Bicycle insurance mistakes and misconceptions
Product Box,Kraft Boxes,Acrylic Boxes,Jewelry Gift Boxes Jiangmen Yingzhihui Electronic Commerce Co., LTD , https://www.yzhprint.com
**My Bicycle Is Not Covered by My Homeowners/Renters Insurance**
Your bicycle may have limited coverage under your homeowners or renters insurance, but it’s usually not enough. Most policies only cover minor damage or theft that occurs at home, and they often exclude accidents, crashes, or incidents during races or group rides. If you fall while cycling or get into an accident, your home insurance might not help, leaving you responsible for the costs.
Additionally, filing a claim for a stolen or damaged bike can lead to higher insurance rates or even policy cancellation. With Velosurance, you get a policy tailored specifically for cyclists, ensuring your bike is protected without affecting your other insurance premiums.
**Bicycle Insurance Is Affordable and Worth It**
Velosurance offers affordable coverage starting at just $100 per year. For most bikes, the cost of insurance is a fraction of what you'd pay out-of-pocket if your bike were stolen or damaged. For example, a $3,000 bike in Miami could be insured for $186 annually.
If stolen without insurance, it would take over 16 years to save up enough to replace the bike. But with Velosurance, after a $300 deductible, you’d receive $2,700 and be back on the road in days.
**A Good Lock Is Not Enough to Prevent Theft**
No matter how high-quality your lock is, it’s only a deterrent for a determined thief. According to the FBI, a bike is stolen every 2.8 minutes—this is just the reported number. Thieves often target expensive 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 checked as luggage. Coverage can also be extended worldwide for a small additional fee.
**My Home Insurance Policy Includes a Special Bicycle Clause**
Many homeowners’ policies include a special clause for bicycles, but it rarely provides full protection. This clause typically covers the bike at its Actual Cash Value (ACV), which means the value of the bike minus depreciation. Plus, you’ll still face a deductible and potential rate increases after filing a claim.
For example, a 4-year-old $3,000 bike that’s stolen would result in:
- $3,000 x 30% depreciation = $2,100
- Minus $1,000 deductible = $1,100 payment
That’s a $1,900 out-of-pocket expense.
With Velosurance, you’d pay just $100 deductible and get $2,900, saving $1,800. That’s equivalent to nearly 10 years of premiums at $186 per year.
**America’s Best Bicycle Insurance**
Get a free instant quote today and protect your investment with a policy built for cyclists. Ride confidently knowing your bike is covered, no matter where you go.