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Compare bicycle insurance

You may already have coverage for a stolen or damaged bike through home or renters insurance.

Do I need bicycle insurance?

It depends on how much your bike is worth and whether or not you’re insured through a home or auto insurance policy.

Home insurance and car insurance can come with some protection for cyclists, which means that a separate bike insurance policy isn’t necessary for most casual cyclists. However, you might consider separate coverage if you own an expensive or collector’s bicycle.

How does renters insurance cover bicycles?

A renters insurance policy covers your bike under your personal property coverage, although you’ll want to watch out for coverage limits for bikes like $1,000. This coverage helps with several damage situations:

  • Theft, such as someone breaking your lock and stealing the bicycle from a bike rack
  • Physical damage, like if your bicycle gets damaged in a house fire or storm
  • Damage you cause while riding your bike, such as if you accidentally injure someone

You can add additional bike coverage through what’s called a scheduled personal property endorsement. You may need to list or provide proof for your bicycle’s value to get this protection.

What does my car insurance policy cover?

If you have medical payments or personal injury protection as part of your car insurance policy, it can also help to pay for your injuries and medical bills if you’re hit by a car while cycling. But keep in mind that these are often optional coverage types, so check your policy to find out exactly how you’re covered.

What does my home insurance policy cover?

If you have home insurance, you may already have coverage for your bicycle. Home insurance policies will cover your bike if it’s stolen or damaged in specific situations, like if it falls off your car’s bike rack. But check your policy for any limits that may apply.

If you want more extensive coverage that can repair your bike if it’s damaged after an accident, like if you run into a tree or hit a curb, you can add your bicycle as a scheduled valuable item. This covers the full value of your bike if it’s damaged or lost, and offers more protection for expensive bikes.

How can I save on my bicycle insurance?

To get the best deal when insuring your bike:

  • Consider your coverage needs. Decide whether you want to stick with basic home insurance, add your bike to your home insurance policy as a scheduled item or purchase a separate bike insurance policy. Think about how often you use your bike, where you ride, how much your bike is worth and whether it’s likely you’ll make use of all the add-ons offered by specialized insurers.
  • Compare and contrast quotes. If you’ve already got home insurance, contact your provider to get a quote for adding additional coverage for your bike to your existing policy. Then compare the extra cost with bicycle insurance quotes from specialized providers.
  • Check for discounts. Check with your top insurers to find out if you’re eligible for any discounts that might help lower the price even more.

How to compare bicycle insurance

Before you buy bicycle insurance, ask yourself:

  • Do you really need it? If your bike only cost a couple hundred dollars, you may end up paying more for your policy than you did for the bike in the first place.
  • Do you have home or renters insurance already? If you do, contact your insurer to find out what coverage you already have.
  • Do you cycle competitively? Find out how it’ll impact your coverage if your bike is damaged in a race.
  • Deductible. Check how much the deductible is — and make sure you can afford to pay it if your bike is damaged.
  • Replacement value. If your bike is a total loss, will you get your bike’s replacement value or its actual cash value? While the former will pay out enough for you to buy a new, comparable bike, the latter will only pay you what your bike would be worth if you sold it on the market today, factoring in age and depreciation.

When is specialized bike insurance a good idea?

If you don’t have enough coverage under home, renters or auto insurance, you can cover your bike with a specialized insurance company like Velosurance or Trov.

You may also want to consider a specialized compnay if you ride competitively. These companies can offer coverage for spare parts, expensive race clothes and race-worthy rental bikes so you don’t have to miss an important event. And if you do miss a race, you can be reimbursed for your entry fee.

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What can insurance protect against?

Insuring your bike through your home insurer or a specialized bike insurer can provide coverage for:

  • Theft. Both home insurance and bike insurance can reimburse you if your bike is stolen.
  • Damage. If you hit a rock on a downhill trail or take a turn too fast, your insurer can cover the cost of repairing or replacing your bike.
  • Loss of equipment. A good bike insurance policy will not only cover your bicycle, but your equipment too. And let’s face it, some of the gadgets and gear you’ve got for cycling won’t be cheap to replace. So, consider everything that could be damaged during an unforeseen accident, from GPS and traffic cams to clothing and footwear, and check with your insurer to find out exactly how you’re covered.

Bottom line

If you have an expensive bike, adding extra insurance can help protect your investment. While specialized bike insurance is available for competitive racers, most casual cyclists can save money by adding extra coverage to their home insurance policy. And if you don’t have home insurance yet, compare insurers to find one that’s the right fit.

Frequently asked questions about bicycle insurance

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