How much is insurance on a bicycle?

Let’s dig into the numbers!

Young woman riding her bicycle at sunrise on the beach

As you may already know, there are a few ways to insure a bicycle. Each type of insurance gets you a little something different and has its own unique set of costs. To save you some time and money, let’s dive in and explore different types of bicycle insurance, their costs, and their benefits.

Renters or Homeowners Insurance

Many cyclists rest assured knowing if their bicycle is stolen from their home or apartment, their renters or homeowners insurance will cover it. While peace of mind is great, it’s probably not covering what cyclists expect it will.

What renters and homeowners are paying for insurance in the United States each year

Renters are paying, on average, about $180 each year in premiums and coverage. Homeowners on the other hand are paying about $1,445 each year in insurance coverage.

These statistics are of course averages. Some renters and homeowners may pay even more based on their location, risk of environmental hazards such as hurricanes or tornadoes, and the cost of rebuilding should disaster strike.

What does renters or homeowners insurance cover for my bicycle

Your homeowner’s policy may cover a little bit should your bicycle be stolen, and the same applies to your renter’s insurance. This varies from policy to policy and cyclists should check their coverage documents to be sure.

However, even if a bicycle is insured should it be stolen from your property, cyclists risk increased rates should they make a claim. This means that through no fault of your own, you end up paying more each year because of someone else’s criminal activity.

Additionally, bicycles likely aren’t covered at full-value. For example, if your bicycle is worth $5,000, you probably won’t receive $5,000 worth in benefits from your carrier when you make a claim. Kinda lame, huh?

Traveling couple riding their bicycles down a forest road

Bicycle Warranties

Warranties are a little trickier in the world of insurance. The team here at Simple Bike Insurance loves warranties and believes they can be a great investment. We just want to highlight the ways in which a warranty isn’t the same thing as full-value bicycle insurance, and here’s how.

What cyclists are spending on average to maintain their bicycle warranties

There isn’t a hard number here. Many manufacturers or distributors provide warranties free of cost when cyclists purchase a new bicycle. Cyclists then just pay to extend the warranty after six months, a year, three years, etc. (i.e. whenever the manufacturer’s free warranty expires).

Warranties may be available for used bicycle purchases as well and may depend on how the bicycle was purchased. For example, if you purchase a used bicycle from a private seller online, you probably aren’t going to get a warranty. However, if you purchase one used directly from a distributor who has a used bicycle program, the purchase may include a warranty, or you may have the option to purchase one.

What bicycle warranties get you as a cyclist

Warranties are like a promise from the manufacturer. If something breaks and it was their fault, they’ll replace it with the same part or sometimes with an even better part. Keep in mind that all warranties are different and it’s important to read the fine print, however.

If a bicycle part breaks because of normal wear-and-tear (i.e. not because of a manufacturing defect), it’s very likely not covered under warranty. Should that broken part lead to an injury, collision, or other serious problem, the manufacturer isn’t going to cover the cost.

Man's hands on the handlebars of his bicycle

Independent Bicycle Insurance

Close your eyes and imagine a world where your bicycle is covered by insurance at full-value, pretty much no matter what. Ok, now open them. That’s right, it’s not a dream, and bicycle insurance does exist.

Bicycle insurance is coverage provided to cyclists specifically for cycling-related challenges, risks, and situations. This includes theft, collision, liability, cycling gear and apparel damage, and more.

What cyclists are paying each year in bicycle insurance on average

The amount cyclists pay each year is going to depend on a few factors such as the value of their bicycle, how they ride (competitive, commuter, casual, etc.), and what kind of policy add-ons are included.

For example, some cyclists may want roadside assistance because they ride competitively. Other cyclists may want e-bike coverage. Some are commuters riding through downtown areas and are more concerned with vehicle collision protection.

The cost of insurance on a bicycle is going to vary on who you are as a cyclist. And we think that’s actually pretty neat because you don’t have to overpay and you don’t have to be underinsured as a cyclist.

What bicycle insurance gets you

Bicycle insurance gets you a lot, quite frankly. Every Simple Bike Insurance basic policy includes things like:

  • Bike repair or replacement at full-value in case of damage, theft, crash, vandalism, or collision with other cyclists
  • Racing protection
  • Spare parts, accessories, and apparel up to $500 per claim and $1,000 per policy term
  • Transit protection to and from locations within the United States and Canada

Plus, we offer electric bike insurance policies for motors 750 watts and under. If your electric bike doesn’t use an auxiliary power source and its top speed is less than 20mph (or 28mph with pedal assist), you can easily find coverage with us.

Our policies start at just $100. That’s less than renters insurance and way less than homeowners insurance, but with tons of benefits. Let’s take a look at what Simple Bike Insurance gets you that other insurance carriers aren’t likely to:

  • Full-value insurance
  • Crash and collision damage
  • Cycling apparel, gear, and accessory coverage
  • E-bike coverage
  • Event fee reimbursement and racing coverage for competitive cyclists
  • Replacement bicycle rentals while your damaged bike is in the shop
  • Roadside assistance
  • Spare parts coverage
  • Theft from the home, or away from the home
  • Transit and travel damage coverage
  • Vehicle contact coverage

We know this is a lot and we could be blowing your minds right now. So take a few minutes to relax and then head over to start building your instant bicycle insurance quote. It takes just a few seconds to see how much your custom bicycle insurance policy costs.

Got questions? Call us or contact us online. Our ride-or-die customer service team is ready to get you more information about quotes, coverage, claims, and more.