Is Insurance Cheaper on Bicycles?


Are you a big fan of cycling or just use your bike to get to work? In any of these cases, you should think about insurance for your bicycle, even though it seems to be unnecessary for you. It’s a well-known fact that bicycle insurance is not required by law. But still, this option is worth considering. Why? Because it carries a lot of advantages for bike owners. Check them below!

The pros of having bike insurance

riding a bicycle

First of all, it usually offers liability coverage. That means if somebody damages your vehicle in an accident, you will receive financial help to pay for your repairs and other bills. Most policies let you choose among different levels of liability coverage, so higher limits cost more, while lower amounts of coverage are somehow cheaper.

Special insurance can also help you pay for medical expenses related to bike injuries. And it doesn’t matter how it occured and who caused the accident. You can remain financially stable in any situation. What’s more, some agencies take care of roadside assistance services. So if you are stranded on the side of the road because of the breakdown, you can avoid stress related to financial issues.

As you see, bike insurance is a kind of necessity that will make your life easier. However, some people still prefer to include it into their homeowner insurance. What is covered in this case?

Home insurance policy works for cases when a bike is stolen from home, damaged by a fire, other people or any natural disaster. But the most important thing, all the mentioned above must not be a result of your own actions. So if you crash your bicycle into a wall of your house, any policy won’t cover your expenses.

In addition, home insurance has quite low limits of coverage. On average you can get about $1,000 – $1,500, it depends on the policy you’ve chosen. So in case your expenses exceed that amount, you will be required to pay the difference out of pocket. Sounds not that attractive, doesn’t it?

Insurance prices

As with any service you get, the prices for insurance vary dramatically from one company to another. And of course you need to take into account a lot of factors before making a purchase, including your needs, lifestyle and budget. The cost of a policy is based on the type of your bicycle, its purpose and the area where you live. The average insurance won’t cost you more than $200-$300 per year. One of the most cost-efficient options is Simple Bike Insurance, which offers policies starting at as low as $100. Note that the company customizes each of its policies to your needs and riding style. This way, you can have complete control over your payment plan. When counting your personal price, Simple Bike Insurance takes into account a bike’s total value, its type, brand, model, frame of construction, purchase price, serial number and your primary reason for cycling.

Let’s consider some common quotes that depend on the bike value. If your vehicle costs from $900 to $3,000, you are most likely to pay $100 – $175. For more expensive items that cost $4,000 – $5,000, an insurance agency may ask $233 – $290. 

Final thoughts

Bicycle insurance is as important to your protection as your personal safety gear. Usually, it covers repair and replacement costs as well as damages of other people’s property and hospital bills for injuries. Hence, you don’t have to pay for all that out of your pocket. Instead, you can rely on an agency. Without any doubt, decent insurance is a very smart investment for cyclists.


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