Is Bicycle Insurance Worth the Money? What Does it Cover?

Bicycle insurance may be an attractive policy option for people who use their bicycles frequently or own particularly expensive bicycles. While bicycle insurance isn’t legally required, it may be a good idea for those who use a bicycle as a primary method of transportation.

If you've been injured in a bicycle accident, you may be entitled to compensation, even if you don’t have bike insurance. Our Ohio bike accident lawyers will advocate on your behalf for the settlement you deserve.

What Is Bicycle Insurance?

Bicycle insurance is a standalone insurance policy that will cover the costs to replace the full value of your bike if it's been stolen or if you've been in an accident. 

Bicycle coverage can be included in home or renters insurance, but these policies rarely cover damages caused by the bike rider in a crash. There may also be category limits for things like bicycles, and the value of an expensive bike may greatly exceed that limit.

If you invest in bicycle insurance, you may be entitled to compensation in both at-fault accidents and replacement coverage. Some insurance companies also offer bicycle policy addons similar to those available with auto insurance policies.

What Does Bicycle Insurance Cover?

Coverage isn't standardized, so you should pay attention to what different insurance companies offer when considering bicycle insurance. At the minimum, your bike insurance policy should cover:

• Theft
• Accident damage
• Liability
• Damage during transportation
• Uninsured/underinsured motorist (UM/UIM) coverage (optional on some policies)

Your bicycle insurance policy can be customized to meet your unique needs. There are even special insurance policies for cyclists who use their bikes competitively and options for those who take long trips on their bikes.

Are Bikes Covered by Home Insurance?

Most homeowners or renters insurance policies do offer some personal property protection, including for bikes. These policies may, in some circumstances, cover replacement costs and repairs. Standalone bicycle insurance policies are much more thorough in their coverage options.

Your home insurance policy likely will not include liability coverage for at-fault accidents or damage that you’ve caused on your bike. Your home insurance policy personal property coverage may have low limits. If the coverage limit of your renters or home policy is less than the value of your bike, bicycle insurance may be a good option.

For example, a renter’s policy might entitle you to $25,000 of personal property coverage total, but the policy has an additional category limit of $1,000 for bicycles. Additional restrictions or limits may apply to property stolen or damaged away from your home. For example, you may only have 10 percent of the total limit available if the bike was stolen while chained up outside of your office.

If you have an expensive bicycle that costs significantly more than the category limit or you’re worried about your bike being stolen while you’re away from home, a separate policy may be a good idea.

Some insurance companies also offer policy addons for bike insurance that are similar to auto insurance policies, like uninsured motorist coverage. If you don’t have a vehicle, bike insurance may be an affordable way to get those important policy addons to protect you in the event you’re struck by a driver.

Cost of Bicycle Insurance

The cost of your bicycle insurance annually will depend on several factors including:

• Cost of your bike
• How you use your bike
• Where you live

Typically, annual bicycle insurance prices range from $100 to $300 a year.

Is Bicycle Insurance Worth the Money?

Weigh the pros and cons before you make any insurance decisions. Your answers to the following questions may help you decide:

• How often do I use my bicycle?
• Was my bicycle expensive?
• Would not having my bicycle prevent me from going to work or decrease my quality of life?

Consider the value of your bicycle when you have it and the potential things you could miss out on without it when making your decision.

If your bicycle is your primary mode of transportation or is valued at more than $2,000, then bicycle insurance may be worth the money.

Insurance protects both your safety and your finances by shielding you from significant losses and liability. If your bicycle makes your life easier and has value that is more than monetary, it is likely worth insuring. This is especially true if it is not fully covered by your home insurance policy.

The Buckeye Law Group Fights for Injured Bike Riders in Ohio

Have you been injured in a bicycle accident and need someone to fight for you? The Buckeye Law Group represents cyclists in accident cases and will support you in getting the compensation you deserve. Request a free personal injury consultation today by calling 1-800-411-PAIN.