Is Bike Insurance Worth Getting? Obtaining insurance for your bike isn’t as hard as you may think. Whether you have a traditional cycle, a motorized bike, or any other variation, it can be a big investment. Living in a city or an area with a higher chance of getting your bike stolen is a good indication that you should get insurance for it. Unless you have the money to replace your bike if anything happens, it’s better to be safe than sorry. There are many reasons for wanting your bike to be insured, but most bike insurance claims filed are due to them being stolen. Bike insurance can make replacing a stolen bike a lot less stressful.
Bike theft is at an all-time high right now. There has been an increase in bike sales during the pandemic because more people are biking instead of commuting on trains, buses, and other public transportation systems. Also, where production was halted for a while during the outbreak, there has been a bike shortage. Some believe that the influx of thefts is directly correlated to the shortage. Basically, getting coverage is more important now than ever.
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Finding the right policy is up to the individual because it will vary from person to person. Only you know what kind of protection you’ll need.
The type of policy you’ll need depends on what you use your bike for, how often you use it, and where you live. There are several insurance companies that will provide you coverage, but some are better than others. It’s really important to do your research, compare policies, and read the fine print. Some companies won’t cover you unless you meet specific security requirements. Cost of coverage, deductibles, and claim payout are important things to consider when shopping for a policy.
If you have homeowners or renters insurance, then you are more than likely covered already. Most of those policies cover personal property, which includes your bike. However, you have to be careful because a lot of them only cover your bike if it’s stolen or damaged on your property. If you use your bike every day, live in a busy area, or just want some extra coverage then there are better options out there for you. Specialized insurance policies will cover a lot more, including accessories like bike locks, baskets, phone holders, and more. They also cover you away from your home, which helps give you complete peace of mind.
No matter what your needs are, there’s coverage for you. Talking to your homeowner or renter insurance companies may be all you need to do. If you want to get specialized insurance for that extra peace of mind then companies like Lemonade, Velosurance, Spoke, or Markel would be a better way to go. There are even options to add personal accident coverage. This is geared more towards professional bikers, but it’s available to anyone who may need bike-related medical bills covered.
Basically, if you’re wondering if bike insurance is worth getting, the answer is probably yes. The only way it wouldn’t be worth it is if you never ride, live outside of high-crime areas, or have a top-notch security system in place. People usually don’t think they need coverage until it’s too late. Getting your bike insured can make a horrible day a whole lot less stressful.