Bicycle insurance mistakes and misconceptions
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**My Bicycle Is Covered by My Homeowners/Renters Insurance**
Your bicycle may have some limited coverage under your homeowners or renters insurance, but it's important to understand that the protection is usually minimal. Most policies only cover a small value of the bike and typically exclude certain types of damage, such as theft or damage that occurs away from your home. Additionally, accidents—especially those involving racing or organized rides—are often not covered. If you crash while riding, you could be left without any support from your home insurance provider.
Filing a claim for a stolen or damaged bike can also lead to higher insurance rates or even policy cancellation. With Velosurance, you get a policy specifically designed for cyclists, offering full coverage without affecting your other insurance premiums. This gives you peace of mind knowing your bike is protected in case of theft, damage, or loss.
**Bicycle Insurance Is Affordable**
Velosurance offers affordable coverage starting at just $100 per year. For most bikes, the cost is significantly lower than the potential expense of replacing a stolen or damaged one. For example, a $3,000 bike in Miami, Florida, can be insured for $186 annually. If the bike is stolen, without insurance, it would take over 16 years and two months to save up enough money to replace it.
With Velosurance, after a $300 deductible, you'd receive a $2,700 payout and be back on the road within days. It’s a smart investment that ensures you’re never left out of pocket when something goes wrong.
**A Good Bike Lock Is Enough to Protect Against Theft**
No matter how high-quality your bike lock is, it’s only a deterrent for a halfway smart thief. According to the 2011 FBI Crime Statistics Report, a bicycle is stolen every 2.8 minutes—this is just the number of reported cases. Thieves target high-value bikes, making them prime targets for theft.
Velosurance covers your bike for theft and damage anywhere in the U.S. and Canada, including when it's being shipped or used as airline luggage. The coverage can even be extended worldwide with an additional premium. This comprehensive protection ensures your bike is safe no matter where you go.
**My Home Insurance Policy Has a Special Bicycle Coverage**
After 20 years in the insurance industry, the founders of Velosurance found that many clients were dissatisfied with their homeowners or renters insurance when it came to covering a stolen or damaged bike. Even if a policy includes a special "bicycle" rider, it usually only covers the bike at its Actual Cash Value (ACV), which is the original price minus depreciation.
For example, if a $3,000 bike is stolen after four years, the ACV might be around $2,100. After subtracting a $1,000 deductible, you’d only get $1,100 to replace the bike—leaving you with a $1,900 out-of-pocket expense.
With Velosurance, you pay a $100 deductible and receive the full $2,900 value of your bike. That’s a difference of $1,800 in out-of-pocket costs—equivalent to nearly 10 years of premiums at $186 per year.
**America's Best Bicycle Insurance**
Get a free instant quote today and experience the peace of mind that comes with specialized bike coverage. Whether you're cycling locally or traveling internationally, Velosurance has you covered. Don’t risk your bike—protect it with a policy built for cyclists, by cyclists.