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Bicycle insurance cost explained
Why does bicycle insurance cost as much as car or motorcycle insurance? It's a question many cyclists ask, and it's a valid one. Let's take a closer look at some of the pricing oddities in the market before diving into the specifics 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 strange comparison: why is a bicycle tire—made of less than 1% of the material of a car tire—almost as expensive and doesn't last nearly as long? If my car tires had the same issues, I'd be back at the shop complaining every week. But with bike tires, I just grab another overpriced rubber oval and get back on the road.
Now, what about the cost of bicycle insurance? Bicycle insurance is a relatively new product in the insurance market, so there was no historical data to base premiums on. Instead, we relied on market research—talking to hundreds of cyclists about their needs and expectations. We also looked at accident data from the Department of Transportation and some limited data from the FBI. Based on that, we developed a pricing model that makes sense for the risks involved.
We all want long-term access to bicycle insurance, and for the product to be sustainable, the risk-to-reward ratio must make sense for the company. We're still fine-tuning the rates, but overall, they seem fairly reasonable across the U.S. When you consider the risks you take while riding, bicycle insurance starts to make a lot more sense.
If you ride competitively or participate in group rides, the need for insurance becomes obvious. The chance of a crash is much higher than for casual riders. For example, a $3,500 bike in Miami costs around $250 a year to insure with a $100 deductible. Most parts on that bike are worth more than $100. A single crash could easily lead to a big repair bill. No one expects to crash, but when it happens, it’s reassuring to know that Velosurance has your back.
Bicycle theft is a huge issue in the U.S. We receive dozens of reports each day, and those are only the ones that get reported. The reality is, bicycles are easy targets. Unlike cars or motorcycles, they don’t have keys or alarms. It takes seconds to steal a bike, but it takes a coordinated effort to steal a vehicle. That’s why insurance is so important—not just for accidents, but for theft as well.
So why does bicycle insurance cost as much as car or motorcycle insurance? It’s not exactly an apples-to-apples comparison. While both cover accidents, the risks involved are very different. Car and motorcycle insurance covers a wide range of scenarios, including high-speed collisions, major damage, and complex liability claims. Bicycle insurance, on the other hand, focuses specifically on the unique risks cyclists face—like theft, minor crashes, and equipment damage.
At Velosurance, our sole focus is on protecting cyclists. We understand the value of your bike and the risks you take every time you hit the road. That’s why we offer comprehensive coverage tailored to your needs.
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