Why do you need bicycle insurance?
Bicycles and ebikes can be expensive: In some cases, bikes can easily cost more than a used car (or a new one if you're going for an ultra-high-end custom e-bike!). But bikes aren't completely covered under homeowner, renter or auto insurance policies, which means if they end up stolen or damaged, you're on the hook for covering most repairs and replacements. With bike insurance, you pay a small premium each month—often under $30—to ensure that if something happens to your bike, it's covered. Whether you have one ebike that gets you to work every day, a high-end road bike that you ride on the weekends, or an entire fleet of racing bikes that have won you multiple national titles, bike insurance is worth considering.
Bicycle insurance coverage
Having bicycle insurance coverage guarantees that if your bike is stolen or damaged in an accident, insurance will help you repair, replace or reimburse your bike up to its full value (the amount you bought it for). In addition to the basic bicycle coverage that comes with a bike insurance policy, there are a few cool things bike insurance covers that many people aren't aware of. For example, many types of damage to your bike—including spare part replacement—are covered with a Simple Bike Insurance policy. Even your cycling kit—which can be quite pricey—is covered.
You'll also have worldwide protection, not just insurance coverage in the USA, which is critical if you often travel to ride your bike in different parts of the world, and we offer bike rental and event reimbursement for racers. It even covers liability for you as a bike rider, as well as protects you from underinsured motorists. It can even cover some medical expenses if you're injured while riding. There's also roadside assistance included in your policy, which works like roadside assistance for a car: You can call and get a ride up to 35 miles if you break a chain or have a flat that you just can't fix.
Why should you choose Simple Bike Insurance?
Simple Bike Insurance keeps things, well, simple. Using our Instant Quote form gets you a quote that covers your exact bike and your cycling lifestyle in minutes, which makes starting up your policy easy and fast. And once you are using Simple Bike Insurance, our customer service is second to none. Anytime you call, you'll get a human on the phone who can help you with any questions or with starting a claim. And because we also love riding our bikes, we understand just how important your bike is to you. It's not just metal and rubber, it's your best friend, it's how you spend your free time, and it's how you exercise, commute and spend time with friends. We want to get you back on your bike ASAP.
Bicycle insurance vs homeowner insurance
Many homeowners assume that bicycles are covered by their homeowners insurance, and while that may be true in limited circumstances, it does come with certain pitfalls. Filing a claim on your homeowner’s insurance for your bicycle will often lead to a rise in your insurance premium, and often, homeowner’s policies have a rather high deductible attached. Additionally, many homeowner insurance policies will only offer current market value for your bike, meaning your expensive $6,000 bike you bought five years ago may only be valued at a fraction of the purchase price—and that means you won't be able to replace it with a similar model with just your homeowner insurance payout.
Once you’ve accounted for the devaluation of your bike, paid the deductible and tallied up the increase in your insurance rate, often homeowner’s insurance simply isn’t worth using for bicycle-related incidences. On the other side, bike insurance guarantees that your bike is covered—and for the value of your initial purchase. Simple Bike Insurance understands that if you need to replace your bike after a theft, you don't want a bike that's significantly lower in value than your trusty old bike: You want a bike that has a similar level of value, from frame to drivetrain.
For most cyclists, we spend many hours a week peddling our bikes, and even more time taking care of them, cleaning and maintaining them. We dream about our next bike purchase, whether it’s a full bike or a new wheelset or even just a new chain. We love our bikes and we’re willing to invest our time, energy and money into them—so why not make sure that your bikes are as well protected as your car?