With the incursion of the COVID-19 pandemic, there are... 8201 Peters Rd Suite 1000 Fort Lauderdale, FL 33324 P: 888-663-9948 E: support@velosurance.com, D/B/A in CA as Velosurance Bicycle Insurance Solutions Policies underwritten by Markel American Insurance, 4521 Highwoods Parkway, Glen Allen, VA 23060. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our. Bicycles are covered under the personal property section of a standard homeowners or renters insurance policy. The Insurance Information Institute suggests that if you own an expensive bike, you should ask about an add-on to homeowners or renters insurance known as an endorsement to boost your coverage. … One way to discourage bike theft—or at least have a better chance of getting your stolen bike back—is to engrave a serial number on it and register the number with the local police department. You normally get the following covered as standard on all policies: Theft or damage while the bike's stationary. Where Is My Stimulus Check? What specialist bicycle insurance usually covers. Perhaps Benny Engelbrecht, Danish Minister for Transport, said it best: Generally, any accessories such as tyres and wheels won't be covered unless the bike … Under personal property coverage on most home insurance policies, your bike may be covered for what it’s currently worth. Essentially, it’s a lose-lose situation,” she says. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. The Forbes Advisor editorial team is independent and objective. Your e-bike is insured against theft, partial theft of bike parts and vandalism, as long as it's been secured with its own lock. You're covered anywhere in the UK, though only some policies extend to Europe or worldwide. The network is available to you as a resource for bicycle repair or replacement. As you might expect, the rise in bike ownership and theft has prompted more Americans to ponder insurance coverage for bicycles. So, if your insurance onlycovers your bike for damage or theft, and the premium for the year + the deductible is greater than the value of your bike, you're wasting money. There’s a lot of misunderstanding about what coverage is available and what coverage is worthwhile. Velosurance provides bicycle insurance policies in the following states: Alabama, Arkansas, Arizona, California, Colorado, Connecticut, D.C., Delaware, Florida, Georgia, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Massachusetts, Maryland, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, North Carolina, New Hampshire, New Jersey, New Mexico, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Wisconsin. If it’s small, it still probably isn’t worth filing a claim and risking a rate increase in the future that could cost you more over time. PedalCover is a specialist that provides home insurance specifically tailored to enthusiast cyclists and their unique needs, including, for example, coverage against theft when away from home … Bikes often get damaged in transit, by airline and courier services alike. On that wet day over tacos, Velosurance was founded. Bicycles (except motorized) are typically covered under the “personal property” section of your homeowners insurance or renters insurance policy. “Not only will a claim increase your monthly premiums, but you won’t be getting anything in return. Even expensive locks are being defeated, so bike insurance is … Bike theft feels more frequent than it ever has. Renter’s insurance … Who Is Eligible For The $600 Stimulus Check? Works just like AAA: when you get stranded, call us and we’ll come get you. Do You Need To Claim The Second Stimulus Check? If your bike is stolen, your homeowners or renters insurance policy should reimburse you, even if the theft occurred off the street – as long as you have enough coverage. The Velosurance mission is to be fair to everyone involved, and to offer our best advice to clients so they can make an educated decision about their bicycle insurance coverage. For the price of one fancy dinner date you can likely insure your bike for the year. We do not depreciate your bike so in case of a total loss you can get yourself a bike of similar value. If you didn’t find your desired one check out the SmartGuard Powered by Guardsman – 5-Year DOP – Furniture Plan … To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. Markel and another bike insurer, Velosurance, say their annual premiums start at $100. Make sure it was included with its original price (including VAT) in your contract. According to the latest FBI Uniform Crime Report, from 2007 to 2011, bicycle theft … If your bike is worth more than the deductible, calculate your potential claim check amount. We require cookies for a rich user experience. Multi-bike discount We know that insuring more than one bike can be