Traditionally, most bicyclists depend on their homeowners’ or renters’ insurance to protect their bicycles. However, this approach has proven inadequate for many who have invested handsomely in equipment. Owing to that, a good number of companies have dedicated themselves to offering standalone bicycle insurance.
Truth be told, if you ever need to file a claim, you may be perplexed to find that your current policy is littered with exclusions and restrictions that limit what you can get as replacement costs for your damaged or stolen bike. While it may be true that homeowners’ insurance personal property coverage could offer support for bicycle theft, some of these policies may have low coverage limits for certain expensive sporting goods equipment.
Also, note that a low coverage limit coupled with a high deductible entails that bicycle owners may have to bear a good part of the cost to replace their bikes. And that is the most notable reason why having a standalone bicycle insurance policy can provide better coverage for your bicycle.
Types of Bicycle Insurance Coverage
Have in mind that bicycle insurance goes the extra mile to safeguard your bicycle and other related accessories. It also offers a lot more features than your personal property insurance. The various bicycle insurance coverage to pick from include;
Physical Damage
The coverage caters to the cost of repairing or replacing your bike if it is damaged or stolen. This ensures that the value of your bike will be covered in case of a collision, fire, theft, attempted theft, vandalism, or hitting another object. Deductibles range from $200 to $500. At no extra cost, this coverage may also include:
- Protection for spare parts and accessories: Up to $500 in coverage for spare parts and $500 for riding apparel per claim ($1,000 total per policy term).
- Replacement cost coverage: Your bike is insured at full value.
- Theft protection: In or away from home.
- Transit protection: Safeguards your bike while it’s in transit (by land/air) to and from a location within the United States and Canada.
Rental Reimbursement
If, after an accident, your bicycle is no longer available for use, and you choose to rent another bike before you can get yours back, have it in mind that this coverage is meant to see to the costs of the rental bike. This is indeed one of the most important components to include in your bicycle insurance policy especially if you train for competitions.
Competitive Fee Reimbursement
If for instance you registered for a competition and paid a fee to secure your spot, but after an accident, you are no longer able to compete. This coverage in your bike insurance is meant to reimburse you for your inscription fee. It is meant to cover non-refundable prepaid entry fees up to $500 ($1,000 total per policy term) if your bike is involved in a covered accident, and you fail to compete or participate.
Bicycle Liability Insurance
This coverage guarantees protection if you are responsible for injuries or property damage to another person or their belongings while using your bicycle. According to reports, limits range from $25,000 to $300,000. It ensures that you can ride with ease knowing that your bicycle insurance will cover these costs.
Medical Payments
Although your medical insurance will most often have you protected when it has to do with personal injuries, your bicycle insurance can also offer more extensive coverage in this area. It will cover your medical costs if you are injured while riding. Limits range from $1,000 to $10,000.
Roadside Assistance
If your bike breaks down or develops faults in the middle of nowhere and you have no means of turning back, your insurance might provide some roadside assistance to transfer you and your bike to where you intend to go. With this coverage, you can obtain nationwide 24-hour emergency service with up to 35 miles of transportation per breakdown.
Best Bicycle Insurance Companies and How Much They Cost
Cycling has grown exponentially over the past few years, and while this is great news, on the whole, it has also increased the number of bikes out there to be stolen. While there are steps you can take to prevent accidents and theft, have in mind that the best bike insurance keeps you covered when you need it most. If you are looking to purchase standalone bicycle insurance in the United States, here are top companies to consider;
Progressive – $75/year
This is indeed one of the best companies for bicycle insurance in the United States. They are one of those insurance companies that offer a bicycle insurance endorsement that can be inculcated into an existing home, renters, or condo insurance policy.
If you are already working with Progressive, it is more convenient to add this endorsement to your policy, and it might be cheaper than purchasing a standalone bicycle policy from a different company. With this company, you get all the vital coverage you need when riding your bicycle.
Cost
With Progressive, you can get insurance on your sports bike for as low as $75/year. However, this will mostly depend on the type of bike you have and the amount of coverage you want, and your rate may vary.
Simple Bike Insurance – $200 to $500
Another top choice to consider, this insurance company offers an encouraging discount if you add multiple bikes to the same policy, and you can get the discount for insuring a combination of bikes, like E-bikes, road bikes, mountain bikes, and cruisers.
The bicycle Insurance policies offered by this company guarantee that riders have adequate coverage. You can obtain collision coverage (up to $10,000), liability insurance (up to $25,000), medical payments (up to $1,000), worldwide physical damage protection, roadside assistance coverage, spare parts coverage (up to $1,000), competition fee reimbursement, and rental bike replacement, among others.
Cost
Policies from Simple Bike Insurance start at just $100 per year, and you can choose a deductible anywhere from $200 to $500.
McClain Insurance – $250 per year
This Insurance Company offers high-coverage-limit bicycle insurance policies, which are very suitable for bicycles who want peace of mind and financial protection in the event of a bicycle-related accident. Have in mind that they offer some of the highest coverage limits in the United States.
You can get liability insurance and underinsured motorist insurance coverage up to $500,000. Standard bicycle insurance policies include property damage coverage and medical payments coverage, but the policy limits available aren’t specified online.
Cost
According to the website, bicycle policies begin at $250 per year.
Velosurance – $737 Yearly
This company is renowned as one of the best bicycle insurance providers in the United States owing to its comprehensive coverage, numerous policy options, and mind-blowing features. Their standard policy tends to inculcate coverage for theft, crash and accident damage, damage during transit, roadside assistance, medical payments, and much more.
With this company, your bicycle is protected and covered anywhere in the world, and the company can increase your coverage limit during your travels for a small fee. Also, you can obtain liability coverage with limits of $25,000, $50,000, or $100,000 per occurrence.
Cost
- Monthly: $57
- Yearly: $737
Spoke Insurance – $100 per year
This is another very serious bicycle insurance company in the United States. According to reports, premiums begin at $100 per year, and this makes them one of the most affordable providers in the United States.
Their standard policies include collision insurance, theft insurance, coverage for spare parts (up to $1,000), bike replacement cost coverage, medical payments coverage (between $1,000 and $10,000), liability coverage (between $25,000 and $100,000), bike rental reimbursement, and transit protection.
Also note that you can add emergency roadside assistance with up to 35 miles of towing for $12 extra per year, and if your bike needs repairs, you can select any shop you want.
Cost
Spoke Insurance offers reliable bicycle insurance that starts at just $100 per year.
Conclusion
Standalone bicycle insurance policies are known to offer numerous benefits that you won’t get with homeowners or renter’s insurance. For instance, a good number of them will offer discounts for multiple bikes, while others may include travel cover.
Also note that you can insure accessories such as helmets, locks, and lights, which are very important if they get damaged or stolen. While some insurers offer a single blanket policy designed to align with the needs of most cyclists, others offer tailored insurance policies for the individual.