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Do You Need to Insure Your Bike?

Most cyclists understand the importance of having a helmet and good bike riding gear when on the road. Unfortunately, most of them do not understand the importance of insurance for their bikes. A bicycle can be stolen, damaged, and the rider might get injured. In such incidents, bike insurance might help save the situation. 

Most people do not put a lot of value on bikes but today, some bikes cost as much as over $1,500 and some might have a value that exceeds some cars. As a bike owner, it is important to protect your valuable property by getting insurance cover for your bike. 

Bike insurance – is it a new term?

According to, bike insurance is not a new term because the product has been in the market for some time. The only difference is that most people do not know such a product exists and many others do not value it at all. 

The term does not just refer to insurance against theft and crash but there is more to this product. Most people might also feel they have more than enough insurance products such as car, homeowner, tenant, medical, business, etc. They might feel what they are paying for other insurance products is more than enough and they don’t require bike insurance. 

Bicycle insurance covers more and most covers extend to medical expenditure, cost of repair, and liability if someone else caused an accident. Some companies will cover the cost of racing and a replacement bicycle as you wait for your claim to be processed. 

Myths prevent bike owners from insuring them

Although some insurance companies have customized standalone insurance for bike owners, most of them fail to insure their bikes due to misconceived myths. Unfortunately, these myths do not help them after an injury, theft, or another kind of loss. Here are the most common myths.

Homeowner’s insurance includes bikes

This is one belief every insured homeowner has and they believe the insurance company will compensate them for damages on their bikes. This is true but only in one part because the bike owner should look deeper to understand what is covered and to what extent. 

Some homeowners insurance policies have a low coverage limit and high deductibles, which have a huge implication on what they can get. The bike owner might end up getting less than $300 for a bike worth $1,500. The claim might also raise the insurance rates. 

A locked bike cannot be stolen

This is another myth that bike owners must overcome and live in reality. Bike locks, no matter the quality, do not keep away thieves. It might help to a certain point, but if a thief is determined to steal, they will succeed even if the bike is locked. 

Professional cyclists should insure their bikes

Professional cyclists might insure their bikes because biking is their livelihood but everyone needs bike insurance. An accident can take place, it might be stolen or damaged due to some other reason at a time when you don’t have money to repair or buy another quality bike. 

Insuring a bike is too expensive

The medical costs you might incur after an accident are far much more than the cost you will pay to insure the bike. Most insurance companies for bikes cost between $100 to $300 per annum, which is about $8 to $25 per month. This is not much but it can save you thousands of dollars in medical expenses or the cost of buying a new bike. 

Coverage you might get from other insurance policies

Other insurance policies might cover you to a certain point. For example, if you collide with a car, the car insurance should cover the cyclist for injuries. If you have a personal injury cover, the cover will protect you if you get injured while using your bike or due to a collision. 

You might also have health insurance and if you sustain injuries after a crash, the insurance might cover your medical expenses to a certain point. You still need standalone bike insurance that can cover more beyond bodily injuries. 


Several myths have surrounded bike owners for many years, which prevent them from taking insurance cover for their bikes. Most bike owners understand the importance of having a helmet, a good braking system, and riding gear but they don’t value the need for bike insurance. Bike insurance does cover not only theft and accident but also medical expenditure, repair, vehicle contacts, accidental damage, bike liability, etc.