In the United States, when a bicycle is insured against theft, it means that the bicycle is covered under the personal property section of a standard homeowners or renters insurance policy or bicycle insurance. This means that if your bicycle is stolen and you file a claim, the Insurer will pay an amount equal to the declared value of the insured bike.
Please note that a bicycle theft insurance policy does so much more than just cover the value of your bicycle. It protects your cycling lifestyle and keeps you clipped in, no matter what. It is important to note that some bicycle theft insurance companies offer bicycle theft insurance policies that allow you to choose the value of your bicycle and decide how much you want your deductible to be.
There are some circumstances that a bicycle theft insurance company will not cover your bicycle and some of them are;
- If the theft of the bike occurs when the bike is not locked by the frame or app lock provided by the manufacturer (if applicable).
- If the bike was in a place accessible to the public and was not secured to a fixed point by the frame with an agreed lock and not locked following the manufacturer’s instructions, such as a frame lock or locking using an app (if applicable).
- If the bike was in a locked common room and was not secured to a fixed point by the frame with an agreed locked and not locked following the manufacturer’s instructions, such as a frame lock or locking using an app (if applicable).
- The wheels, tires, or batteries are stolen separately from the bike.
- Portable bike-related accessories (e.g., bike computers and/or navigation equipment), which are easily removable without using screwdrivers or other regular tools, are excluded from coverage in case of theft.
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How Much Does Bicycle Theft Insurance Cost?
Generally, bicycle insurance is not expensive when compared to the value you get. For example, the premiums for both Spoke insurance and Velosurance start at $100 a year and some bicycle insurance companies have low deductible options ranging from $200 – $500.
List of Companies That Offer Bicycle Theft Insurance
SPOKE Bicycle Insurance
SPOKE Bicycle Insurance is the first to market a stand-alone bicycle insurance program in the United States. Launched in February 2012, the program was developed with professional input from legal experts in the cycling field, bicycling industry consultants, representatives of national and regional cycling clubs and organizations, and bicycle enthusiasts.
SPOKE Insurance understood the risks facing the cycling public and its mission was to provide much-needed insurance coverage to this underrepresented community. SPOKE Bicycle Insurance was the first in the USA to identify and provide insurance coverage for E-bikes.
Often, traditional homeowners’ and renters’ policies do not cover E-bikes, leaving riders without protection for themselves and their bikes. E-bike manufacturers are rapidly improving technologies which have resulted in E-bikes being the fastest-growing category in the bicycle industry and Spoke Bicycle Insurance wants to help these riders get their bikes protected.
Simple Bike Insurance Company
Simple Bike Insurance offers bicycle theft insurance policies that let you choose the value of your bicycle and decide how much you want your deductible to be. It is affordable, it is easy, and it takes just a few seconds to get a free bicycle insurance quote.
One good thing about Simple Bike Insurance is that if you can’t wait until benefits are dispersed, the company will cover replacement bicycle rental costs in the meantime. They will also reimburse event fees if bicycle theft kept you from participating in a competitive ride.
Velosurance is yet another insurance company that offers insurance policies based on your chosen discipline and type of bike, with policies for road bikes, mountain bikes, urban bikes, electric bikes, sports bikes, and leisure bikes.
Standard cover includes accidental damage and theft, up to £2 million public liability, and new-for-old replacement. There’s also a multi-bike discount. Depending on your needs, you can add optional extras to your policy, including European and worldwide travel, sports and competition cover, personal accident and accessories cover, and replacement bike hire, among others.
Sundays Insurance is an insurance company that is custom-designed by cyclists for cyclists. Sundays Insurance currently covers cyclists in the United States, United Kingdom, and Australia, with more regions planned soon.
In the United States, Sundays Insurance is underwritten by U.S. Specialty Insurance Company (USSIC) (located at 13403 Northwest Freeway, Houston, Texas, 77040), through Tokio Marine HCC – Specialty Group (a member of the Tokio Marine HCC group of companies).
Since 2017, Sundays Insurance has been the exclusive global bicycle insurance partner for Strava, one of the world’s leading fitness tracking and social media apps. Through this partnership, they give Strava subscribers access to insurance benefits at no additional cost.
Markel Specialty Insurance
Markel Specialty understands that each cyclist has a different reason for riding. And no matter what your reason is, Markel Specialty Insurance provides customized insurance protection to fit your riding style. Bicycle physical damage insurance protection covers repairs or replacement of your bike if it is damaged or goes missing.
You pick the value limit of your bike, and they can cover things like vandalism, crash damage, or a collision with another rider. Deductibles range from $200 to $500. Markel Corporation is a Fortune 500 corporation. Coverage is underwritten by one or more insurance company subsidiaries of Markel and policyholder services are provided by the underwriting manager.
5. Cowboy Insurance
Cowboy Insurance is yet another insurance company that also offers bicycle theft insurance policy cover. If your bike is stolen, Cowboy will reimburse you. Cowboy bicycle insurance will also reimburse you for damage if it is the result of attempted theft.
Under Cowboy bicycle insurance cover, no depreciation is applied to the compensation calculation during the first 36 months (3 years) of the bike. As from the 37th month, a depreciation is applied.
Progressive Insurance offers personal property insurance that may cover your bike for its current value if it is stolen or vandalized, up to your coverage limit and minus your deductible. According to Project 529, over 2 million bicycles are stolen annually in North America, and that number is on the rise due to the growing popularity of cycling.
7. Bicy Insurance
Bicy Insurance is yet another insurance company that provides coverage for bicycles. Bicy insurance policy covers cyclists for accidental damage, theft, and personal injury, plus it comes with up to £ 1 million in public liability insurance and mechanical breakdown cover.
If you are in the habit of holidaying with your bike, then you’d benefit from worldwide cover for up to 60 days at a time, and Bicy offers new-for-old cover (meaning that they will pay out the original value of your bike when it was new, without taking any depreciation of value into account) – but unlike unlimited offer, it only applies if your bike is less than two years old.
Finally, Bicy has a legal team who are on hand 24 hours a day. If you are making a claim, they can offer specialist advice, and even take over the claim where appropriate.
Cycleplan is yet another insurance company that provides coverage for bicycles. Cycleplan is a subsidiary of Ripe Insurance (providers of specialist insurance cover), offering cover against accidental damage, vandalism, and theft, whether at home or away.
They also offer an additional policy for worldwide and European travel, which includes competitive cover. Other benefits include public liability insurance, personal accident cover, including medical expenses, physio or loss of income, and replacement bike hire.
You’re also covered for legal expenses, should you need to make a claim. Interestingly, Cycleplan currently has a 25 percent introductory discount, and they also offer a free downloadable cycling training guide.
Yellow Jersey is an insurance company that offers coverage for bicycles and the company offers three tiers of cover. One of its greatest benefits is the Zero Depreciation offer, which means you’ll always be compensated for the original value of the bike when new, regardless of how old it is.
Please note that for people who make use of bikes for commuting, urban riders, and casual cyclists, Essentials offers cover for accidental damage (at home and while out riding), vandalism and theft, personal injury, physiotherapy, dental, and public liability insurance.
On top of that, you will also get DNA security marking to deter thieves (a clear liquid with a unique chemical fingerprint that you dab onto your frame in strategic places), a family cover, and a multi-bike discount.
It is important to state that bicycle theft insurance can help you regain the cost of a new bike in the event your bike is stolen. Most insurers will go all out to replace your old bike with a new one. The bicycle insurance market is indeed a competitive market and this means coverage is better than ever, and there are a lot of policies to choose from, so make sure you shop around.