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Bicycle insurance cost explained
Why does bicycle insurance cost as much as car or motorcycle insurance? This is a question many cyclists ask, and it's worth exploring. Let’s take a closer look at some of the oddities in pricing and then return to the topic of bicycle insurance.
One of the biggest mysteries for me is how a 32-inch digital TV can cost less than my Oakley Switchblade sunglasses. I’ve never been able to figure that out.
Another example: why is a bicycle tire, which uses less than 1% of the material of a car tire, almost as expensive and doesn’t last as long? If my car tires had the same issues, I’d be back at the shop complaining. But with bike tires, I just buy another overpriced piece of rubber and get back on the road.
Now, what about the cost of bicycle insurance?
Bicycle insurance is still a relatively new product in the market, so there was no historical data to base premiums on. We relied on market research—talking to hundreds of cyclists about their needs and expectations—as well as some limited accident data from the Department of Transportation and the FBI. Based on this, we were able to create reasonable pricing models.
We all want long-term access to bicycle insurance, so the risk-to-reward ratio has to make sense for the insurance company. We're still fine-tuning the rates, but overall, they seem fair across the U.S. When you consider the risks involved in cycling, bicycle insurance starts to make a lot of sense.
**Bicycle Insurance is Essential for Competitive Riders**
If you ride your bike in competitions or join group rides, having bicycle insurance is a no-brainer. The chance of damage or crash is much higher compared to casual riding.
For example, a $3,500 bike in Miami costs around $250 per year to insure with a $100 deductible. Most parts on such a bike are worth more than $100. If the bike gets damaged, repair costs can add up quickly. No one expects to crash, but when it happens, it’s reassuring to know that Velosurance has your back.
**Bicycle Theft is a Major Issue in the U.S.**
Bicycle theft is a huge problem in the U.S. We receive dozens of reports every day, and those are just the ones that are actually filed. The reality is much worse—most thefts go unreported. Bicycles are easy targets. Unlike cars or motorcycles, they don’t have keys or alarms. It only takes seconds to steal a bike, while stealing a vehicle requires more effort and coordination.
**So Why Does Bicycle Insurance Cost So Much?**
The truth is, we’re not comparing apples to apples—we’re comparing apples to oranges. Both are fruits, but they come from different trees. The same goes for car/motorcycle insurance versus bicycle insurance. They both cover accidents, but the risks involved are very different.
At Velosurance, our sole focus is on insuring bicycles. That means we understand the unique challenges cyclists face, from theft to accidents, and we tailor our policies accordingly.
**America's Best Bicycle Insurance**
Ready to protect your ride? Get a free, instant quote today and see why Velosurance is the top choice for cyclists across the country.
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