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Bicycle insurance mistakes and misconceptions
Bicycles are often overlooked when it comes to insurance coverage, but many people assume their homeowners or renters insurance will protect their bike. In reality, most standard policies offer only minimal coverage for bicycles, and it usually comes with strict limitations. For example, theft or damage that occurs away from your home may not be covered at all. Additionally, accidents—especially those happening during races or organized rides—are typically excluded from coverage. If you crash while cycling, your home insurance company might not help, leaving you responsible for the costs.
Filing a claim on your home insurance for a stolen or damaged bike can also lead to higher premiums or even policy cancellation. That’s where Velosurance steps in. Our cyclist-specific insurance is designed with you and your bike in mind. It offers comprehensive protection without affecting your other insurance rates, giving you peace of mind and real financial security.
Velosurance policies start at just $100 per year, making it an affordable option for most cyclists. For instance, a $3,000 bike in Miami could be insured for $186 annually. If that bike is stolen, without Velosurance, it would take over 16 years to recover the cost. With our policy, after a $300 deductible, you’d receive $2,700 in compensation and be back on the road within days.
Many cyclists believe that a high-quality lock is enough to prevent theft, but that’s not always the case. According to FBI crime statistics, a bicycle is stolen every 2.8 minutes in the U.S.—and that's only the reported cases. Thieves target valuable bikes, and even the best locks aren’t foolproof. Velosurance covers your bike for theft and damage anywhere in the U.S. and Canada, including during shipping or when traveling by air. We also offer worldwide coverage for an additional fee.
Some people think their home insurance includes a special rider for bicycles. However, even if it does, it usually only covers Actual Cash Value (ACV), which means the bike’s value is reduced by depreciation. Plus, you still have to pay a deductible and risk increased premiums. For example, a $3,000 bike that’s four years old would only be worth $2,100 after depreciation. After a $1,000 deductible, you’d get just $1,100—a big loss.
With Velosurance, you get the full value of your bike minus a small deductible. For the same $3,000 bike, you’d pay just $100 out of pocket. That’s a huge difference—$1,800 less in expenses, or the equivalent of nearly 10 years of premiums.
If you're a serious cyclist, it's time to rethink your insurance strategy. Velosurance offers tailored protection that fits your lifestyle, not the limitations of a general insurance policy. Get a free instant quote today and ride with confidence.