Any cyclist would say that their bike is like a family member for them. People who love cycling and spend much time on this activity even give names to their bikes. However, owning  a bicycle is not only about emotional attachment. Sometimes, they can be a great investment. Just imagine how much money is spent on carbon components, electronic groupsets and disc brakes. The total cost of all those things may reach about $12,000.

Is it possible to protect a bike?

Luckily, some homeowners’ policies protect bikes against theft. But still, your expenses won’t be covered if you crash while riding a bike. The good news is that there is a special bike insurance that works the same as car insurance.

Today, there are a big number of companies that specialize in bicycle-specific insurance. They offer different plans, so you can choose the one that matches your needs and budget. Let’s consider in more detail what bike insurance usually covers.

What’s included?

Unfortunately, one of the most frequent offenses in urban areas is bike theft. If your bicycle was stolen, you will get compensation for it. In case it was returned but damaged, the insurance company will compensate your expenses on its repair as well. Another common type of insurance used by cyclists is crash protection. It’s used in many different cases, including losing control and having your bike hit by someone.

You can also have medical coverage as a part of bike insurance. So if you have an accident and need some financial aid, you can get a supplement to your health insurance. By the way, insurance for bicycle provided by most companies is available all around the world. So if you have a crash while traveling abroad, you shouldn’t worry about money issues.

Types of insurance

As mentioned above, your bicycle can be protected via both your homeowner insurance and a specific one. Each of them has its own advantages and disadvantages.

Generally, homeowner insurance seems to be the easiest one to get. In fact, it combines many things in one place. But this type of insurance provides only some basic coverage for your bike. Besides, it’s usually limited to some small amount of money. By the way, the majority of house insurers oblige you to take additional measures to prevent thefts. Otherwise, you won’t be given compensation. Additionally, this kind of insurance agencies usually don’t cover expenses caused by personal accidents as well as damage made at sport events.

Usually, special companies cover bikes with a bigger value than the majority of homeowner insurance policies. On top of that, they offer great discounts up to 50% for each item on the policy. In fact, this option is even more cost-efficient if you have a big collection of bikes or electric bikes, it’s explained here in more detail . But note that policies often cover only one owner’s bikes, so anybody in your family won’t benefit from it. Similar to house insurance, a specific one requires you to take some theft precautions. But the difference is that it works for vehicles in other locations apart from home. Additionally, it spreads on separate bike elements, like wheels and accessories.

So the key difference between the two types of insurance is a so-called human element. For instance, if you get into an accident and get injured, you’ll get money for treatment. Can you imagine that some agencies even cover loss of earrings, competition fee as well as expenses on roadside recovery services?

Final thoughts

If your bike is damaged by somebody, stolen or lost, then the insurance company is supposed to cover all the related expenses. By analyzing pros and cons of different  policies, you can pick the best option for yourself. Hopefully, this article provided you with a better understanding of what bike insurance is and why you need it.