There are several differences between bicycle insurance, renter’s insurance, homeowner’s insurance, and umbrella insurance.
When it comes to stolen or damaged bicycles, riders can typically file a claim with any of the types of insurance policies listed above. However, renter’s and homeowner’s insurance policies typically only offer partial benefits. This means you might only get a percentage of your bicycle’s value if it’s stolen or damaged inside of your home or apartment.
Additionally, bicycle insurance policies (such as those offered by Simple Bike Insurance) won’t raise your premiums after you file a claim. Other rental and home insurance policies are likely to raise your rates when it comes time to renew if you filed a claim the previous term. For example, if you filed a claim because your bicycle was stolen from your garage last year, higher rates may apply when renewing your home insurance contract.
- Bicycle insurance also offers benefits that other policies don’t such as:
- Crash or collision damage
- Full-value coverage for your bicycle
- Coverage for cycling accessories, apparel, and riding gear
- Full electric bike coverage
- Event fee reimbursement
- Racing coverage
- Replacement bicycle rentals
- Roadside assistance in case of a flat tire or other emergencies
- Theft from work or other places other than the home
- Transit and travel damage protection
- And more
In short, cyclists buy bicycle insurance because it’s an affordable way to get comprehensive coverage. If you hold home or renter’s coverage, we recommend you check your home insurance policy to see what they’ll cover.