How much does bicycle insurance cost?

Answer 1

It depends. If it is just a bicycle that isn't very expensive, or has a long warranty on it, then it doesn't really need insurance, mostly because there are little to no bike accidents where people are killed, and bicycles aren't all that expensive. If it is a very expensive bike (over $1,000 or more), then insurance wouldn't be a bad idea, but only if you ride the bike a lot, or if it is something very important to you. Otherwise, bicycles shouldn't have to have insurance - there's just no need for it.

Answer 2

Your bicycle most likely will have some very limited coverage under your homeowners or renters policy, however, there are usually limits on the value of the bike and the types of losses that would not be covered, such as theft and damage away from the home. Most home insurance policies will not cover crashes or accidents, especially while racing, so if you wreck out on the road, in a race, or an organized ride you will be out of luck with the home insurance company.

Also, when you file a bicycle claim against your homeowner's policy, you risk having your insurance rates increased or the policy cancelled.

With a special bicycle insurance you have the peace of mind and satisfaction knowing that your policy is built specifically for you and your bike, and claims will not affect your other insurance rates.