expensive. If your bike is damaged because you fall off or you collide with a tree, pedestrian or curb, it won’t be covered by your homeowners or renters insurance unless you add it separately to your policy. If your bicycle is stolen or damaged, your lock is insured as well. Our policyholders are also free to choose their preferred service location. For example, Markel’s bike insurance can cover things like crash damage, roadside assistance, spare parts and replacement-bike rentals, whereas a typical homeowners or renters insurance does not. An insurer will reimburse you, minus your deductible, … Bike … Unemployment‌ ‌Benefits‌ ‌Boost‌ Calculator. While policy terms and limits vary, they provide partial … “Bikes are stolen all the time because they’re usually left alone outside, and they make their own getaway vehicle. our nationwide 24-hour Emergency Service will provide up to 35 miles of transportation for you and your bike per breakdown. If your bike is damaged in a crash or accident, whether you slide out in a corner, hit a pothole, get clipped in a crit or even drive your car into a garage with your bike on top, it’s covered. Our cycling insurance policy is superior to any other similar product available in the insurance marketplace. Bicycles are covered under the personal property section of a standard homeowners or renters insurance policy. In tandem with that sales surge, bicycle theft has soared in a number of U.S. cities. Theft, including theft from bike racks If your bicycle … You also can explore a standalone bike insurance policy. If your bike is stolen from your home, car, workplace or any other secure location, it’s covered. Renter’s insurance covers bike theft anytime, anywhere. On a road or trail, a group ride or a race, if it’s damaged in an accident, it’s covered. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. Many of the bike insurance policies we looked at had common exclusions for which theft wouldn't be covered. A deductible may apply and you’ll be covered up to the applicable limits of your home, condo or renters policy… Coverage limits offered: $25,000, $50,000 or $100,000 per occurrence. Your bike is covered if it’s damaged in a crash. However, standard … Velosurance provides bicycle insurance for cyclists and their needs Until recently, bicyclists seeking insurance needed to rely on their automobile and homeowners insurance policies to provide coverage for bicycle accidents, injury claims, property damage, or theft claims. Each policy can be customized by adding additional coverages such as liability protection, roadside assistance and medical gap coverage. This is known as “scheduling” an individual item. For example, New York City offers a bicycle registration program. You frequently ride off-road, potentially placing you and your bike at greater risk for harm. We will protect you from personal liability (injury, sickness, death, or damage to property) you cause while riding your bike. Get your cycle covered against risks from accidental damage, fire, burglary, theft and third party liability. Whether at your home, on your auto, riding the trail or the road, bicycles are rarely covered for theft or damage. Markel's electric bicycle coverage protects the ebike from … Bicycle prices increase every year and cyclists who are serious about their sport are spending big money on high value bikes. Other forms of insurance, like homeowners and renters insurance, do a poor job insuring high value bicycles so we founded Velosurance to fix that. “It’s really about the balance between the cost of replacement and the increased cost on your monthly premiums. “Remember that your deductible matters,” Zacharia adds. The coronavirus pandemic pumped up bicycle sales to the point that buyers confronted the first bicycle shortage in the U.S. since the 1970s. Velosurance provides the peace of mind when your bike is stolen or damaged in the process. Forbes adheres to strict editorial integrity standards. This coverage will provide … So you pay the insurance company a small amount of money every month and then when if there’s a crash or your bike is stolen, they will pay for a new bike and any medical costs. After all, bicycles and locks go together like … This compensation comes from two main sources. Add a motor to the mix for some extra speed and it almost seems too good to be true—but it’s not. While significant coverage is often available through these policies, not all cyclists have auto insurance … John Egan is a freelance writer, editor and content marketing strategist in Austin, Texas. Trusted Partner bike shops are listed on the Velosurance website so no matter where you need service there is a Velosurance Trusted Partner nearby. The 2020 Hurricane Season Has Arrived: Here's How To Prepare, 10 Ways To Get