Bicycle Insurance – Common Questions Asked

Personal Property

Bicycle Insurance is something of an emerging market, which is surprising when you consider some of the latest carbon fibre framed bikes and wheelsets are worth thousands of Pounds / Euro’s or Dollars.  As insurance providers become more savvy about this market, there can be a huge amount of difference between what one policy covers and what another policy will cover.

As an example, bicycle insurance from one Insurer might be $5 a month, but it doesn’t offer to pay any public liability costs in the event of an accident and is really aimed at those worried about getting their bike stolen. Other policies might be $15 a month but are aimed at public liability coverage rather than theft or damage. Bicycle Insurance isn’t common in some countries and price comparison websites haven’t really started comparing bicycle insurance deals; so finding a good deal for your bicycle can be something of a challenge.

Theft or Damage Insurance

If keeping your bicycle safe is more of a priority to you than accident liability be careful to check your home contents policy and/or call your insurance company to check that it isn’t already included. If your bike isn’t specified on the policy you’ll probably be limited by the amount you could claim though. If your bicycle is especially expensive it is a good idea to consider adding cycle cover to your home contents cover as an extra. Often this will cost in the region of $10 -$15 a month more, but if your bicycle is specified on the policy, then at least it provides peace of mind if its the one thing thieves target. One important thing to watch is whether your insurance policy covers your bicycle away from the home. Around the globe millions of bicycles are stolen from streets, parks and workplaces every year from unsuspecting owners. Beware if your bike isn’t secured by a lock while its away from home, any insurer may not cover you.

Travel Insurance for Bicycles.

If you have Household / Renters insurance, the first thing to do is check your insurance policy to see whether or not you are covered you whilst travelling. If so, make sure you have adequate coverage for your bike as a single item and understand if there are any exclusions you need to be aware of.

If you have specific travel insurance for your bike or plan to take it out, make sure your bicycle as a single item has enough insurance coverage you need. In the case it gets lost in transit, damaged or stolen etc. Investigate the policies of any Airlines or Transport operators themselves with regard to lost / damaged baggage. Any single item is likely to only be covered to a certain amount by them and subject to being adequately labelled and appropriately packaged.

What about Public Liability Insurance?

The answer will vary from country to country. If you are involved in an accident with another cyclist, a motorist or pedestrian the consequences physically and financially can be traumatic. Irrespective of who might be at fault, without public liability coverage you might be placing yourself in an awkward situation of courts, legal and medical expenses without any way of paying or being adequately compensated for damages and loss. Your own public liability coverage can insure not only if you are at fault but if another party who is at fault has no or inadequate coverage.

In some cases, if you have Household Insurance and / or Automobile insurance you might be covered from a public liability standpoint. We can’t comment from a legal perspective so you need to ask your insurer what coverage they provide;  whilst riding your bike.

Bicycle Insurance Benefits

There are numerous benefits to having bicycle insurance because so many thefts and accidents occur each year and cyclists without insurance policies are left in financial difficulty.

It’s a good idea to go for an insurance company who already insure cyclists. They should also ask you if you can prove the bicycle is yours and care quite strongly about what sort of lock you are using to lock it up when you grab a coffee with friends or leave it outside work.

Don’t take insuring your bicycle lightly, it could save you thousands of dollars if you have an accident.