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10 questions to ask your insurance agent
When the topic of bicycle insurance comes up, the most frequent question is usually, "Isn't my bike already covered by my home insurance?" The short answer is yes, but not always effectively. Homeowner or renter’s insurance typically excels at covering items like furniture, electronics, and valuables, but it often falls short when it comes to insuring a bicycle. Unlike a couch, your bike is technically a vehicle, which exposes it to a much wider range of risks, including accidents, theft, and other hazards that go far beyond typical home-related issues like floods or fires.
Over the past 15 years, our team has seen firsthand how poorly standard homeowner and renter’s policies handle high-end bikes. No matter how many scenarios we ran through, it became clear that there had to be a better solution. Your bike is more than just a mode of transportation—it’s a key part of your lifestyle. Losing it would mean needing to replace it with something equally capable, which could be costly depending on your financial situation and how much risk you're willing to take on while riding.
A PolicyGenius tip: Most standard homeowner or renter’s policies will only cover the current market value of your bike, not its original purchase price. This means if your bike is damaged or stolen, you might receive less than you originally paid. On the other hand, a replacement cost value policy, which is an option with many renter’s insurance plans, will reimburse you for the full cost of replacing your bike at today’s prices. Of course, this type of coverage usually costs more.
Many people mistakenly believe their bikes are automatically covered under their home insurance. While this assumption can sometimes hold true, the devil really is in the details. How much coverage do you actually have, and what specific risks does it cover? If you're counting on insurance to protect you financially, the best approach is to educate yourself. Before assuming your bike is protected, call your insurance agent and ask the following questions:
1. **Is my bike insured from my home?**
Many policies only cover the contents inside your home. If your bike is outside, is it still covered?
2. **What is the value my bike is insured for?**
You don’t want to discover that your $7,000 Italian carbon fiber bike is only valued at $500. Many home/renter’s policies limit the value of individual items to as little as $500 or $1,000.
3. **Does the bike’s value decrease each year?**
If your two-year-old bike, originally costing $5,000, depreciates by 20% the first year and 15% the next, you’ll end up receiving only $3,000 for it. Would you be satisfied with a $3,000 replacement after riding a $5,000 bike? Some home policies don’t depreciate assets, but others do.
4. **What is the deductible?**
Some home insurance policies have very low premiums but come with high deductibles. A $1,000 deductible might not seem bad for fire damage, but it would feel significant on a $3,000 bike.
5. **Is the bike covered for accidental damage?**
If you accidentally damage your bike while riding, will it be covered? What about if you get hit by a car? Does your home insurance cover your bike when you're out on the road?
6. **Is the bike covered during races or organized events?**
If you participate in a race or an event like a Gran Fondo, will your bike be covered?
7. **Is the bike covered if I lend it to someone else?**
If a friend borrows your bike and damages it, or if it gets stolen from their car, will it still be covered?
8. **Is the bike covered when transported?**
It’s surprisingly common for bikes to get damaged while being transported. If a delivery service damages your bike, would your home insurance send you back to the shop? What if your bike falls off your car or gets hit by an uninsured driver?
9. **What happens if only parts of the bike are damaged?**
If just the wheels of your bike are stolen while it’s locked up, will your home insurance cover such partial losses? A high deductible could make filing a claim pointless.
10. **Will a claim affect my home insurance premiums or coverage?**
Your bike represents only a small portion of your overall home insurance coverage. Typically, homeowners file one claim every ten years. Insurance companies prefer policyholders who file few claims, focusing more on frequency than individual dollar amounts. Filing a claim for a relatively expensive bike might lead to increased premiums or even cancellation of your policy if you file multiple claims in a short period. Finding new coverage could become difficult in some markets.
11. **Bonus question: Is this an electric-assist bike?**
As electric-assist bicycles gain popularity, insurers and regulators are struggling to determine where they fit within existing guidelines. Since e-bikes have motors, some states classify them as motor vehicles, making them uninsurable under home policies. Even auto insurers often refuse to cover them.
Once you’ve answered these questions, you’ll be better equipped to make an informed decision. If you realize your bike isn’t well-covered by your home policy, you might be a perfect candidate for a Velosurance electric bike insurance policy. Our policy covers all the scenarios mentioned above and much more.
To give you a clearer picture, here’s an example: A five-year-old $3,100 bike is stolen, and a claim is filed with the insurance company.
| Feature | Home Insurance | Velosurance |
|------------------------|-----------------------|---------------------|
| Asset Value | $3,100 | $3,100 |
| Depreciation | $1,550 (50% over 5 yrs) | $0 |
| Deductible | $1,000 | $300 |
| Claim Payment | $550 | $2,800 |
| Savings | $0 | $2,250 |
That’s a $2,250 difference in out-of-pocket expenses, or roughly 12 years of Velosurance premiums at $186 per year.
If you're looking for comprehensive bike insurance, Velosurance offers America's best coverage. Get your free instant quote today!
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10 questions to ask your insurance agent