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Bicycle prices increase every year and cyclists who are serious about their sport are spending big money on high value bikes. Other forms of insurance, like homeowners and renters insurance, do a poor job insuring high value bicycles so we founded Velosurance to fix that. Velosurance levels the playing field by offering a stand-alone bike insurance policy, where claims will not affect your homeowner or renters policy premiums. Bikes are very easy to steal and equally difficult to recover and a hefty U-lock doesn’t guarantee that your bicycle will remain yours when you return. Velosurance provides the peace of mind when your bike is stolen or damaged in the process. The unfortunate fact of life is that you do not need to be at fault to get sued.
Fire is a problem covered by your home, renters and condo insurance. The cost to replace your bike will be covered, up to your policy limits, and your deductible will apply. This liability coverage may go above and beyond your car and home insurance policies to help protect you from unexpected events. Dwelling coverage can help you pay to repair or rebuild your home if it is damaged by a covered event.
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Some specialist insurers can insure bikes worth anywhere up to £20,000, so if your bike was a big purchase you should be able to get covered with bicycle insurance. This type of endorsement also increases your “off-premises” coverage limit, which is typically $500. With scheduled personal property coverage, if your bike is damaged or stolen away from your residence, you’d be covered up to your scheduled property coverage limit. Depending on the insurance company, you may not have to pay a deductible if you have a scheduled property endorsement for your bike.
Some insurers specify that you use a security rated lock when you're out and about, or even on your shed. The security rating required will usually correspond to the value of the bike, but you must also consider the risk of where you leave the bike, and for how long. No lock is invincible, and the best can weigh up to a hefty 2kg. Log in to see your policy documents, keep tabs on renewal dates and check your cover level. With vehicle tax and breakdown cover included, it's the simple way to drive a brand-new car.
What should I do if my bicycle gets stolen?
Although not a legal requirement, it's worth considering leasehold buildings insurance to cover damages to the building. Make sure you check your policy documents, so you know exactly what you’re covered for. You might find you have enough cover through your home insurance policy or if you include it as an add-on. As we mentioned, you might already have cover on your policy if your bicycle is worth less than a certain amount, and you only want to cover it while it’s at home. These include how many bicycles you want to insure, the value and make of your bicycle and where you live. Event insurance- some policies give you the option to cover yourself while you’re taking part in event.
Same if another cyclist causes the accident, their homeowners will be responsible for the claim. As far as your injuries, you would use your health insurance to cover any medical costs that you have. If you have home contents insurance, your bicycle might be covered but most policies have several limitations that might make it hard if your bike is damaged or stolen and needs to be replaced. Homeowners insurance contains a limited amount of personal property coverage for bicycles.
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This is likely to increase your premium or you may have to pay an additional fee to obtain the extra cover. There's no legal requirement for bicycle insurance, but getting the right insurance offers peace of mind that your wheels are covered against loss and damage. For more information, read our jargon-free guide to bike insurance.
By registering your bike with a security mark there's a better chance of tracing it if stolen. If you're thinking about changing your car, giving your home a new lease of life, or just want to consolidate your borrowing – a loan with us could help. Stay Safe – Always have a properly fitted helmet to protect your head in case there is an accident. Always remove your accessories when your bike is parked, such as the lights and saddlebags. Whilst at home, lock your bike to a permanent fixture in a secure shed, garage or outbuilding. Make sure you use a good-quality lock and learn how to lock your bike properly.
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Typically, you will want to have enough dwelling coverage to cover the estimated cost to repair, rebuild and replace your property. Typically, damage caused by floods and earthquakes is not covered by basic homeowner insurance policies. Optional homeowner insurance coverages and policies may be available to cover damage due to such additional threats. Check with your insurance professional for help determining what coverage may be best for your specific needs. If you have a very cheap bike, paying for cover may not be worthwhile as the cost of your insurance excess in the event of a claim may be more than the bicycle is worth.
Aim to loop it through the front wheel, around the street furniture and over the downpipe. If you’re using a U-lock, try to secure it near to the ground. Put it over the seat stay and around the street furniture, securing it underneath the wheel arch. Uswitch Limited is a credit broker, not a lender, for consumer credit products. Keeping your bike safe should be a top priority – make sure you have it somewhere in your home where it cannot be seen from outside the house.
If your bike is stolen or damaged while away from your property, you're highly unlikely to be covered by a standard home insurance policy. Your home contents insurance policy may provide some protection for your bicycle as part of your personal belongings. However, you'll need to check the policy because it might not be complete protection. If you’re hurt, we'll cover some of your medical bills, up to the policy limit. This coverage pays to supplement the deductible of your personal health insurance policy.
If someone hits your bike with their car, their auto insurance policy would likely pay for the damage to your bike and medical bills you incur if you were injured. If you’re at fault for the accident, your homeowners insurance may help cover the cost of property damage that you caused. Each one of the six basic coverages in a standard homeowners policy has a limit of liability, which is the maximum dollar amount an insurance company will pay you for a covered loss. Certain personal belongings also have their own sublimits, or a cap on how much you’re paid out for that specific item or category of item.
You frequently ride off-road, potentially placing your bike at greater risk. An everyday bike might cost roughly $200 to $700, while a specialty bike can go for more than $1,000. Interest will be charged to your account from the purchase date if the balance is not paid in full within 6 months.
Pet Insurance, Motorcycle Insurance, and Travel Insurance is not underwritten by Travelers or its Affiliates (“Travelers”). Travelers utilizes its affiliate, InsuraMatch, LLC, an independent insurance agency, to refer consumers interested in pet coverage, motorcycle and off-road vehicle coverage, and travel coverage. For more information about the underwriting entities click “Learn More” to be directed to the specific product page. A personal articles floater is a separate valuable items policy that is available should you need coverage or higher amounts of coverage for specific valuable items. Other structures coverage can help pay for covered damages to detached structures on your property like garages, sheds and fences.
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