A 2024 Cyclist Buyer's Guide to America's Best Bicycle Insurance (2024)

FAQs

Should I get cycle insurance? ›

The main worry people have is that their bike might get stolen, and rightly so. Theft has overtaken accidental damage as the top claim, but accidents still take up nearly half of all claims, so you may want to check you have cover for both theft and accidental damage at home or out and about on your bike.

A Comprehensive type of policy is considered as the best insurance policy for bike because of its coverage. It covers the mandatory Third-party Liability Insurance as well as Own Damage. You can also go for appropriate Add-ons to strengthen your policy.

How much does electric bike insurance cost? Liability coverage for e-bikes starts as low as $75/year.

In short, it's not a legal requirement, but it may be a good idea. It's well worth considering investing in insurance for bicycles if you want to cover your bike against theft and accidental damage, or if you travel and race lots and want to be covered for every eventuality.

If your bike is still available or the current model, we recommend to base your insured value on the undiscounted RRP, including the additional cost of pedals and any upgrades you've made. That way, should the worst happen, you'll have enough cover to get the same spec bike again.

Generally speaking, think about bike insurance if you have a bike that's worth more than $500 to $1,000. You should also think about how you use your bike. Bike insurance doesn't just cover your bicycle, it also covers you if you hurt yourself or someone else, or if you damage someone's property while you're riding.

Motorcycle insurance costs can range anywhere from $85 per year to $2,534 per year depending on coverage, the provider you choose, your driving profile and more. Below we'll break down average motorcycle insurance premiums for both minimum and full coverage for multiple types of bikes and quotes from major providers.

In many situations, your bicycle(s) may be covered by homeowners, renters, or condo insurance. For example, if your bike is stolen or damaged in a fire, your home, renters, or condo policy may pay to replace your bicycle, up to your coverage limits.

Usually, ebikes last for roughly ten years, but the year count can be low or high depending on several factors. Often you can consider replacing gears, tires, chains, brakes, etc., and may even replace the battery or motor for extended optimal performance.

Should you insure an electric bike? ›

Do you need insurance for an electric bike? Most states regulate e-bikes as regular bicycles, which means that there are no insurance requirements. Still, e-bike laws vary from state to state and change over time, so it is important to know the laws in your state.

Electric Bike Pricing

For most consumers, the higher end of the scale will be about $6,000 to $7,000. According to the NCSL, the average price for an electric commuter bike is $2,000 to $3,000, compared with $1,000 for a conventional midrange commuter bicycle.

Bicycle insurance covers the cost of repairs or replacement if your bike is stolen or you're if you're in an accident and your bike is damaged. It can also cover the cost of any claims made against you if you were to injure someone or damage property.

If you use your bike regularly either as a form of transport or as a hobby, your cycle is more expensive, or you like to take part in events, you should probably consider taking out specialist cycle insurance.

If you opt for own damage insurance for bike, you will get coverage against the damages caused to your two-wheeler in the situations mentioned below: Natural Disasters: If your bike gets damaged due to natural calamities like earthquakes, floods, cyclones, etc., your own-damage coverage will pay for the same.

You'll need insurance to register your motorcycle with the state and to operate it on the roads. Like most states, California requires all riders to be financially responsible for damages they cause to others. Your motorcycle must be insured in California for a minimum of: $15,000 in bodily injury per person.

Save Money on Commutes

Once you have invested in a bicycle, it will save you money in the long run. As it is a good and less expensive way for commuting. You can easily move around anywhere with the help of your cycle and do two tasks at a time, be healthy, and commute to other places.

A cycle insurance offers financial coverage in case the insured cycle incurs any damage or loss due to accident or theft. It also includes personal accidental cover in case the cyclist is injured.