No one likes to consider the darker aspects of life, but accidents happen, and some people are just bad apples. This all means that in 2022, bike insurance is a sad necessity.

Were sure you would prefer to spend more hours on your bike than trawling through search engines looking for the best deals, so we created this guide to save you time and tell you what you need to know.

Do I Need Bike Theft Insurance?

Absolutely. Especially if youve invested some money on a good bike. Bikes are high-ticket items, and people recognize the value, which unfortunately makes them a frequent target for theft. 

No bike lock or other method of protection is 100% foolproof, and you can never entirely prevent accidents from happening, no matter how careful you try to be. The only thing you can do to protect yourself entirely is to take out comprehensive insurance coverage.

Your Home Insurance Policy

Home insurance is the most popular way to cover your bike and may already offer coverage. However, be careful because not all insurers automatically cover all items, and there are serious downsides. 

You will need to carefully check your policy because there may be a maximum claim limit per item, which might not cover your bikes total cost.

Your supplier may have extension options that allow your policy to cover your bike fully. This is a good option if you have multiple bikes.

An important question is whether your home insurance covers you outside of your home. Having home insurance is no use if youre liable when youre outside of your property.

Bike Specific Insurance

A specialized bike insurance company is the best option if youre serious about cycling.

Policies like these will generally offer full coverage, no matter where you are. Your bike will be covered against theft no matter where it is, and dedicated bike insurance also covers you for accidents and damage, in the same way that car insurance would for your vehicle.

Despite it being an additional cost, bike insurance might also save you money. Companies tend to extend discounts on multi-bike policies and have options for lower premiums and excess payments.

Bicycle-specific insurance also extends to the other aspects of the hobby, including kit coverage, clothing damage, accident liability, and possibly roadside assistance!

Mountain Bike Insurance vs. Road Bike Insurance

Depending on your bike type and what you plan on doing with it, its essential to ensure youre getting the right insurance.

The difference generally is how you are covered and the specific focuses of each type of policy.

For example, mountain bike insurance tends to focus more on accidental damage. Policies might offer complete protection against all kinds of damage, including damage incurred in transit, because its far more likely that your bike will be damaged while its transported. Comprehensive packages might even extend airline travel coverage and insurance in other countries.

Mountain bike insurance is essential if you plan to run trails away from home or compete.

Road bike insurance might focus more on accidental liability because the chance of you injuring property or other people while using your road bike is higher.

A road bike policy might also have a lower excess for theft because the chance of a road bike being stolen in general use is, unfortunately, that much higher.

Is Electric Bike Insurance Different From Normal Bike Insurance?

Yes. Electric bikes generally cost much more than standard bikes, and they are a massive target for theft and damage.

A considerable portion of electric bikes is secured away from their owners during the day. Because electric bikes are generally used as an alternative to cars and are hard to transport when not in use, 

This makes them vulnerable.

In the US, over 2 million bikes are stolen every year. An unfortunate fact about e-bikes is that theyre more vulnerable than regular bikes. Its common for thieves to scavenge parts from an e-bike, taking the motor and gearing system to sell for profit.

In short, if you ride an electric bike, insurance is essential.

What Are The Best Bicycle Insurance Companies In The US

Best Road Bike Insurance

Lets talk about road bikes. The driving force behind these policies usually comes down to personal insurance coverage and third-party liability coverage in accidents since road bikes often mean the rider is exposed to traffic.

Companies like Bikmo, Yellow Jersey, and Velosure are great regarding road bike insurance. Their policies are similar to your average car insurance policy and even cover transportation to the bike mechanic or your house if you ever need it.

A good rule of thumb for any insurance company and policy you are considering is to read EVERYTHING and ask any questions you may have.

Best E-Bike Insurance

We mentioned how e-bikes are stored out of the home, away from their owner, due to their size. Well, there are insurance companies that consider this fact. Take Bikmo, for example; they have leniency regarding using outbuildings and cycle hangers for storage.

Another company called Sundays offers coverage for e-bikes even if theyre stored in a communal area. However, they specify that the bike must not be visible to the General Passing Public and visible from outside the building.

Keep this in mind, as well as deals related to having multiple bikes, as you shop for your insurance. And remember, you can always ask your agent if the location you plan on storing your bike is covered and the specifics of each potential policy youre considering.

Best Mountain Bike Insurance

As far as mountain bikes go, coverage can fall anywhere on the spectrum, depending on the rider and the bike. Like e-bikes, mountain bikes can be a HIGH ticket item. Some can cost as much as $10,000 or more and can often be kept outside. This means you may want to look for a policy that covers theft. 

Conversely, if you store your mountain bike inside and only take the occasional ride, you might look for a policy covering accidents. Plus, if you hit trails regularly, its a good idea to look for personal injury insurance that will include things such as dental injuries.

Some excellent mountain bike insurance companies are Bikmo and Velosurance. They specialize in bike insurance, which is why theyve already made the list of recommendations.

However, SPOKE is an excellent choice for mountain bike insurance because it has coverage options for cross-country rides, offroad adventures, crashes, theft, and roadside assistance.

What Does Average Bicycle Insurance Cost?

According to comparison tools, bike insurance policies can start as low as $100 per year, with the average policy hovering between $200 and $300.

Considering the cost of a modern bike and the fact that cyclists are far more likely to be injured in accidents than car drivers, with the accident rates remaining high even in 2020 and with campaigns for awareness and understanding, this is a fair price to pay.

What To Bear In Mind When Buying Bike Insurance?

When you buy insurance, youre entering into a contract, so you will be expected to hold up certain aspects of your policy, which may include: 

• Security: Youre expected to reasonably protect your bike, including ensuring its secure when leaving it in public areas.
• Medical conditions: Just like other insurance policies, you have to be open about existing medical issues you may have.
• Keeping updated: For example, if you move or if access to your property changes.

Can You Subscribe Online For Bike Insurance

All legitimate insurance companies will have an online option to enter your details, see your policy and make updates in real-time.

Signing up for bike insurance is simple and only takes a few minutes. If youve been holding off, now is the best time to ensure that you, your loved ones, and your expensive bikes, are fully protected.

Conclusion 

Whether flying down trails or speeding across the city for your morning commute, bike insurance is a key and vital part of the process. You dont want to be caught out if you end up needing it.

You may come out to find your bike stolen or damaged or end up in a bike accident, and youll be kicking yourself if you dont take advantage of all the bike insurance opportunities out there! And at only around $200 a year, it can easily be worked into your budget.

If you regularly spend any time on a bike, you need insurance. Its as simple as that. Using the information in this guide, make sure you get covered today.