance will pay the full value of your bicycle if it is stolen or damaged due to a problem covered by the policy. The company sells additional types of coverage, such as coverage for collisions and accidental damage, damage or loss in transit, and coverage for electric bicycles. You can get health coverage to pay your personal health insurance deductible.
velosurance offers liability coverage in amounts of $25,000, $50,000 or $100,000 per occurrence.
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