As an avid rider, you’re well aware that bikes can cost a pretty penny. It doesn’t matter if you’re riding pavement, chunky downhill trails, gravel, or just your local bike path. Bikes are a huge investment, and like all nice things, bad stuff can happen to them.
Until recently, most cyclists have relied on their home or renters insurance policy to protect their bikes from common losses, like theft and damage during travel. But a lot of people don’t realize that these policies typically offer less coverage than you think.
If you really care about your bike, the best solution is to buy a standalone bike insurance policy. Bike insurance may provide a higher level of coverage than the insurance policies you already have, and it covers the things you’re most concerned about.
What’s included with a bike insurance policy?
What’s not covered by bike insurance?
Another thing to know is that some types of bikes may not qualify for coverage. This is usually only the case with ebikes, though.
For example, Simple Bike Insurance only insures ebikes with a motor that doesn’t exceed 750 watts and that doesn’t use an auxiliary power source. As long as the speed doesn’t go over 20mph without power assist, we’ll cover it.
Who needs bike insurance?
Pretty much everyone who owns a bike they love and care about should consider having bike insurance. This is especially true if the cost of repairing or replacing your bike out-of-pocket gives you financial anxiety.
Although you might have renters or homeowners insurance already, you shouldn’t necessarily rely on those policies to protect your bike. Home insurance usually offers more personal property coverage than renters insurance, but there’s no guarantee that your bike will be fully covered. Plus, depending on your policy, the coverage limits could be lower than you think.
Here’s what I mean. Let’s say you just sprung for a Tern HSD S11, with a sticker price of around $4,500. If your apartment unexpectedly burned down (taking your new ebike along with it), your policy might only cover your bike up to $1,500, leaving you to pay for the rest.
Even if your home or renters insurance policy will cover your bike in full, it definitely won’t cover things like roadside assistance, rental bikes, and competitions. If you want those perks, you’ll need to get a separate bicycle insurance policy.
Simple Bike Insurance makes it easy to insure single bikes and multiple bikes. We insure every brand, including many ebikes, with flexible plans and deductibles. You can get a quote online and purchase a policy in minutes. We’ll get you covered and back on the bike in no time.