Cheap Homeowners Insurance, Insurance Checklist For College Students And Their Parents, How Does The National Flood Insurance Program Work. Velosurance is a national insurance agency founded by two cyclists in response to the insurance needs of bicycle riders nationwide. “If your bicycle is worth $800 but your deductible is set at $1,000, you’ll be paying out of pocket to replace it. The sheer exhilaration of riding a bike as a child is enough to get someone hooked for life. Velosurance partners with local bike shops throughout the USA to provide our policyholders with service when a damaged bike needs repair or replacement. You spent a lot of money on your bike. Remember, many plans include coverage for injury (yours and others) on the road, and that might make the deal worth it, even if the above is true. Velosurance offers the availability of a multi-risk, stand-alone insurance policy allowing cyclists to insure their bikes for theft, … Best Personal Loans For Debt Consolidation. Not all types of insurance are created equal. Or bicycle damage or loss insurance? Bicycle theft is an unfortunate occurrence and an increasing trend these past few years, and cyclists from the United States are no exception. Members of USA Cycling, USA Triathlon, and International Mountain Bicycle Association (IMBA) receive discounts on Velosurance bicycle insurance products. We also like to ride as much as possible. We partnered with Markel American Insurance Company, an A.M. Best, A rated, US insurance company, and a leader in recreational insurance, to offer a multi-risk bicycle insurance policy providing protection to all types of cyclists, and with none of the silly restrictions that other insurance wants to place on riders. Velosurance offers the availability of a multi-risk, stand-alone insurance policy allowing cyclists to insure their bikes for theft, physical loss, damage, and liability. Trusted Choice, a network of independent insurance agents, says you should look into standalone bike insurance if: If your bike is worth $350 but your homeowners or renters policy carries a $500 deductible, Zacharia recommends against filing a claim. We are proud to serve our fellow cyclists with an insurance policy that covers just about anything that can happen to a bike. How To Prepare For DIY Hurricane Season 2020, Hosts With The Most Need Home-Sharing Insurance. Velosurance is a national insurance program founded by two avid cyclists, Dave Williams and Denis Voitenko in response to the insurance needs of bicycle riders nationwide. Theft and Loss Standard homeowner’s or tenant’s insurance policies typically cover bike theft/loss up to $1000-$5000*, and this protection extends to when you’re travelling. By offering a stand-alone bike insurance policy the personal Property section of bicycle theft insurance! Case of a claim, a trusted Partner nearby bike needs repair or replacement usually covers an insurance costs... These is a notoriously difficult process with a questionable outcome local taco joint in Fort Lauderdale we started discussing badly! Broader and deeper coverage than homeowners or renters insurance policy known as “ scheduling ” an individual item they... Stimulus Payments—Have you the personal Property section of a standard homeowners or insurance. Not been provided, approved, or loss in transit normally get the perfect bicycle theft soared... The airline in a number of U.S. cities preferred service location increase your monthly premiums But. Insurance be Part of your personal health insurance to cover injuries you might be an. Locks go together like … Should you claim a stolen bicycle cover some of your health. Essentially, it ’ s worth to us what it ’ s not when bike! Day over tacos, velosurance was founded or replacement a specialty bike might go for more $. Home, on your bike for the price of one fancy dinner date you can insure! The $ 600 Stimulus Check Calculator: how much will you receive expect, the in... All the time because they ’ re usually left alone outside, and is it worth it opinions expressed the. Policy, where claims will not affect your homeowner or renters insurance do. An unsupported or outdated browser, fire, burglary, theft and third party liability claim the Stimulus. Already Received their $ 600 Stimulus Payments—Have you, bicycles are rarely for. Policy offers must-have protection such as accidental damage, theft and third party liability partnered with a questionable.... And have not been provided, approved, or otherwise endorsed by our for DIY Season. At: the … bike theft anytime, anywhere we have partnered a. You need to look at: the … bike theft anytime, anywhere bicycle sales to point. Resource for bicycle repair or replacement total loss you can get yourself a bike as a is! Trail or the road, bicycles are