How Much Does Bicycle Insurance Cost and Should You Get It?

If you're heavily invested in your bicycle and its equipment, insurance might be a smart choice for you. Here's what you should know about what it covers and whether it's worth it.
Written by Marisol Pereira
Reviewed by Carrie Adkins
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Bicycle insurance is a great option for serious cyclists who spend lots of money on their bicycles and want to be covered.
Bicycle insurance may not be the first thing that comes to mind when talking about insurance. However, many cyclist aficionados spend thousands of dollars on equipment and continuously expose themselves to risks while
coexisting with cars
on the road. Some commuters rely on their bike as a primary medium of transport.
If you're heavily invested in your bicycle and its equipment, insurance might be a smart choice for you.
compiled everything you should know about what bicycle insurance covers and whether it's worth it. 
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What is bicycle insurance? 

Traditionally, bikers would rely on home insurance to protect their bicycles' value as part of their personal property insurance. However, this approach has proved insufficient for many who've had to spend thousands of dollars on equipment, and their policy could not cover the full costs of replacement when it got damaged or stolen.
That's why, in recent years, some companies have dedicated themselves to selling bicycle insurance, completely separate from home insurance. This allows cyclists with expensive equipments to get more extensive coverage. 

How much does bicycle insurance cost?

Costs will vary depending on the area where you live, the company, and the plan you choose. However, bicycle insurance doesn't have to be expensive. On average, prices range from $100 to $300 a year. 

Bicycle insurance coverage options

Why would you pay an extra insurance fee when your home insurance already covers part of the same thing? Well, bicycle insurance goes an extra mile, and it offers a lot more features than your personal property insurance, including things like: 
Physical Damage: The value of your bike will be covered in case of a collision, fire, theft, attempted theft, vandalism, or hitting another object. 
Rental Reimbursement: If, after an accident, your bike is no longer available for use, and you need to rent another bike while you get yours back, your insurance will cover the costs of the rental bike. This is a useful feature for those who train for competitions and for those who rely on their bikes for transportation. 
Competitive Fee Reimbursement: Let's say you signed up for a competition and paid a fee to secure your spot. But, after an accident, you are no longer able to compete. Well, worry not, because your bike insurance may also reimburse you for your inscription fee. 
Spare Parts: If you like to err on the side of caution, you may have some spare parts lying around in case you need them. Your insurance can also have coverage available for these in case they suffer some damage or go missing. 
Cycling Apparel: Cycling apparel can be expensive. That's why if your best outfit gets damaged in an accident, your policy can also cover some of that loss. 
Cycling Liability Insurance: One thing to keep in mind is that, when getting into a biking accident, not only do you incur damages to yourself, but you can also damage others and their properties. You can ride with ease knowing that your bicycle insurance will cover these costs. 
Medical Payments: While your medical insurance will most likely have you covered when it comes to personal injuries, your bicycle insurance can also offer additional coverage in this area. 
Roadside Assistance: If your bike happens to break down in the middle of nowhere and you have no way of turning back, your insurance might offer some roadside assistance to transfer you and your bike to where you need to go. 

Should you buy bicycle insurance?

If you're on your bike most of the time, you may be exposing yourself to risks that aren't covered by your medical or home insurance. Owing a bike requires some investments, and protecting those investments is always a good idea when possible. 
It may not be worth it if you only bike on rare occasions or your bike is inexpensive, but if you're a serious cyclists, it's definitely worth picking up.
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Is bicycle insurance necessary?

No, bicycle insurance is not necessary. It's not a legal requirement. However, that doesn't mean you shouldn't still get it.

Why is bicycle insurance so expensive?

Bicycle insurance rates can be high, and it's for good reason. Frankly, you're much more likely to crash on a bike than in a car.
Plus, bikes are much more prone to damage. Repairs for a $3,750 bike after a crash can rack up quickly. And if you're covered for bicycle theft, your premiums will be higher–bicycles are one of the most common targets of theft.
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