Do You Need Bike Insurance, or Are You Already Covered?
You might need bicycle insurance if you have an expensive bike or ride competitively.
For everyday use, the coverage from your home or renters insurance is probably enough. But a bike insurance policy can give you more coverage and coverage for more scenarios, like racing and bike-related events. And if you have an electric bike, you should consider a bike insurance policy. Home and renters insurance may not give you any coverage.
Do I need insurance for bikes?
Bike insurance isn't required by law.
For most people, the coverage that your home or renters insurance has is fine. But you should strongly consider stand-alone bike insurance if your bike is on the expensive side. Most home policies have a limit on bicycle coverage, usually starting around $1,000. Generally speaking, think about bike insurance if you have a bike that's worth more than $500 to $1,000.
You should also think about how you use your bike. Bike insurance doesn't just cover your bicycle, it also covers you if you hurt yourself or someone else, or if you damage someone's property while you're riding. If you ride often, long distances, off-road or competitively, bike insurance is probably a good idea.
Do I need electric bike insurance?
Yes, you should get a separate insurance policy for your electric bicycle.
Home insurance policies usually exclude damage or injuries that you cause while using a motorized vehicle. Because e-bikes have motors, they usually fall into this category. This means that if you hit a pedestrian or damage someone's car, you won't have any coverage and will have to pay for everything yourself. You might have some coverage for damage to your e-bike, but even that varies by company.
Your car insurance policy probably won't cover your e-bike either. Most car insurance policies don't cover vehicles that have fewer than four wheels. You might be able to insure an e-bike on a motorcycle policy, but it depends on the insurance company. A specialized e-bike insurance policy is usually the best option.
How much is bike insurance?
Most bike insurance policies start at $100 per year, or about $8 per month.
The cost of bicycle insurance changes based on what type of bike you have, how expensive it is, where you live and how you use your bike. In general, you can expect to pay between $100 and $400 per year for a $1,000 bike, depending on the coverage you choose.
Average rates for bicycle insurance
Company | Annual rate |
|---|---|
| Velosurance | $357 |
| Markel | $392 |
| Oyster | $392 |
Before you buy insurance for your bike, get quotes from a few different companies. Comparing rates will help you get the best deal for the coverage you need.
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Bike insurance companies
Most bicycle insurance companies, like Markel and Oyster, let you get a quote and buy a policy online. But if you have insurance at an in-person agency already, call your agent to see if they offer any bicycle insurance. You might be able to get a policy and keep all your insurance in one place.
Markel
If you want a top-of-the-line bike insurance policy, Markel is a good choice. The company includes lots of extra coverage for no extra cost. You get coverage for spare parts, apparel and reimbursement for racing fees included with your policy. The company also gives you rental reimbursement, so you can get a substitute bike if you have a race and can't use yours. Markel sells bicycle insurance for several brands, including Geico and Spoke.
Oyster
Oyster automatically covers your bike even if you're shipping it or if you're competing in a race. You can also get your insurance policy ready before you've even received your bike. If you ordered a bike and haven't gotten it yet, you can select the "I have not received my bike" option, and you'll be able to activate your policy as soon as your bike comes in. And if you insure two or more bikes on the same policy, you can get up to a 15% discount.
Velosurance
Velosurance offers an option to add roadside assistance for $12 per year. If you're stranded, you can call for help any time of day. Within about 30 minutes, you and your bike will be picked up. Velosurance also partners with bike shops and attorneys throughout the country. If your bike is damaged, you can choose whatever shop you want, but choosing a preferred shop might make the repairs faster. Velosurance can also refer you to an attorney if you need one after an accident.
If you need to file a claim on your bike insurance policy, the process is the same as filing a claim for any other type of insurance. After an accident, document the damage and injuries. Then contact your bike insurance company as soon as possible.
What does bicycle insurance cover?
Bicycle insurance usually covers damage to your bike, damage and injuries that you cause, and injuries that you get while you're on the bike. Most bike insurance companies offer the same basic coverage types.
- Bicycle liability is coverage for damage and injuries that you cause to others. For example, if you hit a parked car and leave a dent in the bumper, or if you injure a pedestrian, this coverage pays for the damage.
- Bicycle coverage is for damage to your bicycle. This is the coverage that will repair or replace your bike if it's in a crash, stolen or otherwise damaged.
- Medical payments coverage pays for your injuries if you're hurt in a bike accident.
- Vehicle contact protection pays for your injuries if you're hit by someone who doesn't have insurance or doesn't have enough insurance to pay your bills.
You can customize your policy by choosing how much coverage to buy. For example, if your bike is worth $2,000, you should buy $2,000 worth of bicycle coverage. You can also choose a deductible for your bicycle coverage, like $200 or $500, and choose different liability and medical payments coverage limits.
Some companies also offer roadside assistance, spare parts coverage and coverage for cycling clothing and accessories. Other common optional protections include damage to your bike outside of the U.S. and coverage for damage to your bike while it's in transit.
If you rely on your home or renters insurance policy for coverage, you won't have coverage for injuries you get while riding your bike. In addition, most home or renters policies only pay for your bike up to a set limit. A separate bike insurance policy covers the cost to replace your bike at the current value.
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Are bikes covered by home insurance?
If you have home, condo or renters insurance, you have some coverage for bicycles. If your bike is damaged or stolen, your policy will likely reimburse you, but you'll have to pay your deductible first. You also might have a limit on sports equipment. Your policy might only pay up to $1,000, for example. You may be able to increase this limit if your bike is worth more.
You might not have coverage for every type of damage. That depends on what type of home insurance you have. Some policies will only cover specific situations, while others cover anything that isn't specifically excluded.
Your home policy does cover you if you hurt someone or damage their property while on your bike. That's because home and renters policies have liability coverage. This coverage pays if you are found at fault for someone's injuries or damage.
Most home policies also have a small amount of medical payments coverage that can pay for someone's medical bills even if you aren't found at fault. The amount usually ranges from $1,000 to $10,000. This can help settle issues before they spiral into lawsuits. But remember that any claims that you make on your home insurance policy will likely raise your rate.
In some states, including California, Illinois and North Carolina, your own car insurance can cover the costs after injuries in a bike accident, if you're hit by an uninsured or underinsured driver. Usually the other driver's liability coverage will pay, but if they don't have enough, your own uninsured and underinsured motorist coverage will pay for treatment. That policy applies if you’re on a bike or walking, not only when driving.
Methodology and sources
Rates were compiled by requesting quotes for a 30-year-old in Chicago using a Cannondale bike and the following coverage limits:
- $1,000 bicycle coverage with a $200 deductible
- $100,000 bicycle liability
- $5,000 medical payments
- $25,000 vehicle contact protection
Sources include Markel, Oyster and Velosurance insurance companies.
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