Bicycle Insurance – Is It Really Necessary?

It’s no secret that cycling is becoming a more popular means of transportation.

People are more concerned about their health and are trying to save money. Some cities have as much as 5% of the population biking to work.

It's important to understand what happens if you are someone else is injured on a roadway while you are cycling. Without insurance, you could suffer a severe injury and be left helpless when it comes to medical bills.

Cycle insurance exists for a reason, so if you commute regularly or bike on the roadways, its best to inform yourself of your options.

What Is Bicycle Insurance?

Essentially, bike insurance is the same as motor vehicle insurance.

Coverage exists if an accident occurs while you are cycling, and you run into expensive hospital bills. Coverage also exists if you are struck by a motor vehicle while cycling.

If your bike gets stolen or vandalized while you are out, you are still insured.

Bike Fall

Typically, most people think bikes have coverage under homeowners insurance, but this is not always the case. There are a ton of contingencies such as where your bicycle gets stored, how old it is, how long it's stored there, where you were when it got stolen, etc.

It’s best to check with your homeowner's insurance company to find out more information on whether or not your bicycle has coverage under the policy.

Why You Need Bicycle Insurance

You need proper coverage for your bike for the same reason you need insurance on everything else you own. Cyclist insurance is vital for a variety of reasons.

For most insurance carriers, the value of your bike does not depreciate. If the bike is stolen or destroyed, you can replace it at full value.

If you are involved in an accident, and your bike is damaged, it’s covered no matter what.

Accident on a road bike

If your bike gets stolen and you can prove you took the necessary precautions to secure it, you have coverage.

If your bike is a primary source of transportation for you and it would negatively affect your life if you lost it, it's essential to have insurance on it.

Types of Bicycle Insurance

There are two primary methods of insurance for bikes. (3)

Homeowners Insurance

This policy is the standard, and as long as you take the necessary precautions of securing your bike correctly, you should have no problem. Although, this only protects you against theft and vandalism.

Another issue with homeowner’s insurance for bikes is you are not covered for theft or vandalism when away from your home. This situation is the time when you are most likely to run into an issue. If your bike gets stolen when its chained up at a store, you are typically out of luck.

Bike Stolen Wheele left behind

Many homeowner policies have a maximum dollar amount of each claim. For some companies, this is as low as $500. With your bike and all the accessories, you may not be able to claim the full loss on your bike.

Specific Bicycle Insurance

This insurance may seem like an unnecessary expense, but if you are serious about your bike than road bike insurance may be the way to go. This strategy is the best way to ensure you get the full value back on your bike if it's stolen or lost.

In a lot of situations, these types of insurances also cover injuries that occur to you during cycling. If you get struck by a vehicle, you and your bike have coverage.

Bike Insurance companies also have much higher maximum claims, so you are covered for the entire value of your bike including all the accessories.

The same goes for this insurance; you need to take the necessary precautions when securing your bike out in public. If you don’t, you still run the risk of not being covered.

When Do You Need Bicycle Insurance?

Cycle insurance is critical to have a variety of situations. Some people probably cannot live without it and others who it is not entirely necessary for.

There are a few things to consider when deciding whether or not bicycle insurance is right for you.

People who should have bike insurance.

  • ​If you bike to work regularly
  • ​If you bike in a large downtown often
  • ​If you store your bike in a public area
  • If you cycle in competitive events
  • If you cycle regularly on the road
  • If you feel your bike is a big part of your life
  • People who do not need bike insurance.
  • If you ride your bike less than three times per week
  • If your bike is not your primary source of transportation

​What Type of Bikes Need Bike Insurance?

Realistically, there is no right or wrong answer to this. No matter what kind of bike you have it's important to weigh the options of cycle insurance.

If you only have a mountain bike that you use for hiking and trails than you probably do not need bicycle insurance. Your bike is not a primary source of transportation, and you are only using it for recreation.

Workplace bike

If you are using a commuter bike that is taking you to work every day, and you are securing it at a public bike rack or phone pole than it’s probably necessary for you to keep your bike covered under an insurance policy.

The insurance you need is dependent on the habits of the cyclist. Each situation is different than the next, so it’s best to look into the individual options that best fit your lifestyle.


As the saying goes “Better safe than sorry.”

This quote applies to bicycle insurance. You never know how much you need something until it's too late. 

Consider all the tips above when deciding if bike insurance is necessary for your life. It never hurts to pick up the phone and get more information. Good luck!

This post was last updated on June 2nd, 2018 at 06:12 pm

About the Author Max Shumpert

Over the last few years, I’ve taken my love of the outdoors, hiking, skiing, trekking and exploring to the next level by starting this site. I started a bike shop in Denver, CO, and have seen amazing growth over the last few years. Getting paid to do what I love has been a dream come true for me. That’s also what led me to start In my shop, I spend a large amount of time helping people find the perfect bike for them and the style of biking they’re going to be doing. It only made sense that I expanded my reach and got online, making it possible for me to help people all over the world. If biking and staying fit is your priority, too, you’ve come to the right place.

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