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10 questions to ask your insurance agent
When it comes to bicycle insurance, many people wonder if their home insurance already covers their bike. The short answer is yes—sometimes—but it’s usually not the best option. Home and renter’s insurance typically excel at covering items like furniture, electronics, and other household valuables. However, they aren’t designed to handle the unique risks associated with owning a bike. Unlike a couch or TV, a bicycle is essentially a vehicle, exposed to a wider range of dangers including accidents, theft, and wear and tear.
Over the past 15 years, we’ve seen firsthand how inadequate standard home policies can be for protecting high-end bikes. No matter how many scenarios we ran through, it became clear that there had to be a better solution. Your bike isn’t just a mode of transportation—it’s often a key part of your lifestyle. If something happened to it, wouldn’t you want to replace it with something equally great? Deciding whether to purchase dedicated bike insurance or save up for a "self-insured" fund depends on various factors, such as your disposable income and the risks involved in your cycling habits.
A quick tip from PolicyGenius: Standard renters or homeowners policies often cover items based on their current market value, not their original purchase price. This means you could end up receiving less than what you originally paid for your bike. On the other hand, replacement cost value policies, which are available with some renters’ insurance plans, reimburse you for the cost of buying a new equivalent item. These policies tend to cost more upfront but offer greater peace of mind.
Many people mistakenly assume their bikes are automatically covered under their home or renter’s insurance. While this might sometimes be true, the devil is always in the details. How much coverage do you actually have, and what specific risks does it address? If you’re counting on insurance to protect you financially, it’s crucial to educate yourself. Before assuming your bike is protected, reach out to your insurance agent and ask the following questions:
1. **Is my bike covered under my home policy?**
Does your policy only cover items inside your home, or are your belongings outside also included? For example, if your bike is stolen from your garage or left outdoors, will it still be covered?
2. **What is the maximum value for which my bike is insured?**
Imagine you own a high-end Italian carbon fiber bike worth $7,000. Some policies might only cover it for $500 or $1,000 due to limits on individual item values. This could leave you severely underinsured in the event of a loss.
3. **Does the policy account for depreciation over time?**
Many home policies depreciate assets, meaning your once-$5,000 bike could drop in value by 20% the first year and 15% the next. If your bike gets stolen after two years, you might only receive $3,000—a far cry from what you paid. Some policies avoid this issue entirely.
4. **What are the deductibles?**
Even if your bike is covered, high deductibles can make filing a claim impractical. For instance, a $1,000 deductible on a $3,000 bike could feel significant, especially if you're already paying premiums.
5. **Is my bike covered for accidental damage while riding?**
If you crash or sustain damage to your bike during a ride, will your home policy step in? Similarly, what happens if you're involved in an accident with a vehicle?
6. **Am I covered during races or organized events?**
If you participate in a race or ride in a competitive event, such as a Gran Fondo, will your policy extend coverage to your bike? Many policies exclude coverage for activities outside of normal use.
7. **What about lending my bike to someone else?**
Suppose you let a friend borrow your bike, and it gets damaged or stolen while in their possession. Would your policy still cover it? What if it was locked in their car and subsequently stolen? These nuances can vary widely between policies.
8. **Is my bike insured during transport?**
It’s surprisingly common for bikes to get damaged while being transported. If a truck hits your bike carrier, will your insurer foot the bill for repairs or replacements? What if your bike falls off your car or gets hit by an uninsured driver?
9. **What about partial damage?**
Imagine only your wheels get stolen while your bike remains intact. Would your policy cover just that portion of the loss, or would you need to meet the full deductible? High deductibles can make smaller claims feel pointless.
10. **Could filing a claim impact my premiums?**
Although your bike represents only a small fraction of your overall home policy, frequent claims can still raise red flags. Most insurers focus on claim frequency rather than dollar amounts. Filing a single claim on a valuable bike might hike your premiums, and multiple claims within a few years could lead to non-renewal. Finding alternative coverage in certain areas might prove difficult.
11. **Bonus question: Do you insure e-bikes?**
With the growing popularity of electric-assist bicycles, insurers face new challenges. Some states classify e-bikes as motor vehicles, making them ineligible for home insurance. Unfortunately, they also tend to fall outside the scope of auto insurance, leaving owners in limbo.
Once you’ve answered these questions, you’ll be better equipped to decide whether your existing coverage is sufficient. If you find your home policy lacking, consider a specialized bike insurance plan like Velosurance. Our policy covers everything mentioned above—and much more.
For context, here’s an example: A five-year-old $3,100 bike gets stolen, and a claim is filed. Under a typical home policy:
- Depreciation reduces its value by 50%, leaving $1,550.
- A $1,000 deductible applies, leaving a payout of $550.
In contrast, Velosurance offers:
- Full asset value ($3,100).
- No depreciation.
- A lower $300 deductible.
- A final payout of $2,800.
That’s a $2,250 difference—or roughly 12 years of Velosurance premiums at $186 per year. Isn’t it worth investing in peace of mind?
Ready to explore your options? Get your free instant quote today!
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