To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. According to the latest FBI Uniform Crime Report, from 2007 to 2011, bicycle theft … Forbes adheres to strict editorial integrity standards. Even expensive locks are being defeated, so bike insurance is … We have partnered with a nationwide network of local bike shops (LBS). This also covers the bike while in transit by the airline. As you might expect, the rise in bike ownership and theft has prompted more Americans to ponder insurance coverage for bicycles. If your travels take you outside of the USA and Canada we can extend the policy's physical damage and theft coverage worldwide for a reasonable additional premium. Everyone who works at Velosurance is an avid rider, so when you call us you are speaking to another cyclist who understands you and your bike. Pedal along as we examine the numerous spokes of bicycle insurance. Velosurance partners with local bike shops throughout the USA to provide our policyholders with service when a damaged bike needs repair or replacement. There simply is no substitute. This compensation comes from two main sources. Velosurance is a national insurance agency founded by two cyclists in response to the insurance needs of bicycle riders nationwide. We also like to ride as much as possible. You have coverage, even if you lose your bicycle abroad. This coverage will provide … Members of USA Cycling, USA Triathlon, and International Mountain Bicycle Association (IMBA) receive discounts on Velosurance bicycle insurance products. Bicycles are covered under the personal property section of a standard homeowners or renters insurance policy. If you’re riding your bike and are injured in a crash with a vehicle, your auto insurance policy would generally cover your medical bills under either personal injury protection or medical payments coverage, assuming you have one of those. You're covered anywhere in the UK, though only some policies extend to Europe or worldwide. This is known as “scheduling” an individual item. Should You Claim A Stolen Bicycle? We require cookies for a rich user experience. Under personal property coverage on most home insurance policies, your bike may be covered for what it’s currently worth. Bicycle prices increase every year and cyclists who are serious about their sport are spending big money on high value bikes. Snejina Zacharia, founder and CEO of insurance marketplace Insurify, further notes that homeowners or renters insurance usually doesn’t cover a bike (or any of your possessions, for that matter) if it’s damaged or destroyed in a flood, earthquake or landslide. At Singletrack we have had the office ram raided, and two bikes snatched from under our noses and dragged down the road by people in a car! His work has been published by Experian, CreditCards.com, Bankrate, SHRM.org, National Real Estate Investor, U.S. News & World Report, Urban Land magazine and other outlets. Velosurance levels the playing field by offering a stand-alone bike insurance policy, where claims will not affect your homeowner or renters policy premiums. The Forbes Advisor editorial team is independent and objective. You might be using an unsupported or outdated browser. Velosurance covers your bike while it is on it’s way to your destination. Furthermore, homeowners and renters policies offer financial protection (under liability insurance) if you injure somebody or damage someone else’s property when you’re riding your bike. Types of Coverages. Some people might also say the hassle of making a claim is an additional downside,” says Zacharia. If you’re hurt, we'll cover some of your medical bills, up to the policy limit. If your deductible - the amount you pay on any claim - is greater than the value of your bike, you'll get nothing. 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. A deductible may apply and you’ll be covered up to the applicable limits of your home, condo or renters policy… 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. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our. Trusted Partner bike shops are listed on the Velosurance website so no matter where you need service there is a Velosurance Trusted Partner nearby. We are proud to serve our fellow cyclists with an insurance policy that covers just about anything that can happen to a bike. 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