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Do I need bicycle insurance? If so, when should I get a policy?

Are you contemplating if bicycle insurance is worth it? Buying a stand-alone bicycle insurance policy is an important consideration. But before you decide, you’ll want to understand what is covered, what’s not covered, and when it makes sense to buy it. Let’s take a closer look at the protection it provides.  

Why you should consider bicycle insurance

Cycling is thrilling and can oftentimes be essential for transportation.  Although it’s not pleasant to think about, every time you ride, you are also at risk. The main reason to buy bicycle insurance is to protect you from paying large sums of money out of pocket should a mishap occur. In short, insurance takes the pressure off you and your pocketbook when you need it most.  

There are many different scenarios where bicycle insurance can help protect you, others, and your bicycle. This includes theft, damage to the bike or bike-related property damage, and injury to yourself or others.

Are bikes covered by home insurance?

Bicycles may be covered under your homeowners or renters insurance policy, but most policies offer limited coverage and only pay for repairs or replacement up to a coverage limit. Homeowners insurance policies typically have low coverage limits and high deductibles, which means if you need to replace your bike due to theft or an accident, you may incur the brunt of the replacement costs. In addition, if you submit a claim to your homeowners insurance, you may face an increase in premiums. 

Bicycle insurance is designed for cyclists 

A standalone bicycle insurance policy is designed specifically for cyclists and provides more robust coverage, such as crash damage, roadside assistance, bicycle liability, medical payments, protection during air and land transit, spare parts, and replacement-bike rentals. Plus, if you do happen to file a claim,  you may not face a rate increase with your homeowners or renters policy due to your bicycle claim.  

Two important coverages a standalone bicycle insurance policy provides that most homeowners policies don’t provide are the replacement cost of your bicycle at full value and personal liability. Personal liability is necessary coverage to have when others are injured due to an accident you caused. 

In addition, bicycle insurance will provide more extensive coverage for personal injury, including lost wages from the inability to work after an injury.  

Does bicycle insurance cover racing?

If you participate in bike races and cannot compete due to theft or damage to your bike, bicycle insurance may reimburse you for the race costs. In addition, bicycle insurance may cover your cycling apparel and accessories should they be ruined in an accident.  

Prepared and protected takes the edge off

The unexpected could happen any time and securing specialized insurance protection sooner rather than later can help give you peace of mind you need to get through a stressful event. One way to be prepared before something happens is to take photos of your bike, including your bike accessories and the serial number in case you have to make a claim and provide proof of the condition your bike was in prior to the damage. 

Now that you are aware of the important coverages that come with bicycle insurance, consider specialized bicycle insurance from Markel Specialty. Markel can provide coverage for your bike and the things that are important to you, like your spare parts, cycling apparel and accessories. (Plus, we can also offer competitive fee reimbursement if you are unable to race!) In addition, you can get roadside assistance. With this coverage, you'll have nationwide 24-hour emergency service with up to 35 miles of transportation per breakdown – all for only $12 a year per bicycle. 

Get a fast, free online quote today and get the protection and peace of mind you deserve. 

This content is provided for informational purposes only. Terms, conditions, and exclusions apply.  Coverage is underwritten by one or more insurance companies of Markel, including {Markel Insurance Company, and policyholder services are provided by the underwriting manager, Markel Service, Incorporated, national producer license # 27585, in California d/b/a Markel Insurance Services, license # 0645481.  Certain products and services are provided through various non-admitted insurance companies of Markel and are offered through licensed surplus lines brokers or through Markel West, Inc. dba Markel West Insurance Services, California license # 0D95581.  Terms and conditions for rate and coverage may vary by state and application. Insurance and coverage are subject to availability and qualifications and may not be available in all states.  Coverage descriptions listed are intended to be brief and do not replace actual policy language.  Nothing herein shall be construed as an offer to sell or a solicitation or offer to purchase any products or services.  Markel is a business division of Markel Service, Incorporated. Markel® is a registered trademark of Markel Group.