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A buyer's guide to the best bicycle and e-bike insurance
When people talk about specialty bicycle insurance, the first thought might be about high-end or custom-made bikes owned by enthusiasts and used for racing or other special events. Interestingly, these bike insurance policies also offer essential coverage for those with regular bikes, whether they're used for leisure rides or commuting to school or work.
The primary reason specialty bicycle insurance exists is that traditional policies don't provide adequate coverage for those who consider cycling an integral part of their lifestyle. There’s also a common misunderstanding that bikes and e-bikes are covered by home insurance policies. While homeowners or renters insurance may offer some coverage for personal property, including bicycles, these policies often have significant limitations and may not fully cover the replacement cost of a high-end bike. Many home insurance policies exclude e-bikes entirely and typically depreciate bike value, with deductibles as high as $2,500. Moreover, these policies often exclude most high-risk situations that regular riders would encounter. Filing a claim against a home insurance policy could lead to increased rates or even policy non-renewal.
One major advantage of specialty bicycle insurance is its tailored coverage for specific cycling risks. Cyclists often face unique challenges such as theft away from home, crashes, injury accidents, race-related incidents, damage during transportation, personal liability, or the need for international coverage. Specialty bike insurance can be customized to address these specific scenarios, offering comprehensive protection far beyond what other insurance policies might provide. This coverage is especially important for avid cyclists, those who participate in competitive events, frequently travel with their bikes, or own high-performance models.
Additionally, specialty bicycle insurance typically includes features not found in standard policies, such as coverage for spare gear, accessories, riding apparel, bike rental and event fee reimbursements. Cyclists often invest in expensive gear like GPS units, race wheels, or high-end apparel, which are usually not covered by other insurance policies. While some bicycle insurance policies provide this coverage automatically, others may require you to request it separately.
Similar to many other types of insurance, bicycle insurance is complex, and it’s crucial for consumers to understand the coverage they’re getting. Coverage and limits vary significantly between policies from different providers, and the price often doesn’t reflect the actual coverage offered. In this article, we’ll outline what you should look for in a bicycle insurance policy. Keep reading to become a more informed and discerning consumer.
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**Theft**
The biggest concern for all bike owners is theft, with FBI data showing approximately 190,000 bikes stolen annually in the U.S., averaging one theft every 2.5 minutes. However, data from Project 529 Garage suggests a much higher estimate of around 2 million bike thefts yearly in the U.S. and Canada combined, equating to a bike being stolen every 30 seconds. Recovery rates are disheartening, with less than 5% of stolen bikes returned to their owners. The alarming statistic that 80% of cyclists in the U.S. have had at least one bike stolen highlights the severity of the theft problem.
Of reported cases, 26% of bike thefts occur on the streets, while 54% happen at the owner's residence—whether inside the house or within the property itself, such as the front or back yard, garage, or shed. Other common locations include workplaces, schools, and public bike parking facilities.
Not all bicycle insurance policies cover theft equally. Some enforce geographical and time limits, such as not covering your bike after daylight hours or limiting how long your bike can be locked up outside, and which lock must be used. These limitations are rarely disclosed in advertising materials, so reading the policy language and asking the agent for clarification can help avoid unexpected surprises. Often, it takes a claim to discover how poorly some policies respond to theft.
Theft and physical damage coverage form the backbone of the bike insurance policy from Velosurance. The policy covers theft from home as well as theft when the bike is locked to a bike rack or other immovable object, during all hours and without time restrictions. There’s no requirement for a specific lock, but we recommend researching bike locks and picking one you can trust. All types of theft are also covered, such as crash theft, loss, or damage while in transit with an airline or shipping company, or while being transported by private carriers, either inside the vehicle or on a bicycle rack attached to the vehicle. The theft and damage coverage remains in effect no matter who is riding or transporting the insured bike with your permission.
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**Theft of Parts and Accessories**
Accessories, whether functional or aesthetic, make a bicycle uniquely yours: they enhance functionality, express style, and tailor the ride to your specific needs. While some accessories, like a bell, cost only a few dollars, others like bike computers and power meters often exceed $1,000.
While many bike insurance policies do not cover parts theft at all, others only cover them in case of a total loss, meaning your entire bicycle must be stolen. A policy from Velosurance covers parts and accessory loss to a bike independently of the bike itself. So, if just your wheels or a bike computer is stolen while your bicycle is locked up, they are covered, subject to your chosen policy deductible.
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