There are all sorts of bad things that can happen to you while you’re riding your bike. And of course, someone could steal your bike. But is bicycle insurance necessary? Don’t homeowners and renters insurance cover your bike if it’s stolen? Well, yes…up to a point. Homeowners and insurance insurance will cover your bike under the personal property section, but there are reasons you might want to look into specialty insurance for your bike beyond your homeowners or renters policy.
Below are the best 5 bicycle insurance companies we recommend.
- Velosurance: Best for Most Cyclists
- Simple Bike Insurance: Best for Flexible Policies
- Markel: Best for Racers
- Sundays Insurance: Best for Bike Association Discounts
- Spoke: Best for E-bikes
Velosurance: Best Bicycle Insurance for Most Cyclists
Velosurance was started by two cyclists to provide insurance to their fellow cyclists nationwide. Velosurance provides a multi-risk policy so that your bikes are covered in case of accidental damage or if they’re stolen. You can also get additional coverage like liability protection, roadside assistance and medical gag coverage. Everyone who works at Velosurance is a cyclist, so they understand your needs.
This quote was based on general insurance for a rider in Arizona looking for coverage on a $5,000 bike. Their policies are underwritten by Markel insurance, a AM Best Rated A specialty insurance company.
Simple Bike Insurance: Best Bicycle Insurance for Flexible Policies
Getting a quote from Simple Bike Insurance didn’t turn out to be so simple, since you need to find your bike’s serial number to obtain a quote. It also wants to know the brand of your bike, what material it’s constructed from (aluminum, carbon, titanium) and what year it was made.
However, Simple Bike Insurance has a variety of bike insurance policies, so one is sure to fit your needs. They offer flexible deductibles, and you choose from whatever options you want to add to your policy. Policies start as low as $100, with deductibles from $200 to $500.
Markel: Best Bicycle Insurance for Racers
Markel underwrites several of these bicycle insurance companies, so you could just cut out the middleman and go directly through them.
This quote is for someone living in New Jersey looking for coverage for a $5,000 bike.
To obtain a quote, you’ll have to answer some questions about your bike and yourself, but you won’t have to go looking for your bike’s serial number (although to get bicycle insurance, you will need that information).
Markel has good customer reviews, and they offer special add-ons for people who race bikes, such as vandalism coverage and lost race fees. They’ll also cover your bike while it’s in transit.
Sundays Insurance: Best Bicycle Insurance for Bike Association Discounts
Sundays Bicycle Insurance lets you insure your bike for the full replacement cost, even if you’re the one who damages it (intentional damage is not covered). You can put as many bikes as you want onto your policy, and you can select your own deductible. Members of USA Triathlon, USA Cycling, or International Mountain Biking Association get a 10% discount.
They do ask for your bike’s serial number, so we were unable to obtain a quote from them.
Spoke: Best Bicycle Insurance for E-bikes
Spoke offers policies for mountain bikes, road bikes, triathlon bikes and Electric bikes—whatever kind of bike you have, Spoke can cover it.
They were the first insurance company to offer coverage for E-bikes, and can cover three different classes of E-bikes: Pedal assisted (with a top speed of 20 mph), Throttle assist (with a top assisted speed of 20 mph) and Pedal assisted with a top speed of 28 mph.
Markel underwrites these policies as well, so quotes are likely to be very similar. Actually, when we requested a quote from Spoke, they just brought us back to Markel’s quote page.
Why May You Need Bicycle Insurance?
Bicycling is a great sport, with some participants approaching the level of fanaticism. While the average road bike costs between $500 and $1,000, serious cyclists can ride bicycles that cost more than the average car. And of course, you can’t just have one bike. Your homeowners insurance probably won’t pick up the tab for your $10,000 bike.
There are other reasons why you might consider specialty insurance for your bike.
- You’re a mountain biker (which causes more damage to both bikes and humans than road biking)
- You participate in bike races
- You don’t have homeowners or renter’s insurance
- You don’t have health insurance
- You have more than one bike (a road bike, a mountain bike, a commuter bike, etc)
You could also consider adding a rider to your homeowners insurance to cover your expensive bikes. If your bike is worth more than your deductible, you probably should. However, bicycle insurance can cover things like lost race fees, roadside assistance and full coverage if your bike is stolen while you’re traveling.
What does Bicycle Insurance Cover?
If you’re a cyclist, you know there are all sorts of ill-fated things that happen to you or your bike. Bicycle insurance provides the following coverages:
- any accidental damages caused to your bike
- replacement of your bike if it’s stolen, even if you’re traveling
- replacement bike rental when your bike is damaged and being repaired in a shop
- roadside assistance
- racing coverage
- access to bike shop partner network for repair
- airline shipping coverage
- damage or loss in transit
- bicycle insurance also has add-ons such as medical coverage that will cover anything your health insurance won’t cover if you’re hit by a car or have an accident while riding your bike. It covers your health insurance deductibles, so you don’t have to pay anything out of pocket
- it can also cover things like lost wages if a bike accident causes you to miss work
Bicycle insurance will also provide personal liability insurance, just in case you’re in an accident and you injure someone else while on your bike. So, if you crash into a pedestrian, you’ll be covered.
How Much does Bicycle Insurance Cost?
Markel says the average policy costs between $250 and $300 a year, which is not that expensive if your bike is worth thousands of dollars. Of course, the cost of bicycle insurance depends on several factors such as levels of coverage, the cost of the bike, deductibles, add-ons, etc.
Is Bicycle Insurance Worth It?
If you’re a serious cyclist with a fleet of expensive bikes in your garage, then bicycle insurance is probably worth it. For about $300 a year, you’ll protect your bikes from theft and damage, and you’ll also be able to cover your gear.
On the other hand, if you just enjoy riding around the park every so often and your bike is not very expensive, you might be better off to invest in a good bike lock. Any injuries you sustain will be covered by your health insurance, and if you get hit by a car, the other drivers’ insurance should cover the cost of replacing your bike, unless the car driver doesn’t have auto insurance.