Bicycle insurance | Are you extra fond of your bicycle? - DNB (2024)

FAQs

What does bicycle insurance cover? ›

A standard bike insurance policy typically includes coverage for theft, accidental damage, and malicious damage. These are the core protections that can help you recover from most of the common misfortunes that can befall your bike.

Value – This is the most obvious reason for getting bicycle insurance. If you own a bicycle that is worth a lot of money, it will not only be a target for theft but will also be a big expense to replace or repair. Insurance helps to cover these costs.

Bike insurance doesn't just cover your bicycle, it also covers you if you hurt yourself or someone else, or if you damage someone's property while you're riding. If you ride often, long distances, off-road or competitively, bike insurance is probably a good idea.

A standard bicycle insurance policy covers damage and theft of your bicycle as well as liability for damage or injuries where you are held responsible. A typical bike insurance policy will include: Bicycle damage. Bicycle insurance repairs or replaces your bike if damaged due to a collision, theft, vandalism, or fire.

Motorcyclists generally pay between $60 and $75 per month for insurance, though this can range from as low as $25 per month up to $200 per month depending on coverage types. How much motorcycle insurance is depends on your type of bike, location and driving history.

Not to worry, the two wheeler Own Damage insurance will cover the cost to repair or replace bike parts damaged due to the accident. In case your bike is damaged due to floods, earthquakes, cyclones, etc.

In a perfect world, you'd store your bike in something like Fort Knox – somewhere out of sight and highly secure so that you and your insurance provider know it's safe and sound. That option's not open to most of us, but if you can store your bike in a garage or on a drive, you should definitely do so.

Bicycle insurance also isn't legally required. However, it may be a good option if: You don't have homeowners or renters insurance. Your bicycle costs more than the coverage limits on your homeowners or renters insurance policy.

How many cyclists have insurance? ›

The UK bicycle insurance provider, Cycleguard, which is underwritten by Thistle Insurance, has released the details of its most recent study. The report reveals while an estimated 12.4 million cyclists will be taking to the UK roads this summer, only 18% of them will be insured.

A standard renters insurance policy usually covers bike theft, regardless of whether the theft happened at home or in a public place. Bicycle insurance coverage excludes normal wear-and-tear, bike maintenance, and flood damage.

How much does Cycle Insurance cost? As a general rule, you can expect to pay in the region of £100 to £300 per year, to insure one bike or e-bike depending on factors such as the value of the cycle, your age, where you live, how you use your bike and where you store it.

When the driver is at fault: If the cyclist is hit by a car, the at-fault driver's auto liability coverage can pay for the cyclist's medical expenses and the cost to repair or replace the bike. If the driver is uninsured, the cyclist will need health insurance to cover injuries.

You use your bike every day: if you are injured in a road accident, or damage someone else's property while riding, bike insurance can cover the costs. You use your bike to race: some bike insurance policies can cover you when taking part in events like triathlons, time trials and road races.

There are several different types of bike warranties available. The most common warranties cover faulty or defective bike parts and will cover the cost of repairing or replacing components like these: Frames. Groupsets.

In many situations, your bicycle(s) may be covered by homeowners, renters, or condo insurance. For example, if your bike is stolen or damaged in a fire, your home, renters, or condo policy may pay to replace your bicycle, up to your coverage limits.

Electric bikes generally have limited to no coverage under a standard homeowners or renters insurance policy because they're categorized as a motorized vehicle and that creates a gap in protection.