All You Need to Know About Bicycle Insurance

bicycle insurance

If you’ve been around the triathlon world long enough, you know bicycles can cost a pretty penny. Even though you’re not spending $500,000 on your ride, your bicycle is still an important piece of equipment. Without it, you can’t run a race.

That’s why you need bicycle insurance. Depending on what you’re riding, you may not have the cash to replace your bike immediately if it’s stolen or you’re in an accident.

If you want to protect your investment in your bicycle, be it new or old, cycle insurance is for you. Our guide will tell you everything you need to know to start shopping for the right policy.

Why Do You Need Bicycle Insurance?

If you’ve looked at upgrading your road bike or a time trial bike lately, you know they can get quite expensive. It’s not uncommon for bike price tags to approach $10,000, with components included. That doesn’t include race wheels, tires, or a custom paint job.

Even a frame alone can cost a few thousand dollars. Pricing depends on makes and models, as well as whether the bike is new or used.

Once you’ve invested so much in this triathlon equipment, you’ll want to be sure you’re protecting it. After all, you’d insure your car, right?

Insurance helps you replace this important piece of equipment if it’s stolen or damaged.

What’s Covered with a Policy?

What’s covered for pedal bike insurance depends a bit on the policy you choose. You can choose between a bike-specific insurance policy or a home owner’s policy.

If you opt for the home owner’s policy, your bicycle is insured under a few circumstances. For example, if your bike was stolen from your home, the insurance would cover the theft. A home owner’s policy doesn’t cover you if you’re injured, and they don’t usually extend to race scenarios.

Road bike insurance helps you protect your investment. If someone steals your bike, you’re covered.

It also protects you if you’re involved in an accident during training. A bike-specific policy may also cover expenses if you’re injured riding your bicycle.

Are You Covered During a Race?

As a triathlete, you need to ask this question. Some companies do cover damage to your bike during competition. Other policies will not.

A few companies even offer race fee coverage. This will help you recover the race entry fee if you need to withdraw from a race because you’ve been injured. A few policies will pay lost wages if you miss time from work due to a bicycle accident.

It’s clear you need to shop around to find the best bike insurance. Check out resources like Esurance reviews to get started with policy shopping.

Do You Need a Policy?

If you’ve upgraded your bike recently, a bicycle insurance policy can give you peace of mind.

Want to keep your new bike in great working order so it lasts for seasons to come? Check out some of the tips and tricks on our blog.