Do You Need Bike Insurance, or Are You Already Covered?

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While a homeowners or a renters insurance policy provides some coverage for your bike, bicycle insurance offers more comprehensive coverage. For example, with bicycle insurance, you would be reimbursed if your bicycle's frame snaps as a result of a crash, which isn't the case with a homeowners or renters insurance policy. However, we only recommend purchasing bike insurance if your bicycle is worth more than $2,000. For most people, the coverage for their bike on their homeowners or renters insurance policy will suffice.

What Does Bicycle Insurance Cover?

When it comes to bike insurance, coverage features aren't as standard across companies as they are with other forms of insurance, like homeowners or renters. However, you should expect your bike insurance policy to offer coverage for the following:

  • Bicycle theft
  • Crash damage
  • Damage from accidents
  • Damage or loss in transit
  • Liability coverage

Stand-alone bicycle insurance provides more comprehensive coverage for your bike than that offered by a homeowners or a renters insurance policy. A typical homeowners or renters insurance policy only pays for replacement or repairs to your bike up to a coverage limit. Bike insurance covers the cost to replace your bike at the current market cost with no deduction for depreciation—even if it's damaged in a crash that was your fault.

Below, we highlight some of the most notable features from some of the best bicycle insurance companies:

Velosurance: When purchasing bike insurance from Velosurance, prospective policyholders have the option to add roadside assistance at an additional cost. The service is available 24 hours a day and provides transportation for you and your bike for up to 35 miles per breakdown. Another one of Velosurance's great coverage options is the ability to add medical payments. The endorsement covers your medical bills if you get hurt while riding your insured bicycle, up to your coverage limit. This coverage supplements your existing health insurance; it doesn't serve as a substitute. Regardless, it's a great option to have.

Markel Bicycle Insurance: Markel bicycle insurance policies provide rental reimbursement at no additional cost. The coverage reimburses you for the cost of renting a substitute bicycle in the event that yours is damaged and is in the process of being repaired. Whether you're a competitive cyclist or using your bike to commute, this is a great perk to have.

Generally, most insurers function as online bike insurance companies, meaning that you'll have to purchase coverage on their sites. Filing an insurance claim for a bike accident works in the same manner that filing a claim for any other type of insurance functions. After an accident, you'll want to document any damage and then contact your bike insurance company as soon as possible.

How Much is Bike Insurance?

The cost of bicycle insurance will vary depending on several factors, including your bike type (mountain bike, road bicycle or any other type), what you use the bike for and where you live. Markel bicycle insurance, for example, has an average bike insurance cost of $250 to $300 per year. While the bicycle insurance quote you receive may vary, it's helpful to have a sense of cost. Below, we provide sample bicycle insurance quotes based on different bike values:

Bike ValueSample Annual Bike Insurance Quotes
$1,000$100
$2,000$117
$3,000$175
$4,000$233
$5,000$291

Before you buy online bike insurance, we recommend taking the time to gather multiple bike insurance quotes. Oftentimes comparing quotes is the best way to save money on bicycle insurance.

Are Bikes Covered by Home Insurance?

If you have a homeowners or a renters insurance policy, you would be reimbursed if your bike is stolen, vandalized, damaged by a fire or damaged by any other disaster listed in your policy. Notably absent from that list, however, is any damage that occurs due to your own mistakes. For instance, if you crash your bike into a wall, which causes your bike's frame to snap in two, this wouldn't be covered under your homeowners or renters insurance policy. Furthermore, some of your personal property, including sports equipment and bikes, may have low coverage limits, typically anywhere from $1,000 to $1,500, depending on your policy. This means that your insurance company would only reimburse you for damage up to a certain dollar amount, which can leave you having to pay for the rest of the damage out of pocket.

An option that you can explore is to add an endorsement to your homeowners or renters insurance policy, which raises the coverage limit for the bike. Keep in mind that any claim made on your homeowners or renters insurance policy requires meeting your insurance deductible and counts against your policy. So, if you have a high homeowners or renters insurance deductible, it may not be worth adding an endorsement to your policy. Claims against your home or renters insurance policy could also raise your premiums and aren't worth filing if the cost to replace or repair your bike is close to your deductible.

Do I Need Insurance for a Bike?

Bicycle insurance isn't a legal requirement. But you should strongly consider standalone bike insurance if your bike is worth more than the sum of your homeowners or renters insurance policy's coverage limits for bikes and the deductible that you would have to pay for filing a claim. This amount, generally speaking, will range anywhere from $1,500 to $2,000. Therefore, you need bike insurance if your bike is worth more than this. Keep in mind that there are two major advantages that bike insurance policies have over a homeowners or a renters insurance policy: they cover at-fault accidents and provide replacement cost coverage.

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