Serious cyclists who spend a lot of money on their bikes and want to be covered should get bicycle insurance.
When you think of insurance, bicycle insurance might not be the first thing that comes to mind. But a lot of cyclists spend thousands of dollars on gear and are constantly putting themselves in danger by sharing the road with cars. Some commuters use their bikes as their main way to get around.
If you’ve put a lot of money into your bike and its parts, insurance might be a good idea. We put together all the information you need to know about what bike insurance covers and if it’s worth it.
What is insurance for a bike?
Bikers used to rely on their home insurance to cover the value of their bikes as part of their personal property insurance. But this method hasn’t worked for many people who have had to spend thousands of dollars on equipment and whose insurance policy couldn’t cover the full cost of replacing it if it was stolen or damaged.
Because of this, some companies have started selling bicycle insurance instead of home insurance in the past few years. This means that cyclists with expensive gear can get better coverage.
How much does insurance for a bike cost?
Costs depend on where you live, which company you choose, and which plan you choose. But you don’t have to pay a lot for bike insurance. Prices range from $100 to $300 a year on average.
Choices for bike insurance coverage
Why would you pay an extra insurance fee when your home insurance already covers some of the same things? Well, bicycle insurance goes above and beyond, and it has a lot more features than your personal property insurance.
Physical Damage: Your bike’s value will be covered in case of an accident, fire, theft, theft attempt, vandalism, or hitting something else.
Rental Reimbursement: If your bike can’t be used after an accident and you need to rent another one until you get yours back, your insurance will pay for the rental. This is a useful feature for people who ride their bikes to get around and for people who train for races.
Competitive Fee Reimbursement: Say you signed up for a competition and paid a fee to secure your spot. But if you have an accident, you can’t compete anymore. Well, you don’t have to worry because your bike insurance may also pay for your registration fee.
Spare Parts: If you like to be safe, you might have some spare parts around in case you need them. Your insurance can also cover these things if they get broken or go missing.
Clothes for cycling: Clothes for cycling can be expensive. So, if an accident damages your best outfit, your policy can also help pay for some of the loss.
Cycling Liability Insurance: One thing to remember is that if you get into an accident while biking, you can hurt not only yourself but also other people and their property. You can ride without worrying about these costs because your bike insurance will cover them.
Medical Payments: If you get hurt, you’re probably covered by your health insurance, but your bike insurance can give you more protection in this area.
Roadside Assistance: If your bike breaks down in the middle of nowhere and you can’t get back, your insurance might cover roadside assistance to get you and your bike to where you need to go.
Should you buy a policy for your bike?
If you ride your bike a lot, you may be putting yourself in danger that your health or home insurance won’t cover. Buying a bike takes some money, and it’s always a good idea to protect that money when you can.
It might not be worth it if you only ride your bike occasionally or if it’s cheap, but if you ride your bike often, it’s a must-have.
Does a bike need insurance?
No, you don’t need bike insurance. It’s not a legal requirement. But don’t let that stop you from getting it.
Why does bike insurance cost so much?
Insurance rates for bicycles can be high and for a good reason. Honestly, you’re much more likely to crash on a bike than in a car.
Also, bikes are much easier to break. After a crash, it can cost a lot to fix a $3,750 bike. And if you’re covered for bike theft, your premiums will be higher because bikes are one of the most common things to steal.