The Basics of Bicycle Insurance

By on October 11, 2018

A lot of us don’t hesitate to spend what is needed to protect our bikes: locks, bolts, cables. We’ve all learned, some of us the hard way, how to lock up properly. But how about bicycle theft insurance? Or bicycle damage or loss insurance?  Do you have it, and is it worth it?  There’s a lot of misunderstanding about what coverage is available and what coverage is worthwhile. For the price of one fancy dinner date you can likely insure your bike for the year.



Types of Coverages

Renter’s insurance is likely the most well-known.  It covers all your stuff in a disaster, such as fire as well as out on the street. If your apartment is burglarized, or your cable lock cut, renter’s insurance should pay out for a replacement bike. Homeowner’s insurance works the same but usually has a higher deductible.  Like all insurance, every claim has the potential to raise your rates. While claiming inexpensive damage or theft may result in a payout from your provider, it might also raise your premiums. That rate hike could be more costly than the original claim is worth. For that reason here are insurance options for your bike only to be specifically listed on your policy with it’s own separate deductible. You pick how much coverage you need for your bicycle and the accessories. Bicycle then and damage insurance plans from Auto-Owners Insurance.  You can expect to spend 5 minutes or less providing some info to get a rough price. Most people are very surprised at the affordability of having your bike scheduled on your policy.

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