Thoughts on bicycle Insurance



napacycling

New Member
Apr 27, 2012
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Does anyone have a stand alone bicycle insurance policy? Your thoughts? Is it needed for commuting, recreation etc....
 

Damien Lee

Active Member
May 16, 2015
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I think bicycle insurance is a bit overkill for casual cyclists. It's an added expense that they just don't need. However, it would be great to have for those that use their bikes regularly. Particular for those that rely on their bikes to get them to work and back, having bicycle insurance makes sense. The more one is on the roads, the more risk they are exposed to. The chances of a mishap of some sort increases and it's great to know that one is covered.
 

Nukuhiva

Active Member
Jul 14, 2004
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Insurance companies (any type) are in the business of making money. For themselves.
My thoughts on expensive scams?
They are expensive scams.
 

Froze

Well-Known Member
Jul 13, 2004
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NE Indiana
Chris Burns Esq said:
I am an attorney in Florida. I have just written an article about all the ways in which insurance applies to bicycles. This includes references to bike specific insurance. It may help answer your question. Good luck.

Chris Burns

http://floridacyclinglaw.com/blog/archives/bicycle-insurance-recommendations/
A very good article you gave us. thanks for that.

I personally however, note I'm saying personally, would not buy a stand alone bicycle policy. In real life the chance of you crashing your bike and having significant damage is relatively rare. The last time I totaled out a bike was in 1984, so the cost to insure a bike today is roughly $500 a year, so over 30 years a person could spend more than $15,000 for a $5,000 bike in a relatively tame city for insurance rates. In other words you'll spend more than your bike is worth in just 10 years. If you're accident prone and destroy bikes every 5 or so years or are involved in racing and crash once a year or so than this sort of insurance is worth it, otherwise do the auto insurance and homeowners/renters insurance advice given by Chris Burns. Prices I came up with is through Markel Insurance, I'm sure they charge a lot more for a person who is racing the bike in events and or live in a big city like Los Angeles or New York City.
 

Corzhens

Well-Known Member
May 26, 2015
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I don't think we have a bike insurance here like those of vehicles they call comprehensive that would cover damages to the car and to the riders as well. That bike insurance is a good idea and very applicable here. I had just posted in another thread about a bike thief caught on CCTV that was shown in the news last night. Stolen bikes are common here because it is easy, just like taking your own bike in the process. With insurance, I guess insurance compannies wouldn't dare, hahahaaa.
 

sunshiney

Member
Aug 19, 2015
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Getting bike insurance is probably something that I wouldn't pursue unless I became way more serious about riding.

As it is, cycling is just a hobby for me right now, and I'm not likely to get into any accidents that would cause significant damage to my bike. Even if I did, my bike is a 5+ year old second hand deal with a lot of homemade repairs and maintenance. Paying for insurance would probably end up costing more than the value of the bike itself.

If I ended up getting into riding more seriously, it's something I would consider. Particularly if I was spending a lot of money on a quality bike, I'd want to have some protection just in case. More in the case of it getting stolen, which is more likely than a crash for me.
 

9lines

Member
May 7, 2015
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I have never thought about insuring my bike. I have have also never been involved in an accident which can make me worry about that. I do keep my bike safely at night so I don't have to fear that it might be stolen. Maybe because I have a cheap bike, but no, its because I have never about thought about that.
I have never thought about insuring my bike. I have have also never been involved in an accident which can make me worry about that. I do keep my bike safely at night so I don't have to fear that it might be stolen. Maybe because I have a cheap bike, but no, its because I have never about thought about that.
 

Froze

Well-Known Member
Jul 13, 2004
4,712
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You can insure anything and everything, problem is you could also become insurance poor, you have to wisely select the insurances that will be the most beneficial to you and your family without making you poor in the process. This is why I don't carry special bike insurance because I know a claim is rare and in the long run it would cost quite a bit more than just buying another bike. See my earlier post on this subject.
 

rcdpink

New Member
Oct 21, 2015
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Health insurance or even life insurance... But bicycle insurance sounds a little bit outlandish. Anybody who meets into an accident with me on my bike should know that they have to compensate me for damages.
 

rcdpink

New Member
Oct 21, 2015
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Chris Burns Esq said:
I am an attorney in Florida. I have just written an article about all the ways in which insurance applies to bicycles. This includes references to bike specific insurance. It may help answer your question. Good luck. Chris Burns http://floridacyclinglaw.com/blog/archives/bicycle-insurance-recommendations/
What an honor to get some first hand information from a lawyer. In this minute mind of mine I always thought of us here on the forum as cyclist, not thinking that all sorts of people are here including including lawyers. Lol. I am an accountant by the way and nice to meet you.
 

cycle93

Member
Oct 10, 2015
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You may need bicycle insurance if you have a bike that worths the money you will to spend on insurence.

If your need your bicycle for your everyday life, or for your work and you couldn't afford it to get stolen or damaged then yes, insurence is for yoz. I think that it is really depends on your bike type and lifestyle.
 

pinkride

New Member
May 4, 2015
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Being a casual cyclist myself, I never thought of a bicycle insurance. As I only use, my rather cheap, bike for recreational purposes only I don't think I'm ever gonna need an insurance to be honest.
 

Jcycle

Active Member
May 14, 2015
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www.nytegeek.info
If you have invested any sizable amount into your bike it may be a good precaution to take. The other party may not be liable in an accident so expecting that they will compensate you is silly. It would be a good idea to read and carefully select a policy before signing it though. Coverage for things like theft and damage are considerations.
 

Susimi

Well-Known Member
May 24, 2015
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I think it might be as good idea if you've got a really nice bike that is your pride and joy but I think over here in the UK bike insurance would fall under home insurance or something to that effect. Unless of course I've never heard of bike insurance before?
 

sharkantropo

Member
Apr 11, 2016
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I am an attorney in Florida. I have just written an article about all the ways in which insurance applies to bicycles. This includes references to bike specific insurance. It may help answer your question. Good luck.

Chris Burns

http://floridacyclinglaw.com/blog/archives/bicycle-insurance-recommendations/

Great info source, I'm surprised how many insurances cases also apply for bicycles. Thanks, attorney. I personally think a bike insurance is overprotective, But is without a doubt a wise choice, accidents could happen even in the best case scenario.
 

Corzhens

Well-Known Member
May 26, 2015
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Being a casual cyclist myself, I never thought of a bicycle insurance. As I only use, my rather cheap, bike for recreational purposes only I don't think I'm ever gonna need an insurance to be honest.

Same with me, my bike is a cheap model so I don't concern myself with the insurance. However, I have seen very expensive bikes. If you remember my post in the province of Batanes, that foldable bike in the picture costs more than $4,000 in the market. And if it gets lost, that's big money. In fact, before the owner let me test ride his bike, it took a consensus of everyone to allow me because the owner was afraid that something might go wrong as to damage his expensive bike.
 

Froze

Well-Known Member
Jul 13, 2004
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Don't forget too that the more expensive the bike the more expensive the insurance is, so after about 15 years, including rate increases, you would have paid the cost of a new bike in premiums. As I said before, insurance is very similar to gambling, the house is the insurance company and they are the ones with the odds heavily in their favor, if this wasn't true insurance companies would either be out of business or be non profit companies which obviously they are not by a long shot.