The times are changing and cyclists are booming, even in light of all the thefts. If you love to ride a bicycle, it’s important that you know the best bicycle insurance USA companies with the best bicycle insurance policies. While it’s great that biking is growing in popularity, this also means there are more bicycles targeted by thieves. The best bicycle theft insurance can give you the peace of mind you need and keep your bicycle protected (theft-free) so you can continue riding without worry.
While there are steps you can take to deal with theft, the best solutions are those that deter criminals completely. The best bicycle locks can keep thieves at bay for a long time while the best lightweight bicycle locks are more of a visual deterrent. It’s not a matter of if, but when. With the proper tools and enough time, professional thieves will take your bicycle. You can use locks, but that isn’t always enough to stop them.
Home insurance might already cover you for your bicycle, but there are times when specialized cycling insurance is a worthwhile purchase. Many home policies have low maximum claim amounts and could take time to pay out for stolen bicycles. Cycling insurance can help you with higher claims amounts and quicker payments.
With cities and major highways becoming increasingly crowded with traffic and pedestrians, bicycles pose a big problem for those who use them on the road. Bicycle insurance covers these eventualities and more, including when your bicycle is stolen from your home. However, some homeowners’ policies cover bicycles, but it’s often limited coverage, so it’s best to purchase an additional policy for your bicycle.
Although for years, the U.S. insurance options for cyclists have been anything but perfect, some forward-thinking companies are changing that with new policies specifically designed for cyclists and their insurance needs. Long-term coverage is now available to cover bicycles and their medical needs while short-term coverage can be used for rides, memberships, or equipment. Most importantly, preferred-rate life insurance policies now cover a cyclist’s life.
So if you’re from the US, we have listed our top 3 here, and you might just find the best bicycle insurance USA company that offers the best bicycle insurance policies for you.
1. Velosurance
Velosurance is your best bet if you’re looking for the best bicycle insurance USA Company. Their policies are underwritten by Markel American Inc., so your bicycle will be covered at full value (rather than depreciating in time). This means that if something happens to it, you’ll be able to replace it with something similar.
Core Velosurance offers customizable policies. The bicycle insurance cost of a basic policy is around 7-8% of your bicycle’s value. Coverage options start at $100 per year. The protection includes protection for theft, loss in transit, and accidental damage. There’s also liability protection with coverage limits of $25K, $50K, or $100K per occurrence. They also include roadside assistance. For every five occurrences a year, you’re eligible for a maximum of 35 miles of transportation per breakdown. And of course, they’ve also included medical coverage.
Velosurance’s partnership with local bicycle shops around the country means that you can return your bicycle to your favorite one when it needs to be repaired. If your bicycle gets stolen or damaged while you’re on vacation, Velosurance will cover the cost of replacement or repair—even if you’re outside of the U.S. and Canada.
Velosurance isn’t the only best bicycle insurance company. You might also want to check out Markel.
2. Markel
Markel is a giant in the insurance industry. It’s one of the most well-established insurance companies in the US and perhaps the best bicycle insurance USA Company to rival the other two on this list. The company is reported to be the largest of its kind with a history that goes back to the 1930s. That is an extremely impressive combination of size and reputation.
Since it’s been offering bicycle insurance for a long time, Markel naturally knows how to familiarize itself with the industry. It has recently begun offering its own e-bike insurance since it has acquired experience through years of servicing clients. The company offers a wide range of insurance plans for individuals, businesses, and different types of vehicles.
Markel (the underwriter of Velosurance) offers a very similar bicycle insurance policy to Velosurance. Although Velosurance is not dependent on Markel, they are under the same underwriter.
No additional costs for a substitute bicycle rental!
Markel bicycle insurance policies cover the cost of renting a replacement bicycle when damaged and repaired. So if you’re a competitive cyclist or someone who uses his/her precious bicycle to commute to work, this is a great benefit. But if you want another option, you should look at SPOKE Bicycle Insurance.
3. Spoke
With Velosurance and Markel, you might have found yourself screaming, “WHY IS BICYCLE INSURANCE SO EXPENSIVE!” Well, here’s a not so cheap bicycle insurance option but definitely one with lesser bicycle insurance cost than the two mentioned above.
SPOKE is another best bicycle insurance USA company. It first launched in 2012. The company also provides comprehensive insurance for electric bicycles. Markel sponsors SPOKE now. Marsh & McLennan Agency distributes it under the Markel umbrella.
SPOKE Bicycle Insurance is worth highlighting for its comprehensive solution for ebike riders and urban commuters. The company does not only provide protection usually reserved for professional or high-risk riders, but it also offers the best coverage for a low annual fee of $100.
Just like Velosurance, customers can take advantage of a network of more than 10,000 tow truck companies that may be contacted in the case of a roadside emergency, and roadside assistance is available within 35 miles. This only applies five times a year.
To get an accurate policy quote, you will need to provide your contact information and your license number. Alternatively, you can enter the Social Security number. You don’t really need to do this, but it will guarantee a more accurate estimate.
Conclusion
Bicycle insurance isn’t legally necessary. However, we highly recommend that you get standalone bicycle insurance if your bicycle is worth more than the sum of the deductible amount and the coverage limits of your renters or homeowners policy. For example, if your bicycle is around $1.5k – $2k worth and if a thief stole it, it’ll be covered by your bicycle theft insurance.
Take note: A renters or a homeowner’s insurance policy is missing the two most beneficial things that bicycle insurance offers. The first one is liability coverage. This policy covers your legal liabilities in the event of an accident. The other one is more comprehensive and covers you in the event of accidents or stolen or damaged bicycle.
Choosing the best bicycle insurance USA company that offers the best bicycle insurance policies can be a challenging process. In order to ensure that you have the best choice, we recommend giving yourself plenty of time to look for quotes. The best way to save money on bicycle insurance is to gather multiple quotes. When you compare bicycle insurance quotes, don’t choose based on price alone; instead, consider which company offers the coverage you need, such as protection against loss, theft, or damage.
If you have any thoughts or opinions on bicycle insurances, leave them in the comments. We’ll try to address any questions you have.
