Markel Insurance Company offers non-standard individual and commercial policies such as bicycle, boat, and ATV coverage. Their bicycle insurance will cover the full value of your bicycle if it gets stolen or damaged as a result of a problem covered within the policy.

The company also provides coverage types such as replacement bicycle rental, event fee reimbursement, racing coverage, electric bicycle coverage, and crash damage coverage. You can also obtain medical payments coverage if you are hurt while riding, with limits ranging from $1,000 to $10,000.

Although it may be true that a homeowner’s policy could provide support for bicycle theft, a good number of these policies are known to have low coverage limits for things such as sporting goods equipment. Note that a low coverage limit combined with a high deductible simply entails that bicycle owners may have to contend with paying a bigger percentage of the cost to replace their bicycles.

However, a separate bicycle insurance policy can guarantee that regardless of how high the value of a bike is, it’s covered in times of crisis. And Markel bicycle insurance offers policy deductibles as low as $100. Markel Specialty’s official website is renowned for its convenience as it makes it easy to find the insurance options you are looking for in a policy.

Online bill pay is available, coupled with 24/7 claims reporting via phone, fax, email, or online, which are great, modern customer service features. However, while Markel Specialty is not the worst in terms of user-friendliness, they would do well to update their website in a number of areas.

Markel has been Better Business Bureau (BBB) accredited since 2001, and they are one of the few Insurance companies with an A+ rating currently. There are eight complaints on file all within the past three years. Most of these reviews on the BBB page cite issues with poor customer claims handling and policy non-renewal.

For a company as big as Markel, this is a low complaint volume. Markel Corporation also has 19 reviews on Yelp, with an overall two-star rating. Also note that there have been numerous positive reviews all outlining an excellent claims experience, and others citing the opposite.

How Much Does Markel Bicycle Insurance Cost?

Like most specialty insurance companies, Markel Insurance quotes are not available online. Markel’s average policies are known to cost around $250 and $300 per year, which is a small price when compared to those who have bicycles worth thousands of dollars.

Also note that USA Cycling, USA Triathlon, and International Mountain Bicycling Association members can benefit from an additional 10% discount on their annual premium. Nevertheless, the exact cost for your Markel bicycle insurance will depend on the following;

  • Value: Have it in mind that the value of the bicycle is the primary determinant when considering how much your Markel bicycle insurance will cost. Aside from the cost of purchase, you should not forget to include the value of any additional equipment or features you’ve added on, including tools, speedometers, and panniers. Always remember to keep all receipts to ensure you have the proper documentation, if it is ever needed for a claim.
  • Type of bicycle: Also note that the type of bicycle you have will massively influence the amount of coverage you need and the final cost of the quote. This factor coupled with how you use the bicycle will determine your risks. According to experts, a stunt bicycle is seen as a bigger risk than a regular bicycle, and will definitely cost more to cover.
  • Your use of the bicycle: You will most often be expected to let your agent know how and where you ride. A bicycle used for commuting to work won’t cost as much to insure as a bicycle used on mountain trails. In addition, if you use your bicycle daily, you may want to consider getting higher coverage than if you only use it only during weekends.
  • Depreciation: Just as with every other thing, the value of your bicycle depreciates over time. Even if it is your fiat time riding your brand-new, $11,000 SL4 Di2 out on the road, its value has already depreciated.

Ideally, insurers will pay actual cash value (the cost of a new bicycle minus the depreciation); therefore, it is necessary to take into consideration replacement cost coverage for a high-end bicycle. As long as you have coverage for the replacement value, you will be able to replace your bicycle with a bicycle of similar quality after a loss.

  • Limits and deductibles: Not just for Markel bicycle insurance, note that paying higher deductibles for any insurance policy lowers your premium. Meanwhile, a high deductible increases your out-of-pocket costs in the event of a loss. Selecting a higher limit entails a higher premium, but better coverage if your bicycle is stolen or destroyed.

What Services Does Markel Offer Bicycle Owners?

Markel bicycle insurance includes coverage for spare parts and apparel, provides protection while racing, and much more. Have it in mind that Markel bicycle insurance is always customizable and will most often evaluate how expensive replacing your beloved bicycle can be.

In addition, bicycle insurance from Markel Insurance can offer 24-hour roadside assistance (including emergency transportation) for only $12/year, and this entails that a broken chain or blowing your last tube won’t be the end of your next great adventure. Markel Specialty also offers a wide array of discounts for bicycle owners to take advantage of and they include:

  • Safe driver discount: This discount is only for safe drivers who have not had more than one minor violation in the last three years.
  • Safety course discount: This discount is mainly for customers that complete an approved class to learn how to ride a bicycle.
  • Accident forgiveness program: This discount is primarily meant for any customer who has an accident after four consecutive years of being accident-free. Markel will waive the at-fault surcharge for a first at-fault loss.
  • Anti-lock brakes discount: This discount is meant for customers that have installed safety equipment on their bicycles, such as anti-lock brakes.
  • Anti-theft alarm discount: This discount is meant for customers that have inculcated an anti-theft device to their bicycles, such as an electronic alarm or tracking system.
  • Multi-unit discount: This discount is meant for customers that own more than one bicycle.
  • Renewal discount: This discount is meant for customers that renew their insurance policy with Markel Specialty.
  • Transfer discount: This discount gives room for customers to receive a 10% discount for switching to Markel Specialty from another insurance provider.
  • Diminishing deductible: This discount is meant for customers that have been accident-free for a specified number of years. Markel Specialty will reward customers by reducing their deductible by 25% for each consecutive accident-free year, all the way to a $0 deductible after the fourth year.


Markel’s bicycle insurance offers protection against liability, damage, or loss—on anything from a racing bicycle to a classic cruiser.

Have it in mind that their insurance plans apply to the insured bicycle in all 50 states (and while riding in Canada) and even covers your bicycle during air/land transit (perfect for the next cycle tour). Owing to that, professional, aspiring, or casual cyclists can go on to enjoy their rides knowing that they are adequately covered.