What we’ve attempted to do here is answer the most common questions relating to Bicycle Insurance to take out some of the legwork (pardon the pun!) for you. Hopefully, this will help you clarify what you know and perhaps what you might be unsure or weren’t aware of. Please remember that whilst insurance is similar across the world, there are bound to be differences between countries, states and territories. For this reason, please make sure any insurance for bicycles cover you choose, meets your needs. These FAQ’s are not mean’t to cover motorised bicycles, mopeds, scooters or motorcycles. If your looking for that, you won’t find it here.
Insurance can be a complex subject, particularly around liability claims. This website can’t answer all questions or cover all circumstances. If you need more specific information please consult with a reputable insurance company or lawyer.
1. Is Bicycle Insurance expensive?
Answer: The general answer is No. (Depending on your definition of expensive!) As a guide only, expect to be quoted anywhere from $7 - $20 per month for each $1,000 in value we want to insure. This figure will vary on what part of the world you live in and what type of bicycle insurance you are looking for.
2. What types of Bicycle Insurances are available?
Answer: This is one of those “it depends” answers. You need to be clear on what type of insurance you want and need. Simply put, do you want theft coverage if your BMX gets stolen from your garage? Do you have a carbon-fibre wunderbike with a $5,000 wheel set that you race on the velodrome, and want coverage from damage? Do you race mountain bikes and need coverage from damage after jumping it 10 ft off a drop? Or are you a boy / girl racer who loves a weekly hammer session but want public liability coverage in case the bunch ride comes down in a heap?
Maybe you want to take your steed on an overseas holiday and are dreading how Airline baggage handlers might treat your pride and joy. So to sum up the ‘it depends’ answer - choices include:
Theft Insurance / Damage coverage / Public Liability Coverage / Travel Insurance / Racing & Sporting event coverage.
In many cases, your household / renters / automobile insurance can be upgraded to include coverage for bicycles. Be aware that you might need to upgrade the value of your policy to provide adequate cover and specify your bicycle on the policy to make sure your Insurer will cover you. You also need to take into account under what circumstances you are and aren’t covered. This will vary. We’ll try and cover each in more detail.
3. Why would I want or need public liability insurance?
SCENARIO: You are out riding your bike on a training run with the bunch early one morning, and just as you enter an intersection, a car runs a red light and hits the last four riders in the bunch. No-one dies, but there are broken bones, and busted high end road bikes on the pavement as a result. The driver is not insured. What happens next?
Answer: Anyone who has ridden long enough on the road has seen a cyclist knocked off their bike by a car or seen a bunch ride come down like a deck of cards at some point. It does happen.
The answer to the above scenario will vary from country to country and in different states, territories and regions. If you are involved in an accident with another cyclist, a motorist or pedestrian the consequences physically and financially can be traumatic. I have seen the above scenario happen in front of me. I’m sure many of you reading this can relate to it. Irrespective of who might be at fault, without public liability coverage you might be placing yourself in an awkward situation of courts, legal and medical expenses without any way of paying or being adequately compensated for damages and loss. Your own public liability coverage can insure not only if you are at fault but if another party who is at fault has no or inadequate coverage.
We can’t and won’t comment from a legal perspective so if you are thinking of getting public liability coverage for your bike riding, please ask your insurer what coverage they provide whilst you are riding your bike and, whether or not household and automobile insurance does actually cover you whilst riding a bike. If not seek specialist coverage for piece of mind. Refer to other sections of this website for links to where you can find insurance providers for bicycles.
4. How do I go about getting Travel Insurance for my bicycle?
Answer: If you have Household or Renters insurance, the first thing to do is check your insurance policy to see whether or not you are covered you whilst travelling with certain items. In this case your bicycle. If so, make sure you have adequate coverage for your bike as a single item and understand if there are any exclusions you need to be aware of.
If you have specific travel insurance or plan to take it out, you need to check whether or not it will cover your bicycle also. If so, make sure your bicycle as a single item has enough coverage you need, in case it gets lost in transit, damaged or stolen etc. Investigate the policies of any Airlines or Transport operators themselves with regard to lost / damaged baggage. Any single item is likely to only be covered to a certain amount by them and, subject to being adequately labelled and appropriately packaged.
5. What about Bicycle Insurance for Theft or damage?
Apart from the specific links to insurers for bicycles listed elsewhere on our website, if you have existing household or renters insurance, this can be upgraded to include your bicycle(s) on the policy. Make sure you check whether you are covered whilst you are out riding and your bike is stolen or damaged and not just at home.
6. Insurance coverage for Bicycle Racing.
As part of your participation fee to enter many organised racing and participation rides it should generally cover public liability costs. Some will have a waiver clause and you should be aware of any waiver you sign and what it means for you.
Specialist bicycle insurance providers can cover you for racing needs. Where you live in the world will depend on what options you have available. In the first instance the best place to start is by looking up the website of your local cycling organisation or representative body. Membership to these organisations will generally include suitable insurances.
