A buyer's guide to the best bicycle and e-bike insurance

Theft

Theft is one of the biggest concerns for cyclists. According to FBI data, around 190,000 bikes are stolen annually in the U.S., which averages about one every 2.5 minutes. But other sources suggest the number could be as high as 2 million in the U.S. and Canada combined. Unfortunately, less than 5% of stolen bikes are ever recovered. With such a high risk, it's essential to have proper coverage.

Many insurance policies have restrictions on when and where your bike is covered. For example, some may not cover theft after dark or if your bike is locked outside for too long. It’s important to understand these limitations before purchasing a policy. Velosurance offers broad theft coverage, including protection from home and while locked to a bike rack at any time, without restrictions on lock type or duration.

Theft of parts and accessories

Accessories can significantly enhance a bike’s functionality and style. From GPS units to power meters, some of these items can be worth over $1,000. However, many standard insurance policies do not cover these items unless the entire bike is stolen. At Velosurance, we understand the value of your accessories and provide coverage for them independently, so even if just a part is stolen, you’re protected.

Crash coverage

Crashing is an unavoidable part of cycling, especially for beginners or intermediate riders. Even experienced cyclists can crash due to factors like speed, poor judgment, or unexpected obstacles. While minor crashes may only result in cosmetic damage, serious accidents can lead to total loss of the bike. That’s why having comprehensive crash coverage is crucial.

Velosurance covers all types of crashes, including those caused by garage mishaps or accidents during transport. We also cover riding apparel, such as helmets, shoes, and sunglasses, up to $500. Spare parts like wheelsets are included with a limit of $500 per loss and a cumulative limit of $1,000.

Accidental Damage

Damage to your bike doesn’t always happen while you're riding. A bike can fall off a car rack, get run over, or be damaged during transport. Many insurance policies only cover damage from crashes, leaving you vulnerable in other situations. Velosurance provides coverage for any accidental damage, no matter how it occurs, ensuring your bike is protected in all scenarios.

Medical Coverage

Health insurance costs are rising, and many plans now come with high deductibles and co-insurance. If you're involved in a bike accident, medical expenses can quickly add up. That’s where medical payment coverage in bike insurance becomes invaluable. It helps cover out-of-pocket costs until your health insurance kicks in, providing a financial safety net.

Velosurance offers optional medical payment coverage with limits ranging from $1,000 to $10,000. This coverage is particularly useful for those with high-deductible plans or no health insurance, as it covers expenses related to bicycle-related injuries.

Vehicle Contact Protection

Being hit by a car is one of the scariest experiences for a cyclist. Vehicle Contact Protection (VCP) is designed to cover the costs of injuries and other damages resulting from a collision with an uninsured or underinsured motorist. This coverage is essential for cyclists who share the road with cars, especially in urban areas.

Velosurance’s VCP includes coverage for medical expenses, physical therapy, lost wages, and other related costs. It acts as a safety net in situations where the at-fault driver has no insurance or cannot be identified, such as in a hit-and-run incident.

Liability

Liability coverage is crucial for cyclists who want to protect themselves from legal and financial risks. If you cause an accident that injures someone else or damages property, this coverage can help cover the costs. It’s especially important for those who ride in busy city streets, near pedestrians, or in organized events.

Velosurance offers liability coverage with limits from $10,000 up to $300,000. This ensures you’re protected in case of serious incidents, giving you peace of mind and financial security.

Racing Coverage

For competitive cyclists, racing coverage is a must. Events like triathlons, criteriums, and Gran Fondos come with higher risks, and having the right insurance can make all the difference. Velosurance offers coverage for racing, including reimbursement for event fees if you can't participate due to injury or bike damage.

This coverage is activated when you select "competitive" usage during the quoting process. It extends crash and damage coverage to all race-related situations, ensuring you're protected throughout the season.

Full Coverage

Bicycles are depreciating assets, but unlike cars or appliances, they are often highly personalized and hard to replace. Velosurance offers full coverage for your bike, including its declared value, without depreciation. This means if your bike is stolen or damaged, you receive a payout based on its actual value, not its depreciated worth.

When declaring your bike’s value, be sure to include all accessories and components. This ensures you’re fully protected in case of a total or partial loss.

Primary vs. Secondary Coverage

One key difference between bike insurance policies is whether they are primary or secondary. Primary coverage allows you to file a claim directly with your bike insurer, while secondary coverage requires you to file with your home insurance first. Using your home insurance for a bike theft can lead to higher premiums or policy non-renewal.

Velosurance offers primary coverage, meaning your claim will be handled directly by us, without affecting your home insurance premium or score. This makes it a more reliable and hassle-free option for cyclists.

E-Bike Coverage

E-bikes are becoming increasingly popular, but many traditional insurers don’t cover them. This is because they are often classified as motorized vehicles, leading to exclusions in home and property policies. Velosurance, however, offers comprehensive coverage for e-bikes that meet federal Class 1, 2, or 3 requirements.

We also provide liability coverage for e-bikes with limits up to $300,000, ensuring you're protected in all situations. This makes Velosurance a great choice for e-bike owners looking for reliable and inclusive coverage.

Recumbent, Folding, and Trike Coverage

Recumbent bikes, folding bikes, and trikes are popular among riders with specific needs or preferences. Despite their growing popularity, many insurers still don’t offer coverage for these types of bikes. Velosurance, however, covers them just like regular bikes, including their electrified versions, as long as they meet e-bike requirements.

International Coverage

Traveling with your bike is common, whether it’s across the country or around the world. Many airlines limit claims for lost or damaged bikes, making it difficult to get compensation. Velosurance offers coverage for damage or loss during transport, whether by car, plane, or courier service.

We also offer optional worldwide coverage, extending protection to any location globally. This is ideal for cyclists who travel frequently and need assurance that their bike is protected wherever they go.

Permissive Use

Sharing your bike with friends or family is a fun way to enjoy cycling. However, not all insurance policies extend coverage in these situations. Velosurance covers your bike even if someone else rides it, giving you peace of mind and allowing you to share your passion without worry.

What to Look For

Before purchasing a bike insurance policy, it's important to review the details carefully. Check coverage limits, deductibles, exclusions, and the claim process. Understanding these elements will help you choose a policy that fits your needs and budget.

At Velosurance, we believe in transparency and efficiency. Our claim process is straightforward, allowing you to repair your bike with quality components of your choice. We also offer discounts for memberships in cycling organizations, making our coverage both affordable and comprehensive.

About Velosurance

Founded in 2012 by two passionate cyclists, Velosurance has become a leader in the bicycle insurance industry. We understand the unique risks and challenges faced by cyclists and provide tailored coverage that meets their needs. With over a decade of experience and thousands of covered claims, we offer the best protection for both traditional and e-bikes.

How We Do It

Not all bike insurance policies are created equal. At Velosurance, we focus on providing the most comprehensive and reliable coverage available. Our policies are built on years of experience and a deep understanding of the risks cyclists face. We’ve studied the market and designed our coverage to address the most common issues, ensuring you’re protected in all situations.