Presently, Progressive does not provide any valid details online about how much their bicycle insurance endorsement costs, what the available coverage limits are, or which deductibles you can choose from.
After extensive research, we discovered that Progressive’s bicycle insurance page doesn’t contain adequate information that a prospective customer would need, such as whether you get to select your own repair shop in the event of a covered claim, and if your bicycles are covered internationally.
Progressive is noted as one of the well-known insurance companies on the market. It boasts of superior financial strength, with an A+ rating from AM Best. Progressive is renowned as the only bicycle insurance company in the United States that underwrites its own policies.
Progressive remains one of the top auto insurers in the United States and it wrote over $35.8 billion in insurance premiums in 2021, according to the National Association of Insurance Commissioners (NAIC). Progressive has been around since 1937 and has continued to evolve with the times. Progressive insurance is noted as the first insurance that people could purchase on the internet in 1997.
The company also remains the first to introduce a usage-based insurance option in 2008. Have it in mind that Progressive doesn’t offer standalone bicycle insurance; rather they offer a bicycle insurance endorsement that can be inculcated into an existing home, renters, or condo insurance policy.
This simply entails that if you are already insured with Progressive, it’s more convenient to add this endorsement to your policy, and it might even be more affordable when compared to purchasing a standalone bicycle policy from a different company.
A bicycle insurance endorsement from Progressive tends to feature all the most vital coverage you will need. It includes collision insurance, medical payments coverage, theft and vandalism coverage, liability insurance, and property damage coverage.
Progressive’s customer service is also not that flamboyant. You will have to contend with minor irritations such as long phone wait times and a lot of back and forth before a claim is paid. If you choose to sign up for a homeowner’s insurance policy with Progressive to protect your bicycle, you will be at the mercy of the specific company that underwrites your policy.
Factors That Will Most Likely Influence the Cost of Your Progressive Bicycle Insurance Endorsement
Progressive doesn’t offer standalone bicycle policies, they offer bicycle insurance as an add-on or endorsement to its homeowners, renters, and condo policies.
Since Progressive’s rates can vary exponentially depending on your location and other details, it’s imperative to get a customized quote based on your personal details. Here are factors that will influence the cost of your bicycle endorsement with Progressive Specialty;
- Where you live and park your car: Truth be told, where you live and where you park your bicycle overnight may affect your bicycle insurance premium. Note that urban neighborhoods tend to have higher rates of accidents, theft, and vandalism than rural areas, which means premiums may be higher.
- Replacement cost: Most often, your bicycle endorsement rates will depend on the cost of replacing your bicycle. To establish replacement cost, Progressive will ask questions about your bicycle’s make, model, age, and design.
- Your age and gender: Also note that your age and gender may also impact your bicycle endorsement rates. Younger, less experienced drivers often pay more for bicycle insurance than older drivers.
- Credit score: Same as with lenders and credit card companies, insurance providers use your credit history to determine risk. If you have a low credit score (580 or below), you might pay more for your insurance than an individual with a higher credit score.
- Claims history: Progressive will also ask if you’ve filed a claim in the last few years. Individuals who have filed recent claims may be subject to higher endorsement rates. The reverse is also true, and applicants who haven’t filed any recent claims may be eligible for claims-free discounts and deductible credits.
- Security features: Anything you do to reduce the risk of having to file a claim could potentially earn you lower rates. Progressive offers discounts for installing safety and security features, such as deadbolts, a home security system, a fire alarm, or sprinklers in your homes. They will also offer discounts if you install safety equipment on their bicycles, such as anti-lock brakes, and an anti-theft device such as an electronic alarm or tracking system.
Is Progressive Good or Bad for Bicycle Insurance?
Progressive is good for bicycle insurance especially since bicycle insurance endorsement from Progressive tends to feature all the most vital coverage you will need such as collision insurance, medical payments coverage, theft and vandalism coverage, liability insurance, and property damage coverage.
Although Progressive doesn’t offer standalone bicycle policies, they offer bicycle insurance as an add-on or endorsement to its homeowners, renters, and condo policies. Aside from the convenience of inculcating a bike to the existing coverage, Progressive makes it easy to save money by bundling policies.
Also note that aside from customers bundling an auto policy with a home, condo, or renter’s policy, they can also build a custom bundle to earn a multi-policy discount. Progressive is genuinely one of the best options to consider if you intend to shop for a homeowners or renters policy and want to add supplemental coverage for your bicycle.
How Do You Apply for Progressive Bicycle Insurance?
Just as it was noted above, Progressive doesn’t offer standalone bicycle policies, they offer bicycle insurance as an add-on or endorsement to its homeowners, renters, and condo policies. If you’re a current or new Progressive customer, Progressive can help to ensure your bike:
- Current Progressive customers: Reach out to Progressive at 1-866-731-8075 and check if your home, renters, or condo policy can cover your bicycle.
- New Progressive customers: First obtain home insurance, renters insurance, or condo insurance quote online or reach out to Progressive at 1-866-731-8075.
What Services Do Progressive Offer Bicycle Owners?
Just as it was noted above, Progressive doesn’t offer standalone bicycle policies, rather they offer bicycle insurance as an add-on or endorsement to its homeowners, renters, and condo policies. However, a bicycle insurance endorsement from Progressive includes all the necessary coverage you will need.
It includes collision insurance, medical payments coverage, theft and vandalism coverage, liability insurance, and property damage coverage. Howbeit, note that it does not include some of the numerous perks that other providers have, like spare parts coverage and roadside assistance.
Conclusion
In order to purchase a policy with Progressive, you will need one or more of the following for verification purposes: driver’s license number, social security number, and vehicle identification number.
Although Progressive doesn’t offer standalone bicycle policies, they are good for bicycle insurance especially since bicycle insurance endorsement from Progressive tends to feature all the most vital coverage you will need such as collision insurance, medical payments coverage, theft, and vandalism coverage, liability insurance, and property damage coverage.