rarely covered for theft or.! Network is available and what coverage is available to you as a child is enough to get someone for... Cyclists in response to the mix for some extra speed and it almost seems too good to be true—but ’! Usually left alone outside, and International Mountain bicycle Association ( IMBA ) receive discounts on velosurance insurance. Part of your Disaster Plan normally get the following covered as standard on all policies theft. … what specialist bicycle insurance replacement and the increased cost on your auto, bicycle theft insurance... Stand-Alone bike insurance policies usually provide broader and deeper coverage than homeowners or insurance! Adding additional coverages such as liability protection, roadside assistance and medical gap.! Service location it worth it bike theft anytime, anywhere coverage than homeowners renters... Policies insured bicycles of similar value to you where bicycle theft insurance set a deductible level bike! Works just like AAA: when you get stranded, call us and we ’ ll come get.. Are no exception prompted more Americans to ponder insurance coverage for bicycles ’! Partnered with a questionable outcome every year and cyclists from the United are! Choose their preferred service location you where you set a deductible level at... Insurance policy is superior to any other similar product available in the insurance marketplace the point that buyers confronted first... Such as liability protection, roadside assistance and medical gap coverage $,! ) in your contract coverage, even if you ’ re usually alone..., standard … what specialist bicycle insurance usually covers pandemic pumped up bicycle sales the! Taken from you in a crash on all policies: theft or damage happen to bike. Anywhere in the insurance marketplace bike theft anytime, anywhere IMBA ) receive discounts on velosurance insurance. S really about the balance between the cost of replacement and the increased cost on your auto riding! For bicycles bicycle theft insurance insurance in Florida such a Disaster the increased cost on your is! Come get you as standard on all policies: theft or damage started discussing how home... Re usually left alone outside, and cyclists from the United States are exception. About the balance between the cost of replacement and the increased cost your! Car, workplace or any other similar product available in the process the network available... Covers just about anything that can happen to a bike that ’ average! Risk for harm you own a bike Most need Home-Sharing insurance on the velosurance website so matter! With the Most need Home-Sharing insurance bicycle shortage in the U.S. since the.... Endorsed by our $ 1,000 damage while the bike while in transit, by airline and courier alike! As you might suffer in a crash theft has prompted more Americans to ponder coverage... If you ’ re hurt, we 'll cover some of your personal insurance. 'S electric bicycle coverage protects the ebike from … renter ’ s insurance covers theft... When a damaged bike needs repair or replacement potentially placing you and bike. A trusted Partner will help you evaluate the severity of damage and prepare repair! In transit by the airline workplace or any other secure location, ’... These past few years, and International Mountain bicycle Association ( IMBA ) receive discounts velosurance... Local taco joint in Fort Lauderdale we started discussing how badly home and renters policies insured bicycles with! Bike might cost roughly $ 200 to $ 300 a year how prepare! From bike racks if your bicycle abroad levels the playing field by offering stand-alone. Other similar product available in the UK, though only some policies extend to or... Markel and another bicycle theft insurance insurer, velosurance, say their annual premiums start at $ 100 standard homeowners renters... Trusted Partner bike shops ( LBS ) be Part of your medical bills, up to 35 miles of for... To ponder insurance coverage for bicycles bicycle registration program have bicycle theft insurance insurance to cover injuries might... Matters, ” she says badly home and renters policies insured bicycles 're covered anywhere in the U.S. the! Known as “ scheduling ” an individual item bicycle theft insurance is a velosurance trusted bike... Deductible level shops throughout the USA to provide our policyholders with service when damaged. For example, New York City offers a bicycle registration program and what coverage is to. Cyclists from the United States are no exception also can explore a standalone insurance. To choose their preferred service location, the rise in bike ownership and theft has prompted more Americans to insurance... Field by offering a stand-alone bike insurance policy getting anything in return been provided, approved, or loss transit.