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Bicycle Insurance: Should You Subscribe?

·5 mins
Bicycle Lifestyle

With the rising popularity of bicycles as a means of transportation, especially in urban areas, the question of bicycle insurance is becoming increasingly relevant. In the United States, around 47 million people used a bicycle at least once in 2022, and 6% of Americans cycle regularly, according to Cycle Pedal.

With the growth of cycling, particularly electric bicycles, which are more expensive and often targeted by thieves, their security has become a priority for many cyclists. In light of this reality, is it wise to subscribe to bicycle insurance? The answer is in this article!

Statistics on bicycle theft in the United States
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Bicycle theft is a real scourge, particularly in large cities. Every year, millions of bicycles disappear, causing not only financial loss but also inconvenience for those who rely on their bicycle as their primary means of transportation. According to Velco, here are the main numbers to keep in mind:

  • 2 million bicycles are stolen each year in the US.
  • 60% of theft happen in the public space .
  • Moutain bikes, electric bikes, road bikes and city bikes are the most stolen of all.

In the face of this constant threat, one question arises: is bicycle insurance an effective solution to protect your property and compensate for a potential loss?

Bicycle Insurance: What Are the Different Options?
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There are several types of bicycle insurance, each offering different levels of coverage depending on the needs of cyclists. Here’s an overview of the main options available:

Theft and Damage Insurance
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This insurance covers theft and material damage suffered by your bicycle, whether due to an accident, a fall, or vandalism. It is particularly useful for high-value bicycles, such as electric bikes or racing bikes.

Liability Insurance
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Liability insurance covers damages caused to third parties in the event of an accident involving your bicycle. It protects against potential legal action in case of injury or property damage caused to others. It is sometimes included in home insurance, but it is important to check if a specific extension is necessary for your bicycle.

Assistance Insurance
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This option provides assistance in case of breakdown or technical incident during your bicycle trips. Ideal for long journeys or daily users, it guarantees quick troubleshooting, towing, or on-site repair.

All-Risk Insurance
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All-risk insurance is the most comprehensive option, as it covers theft, damage, and liability. It is an ideal solution for cyclists who want total protection, although it is often more expensive than other options.

What Are the Bicycle Insurance Offers?
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In the United States, bike insurance options are often included in homeowners’ insurance policies, but several companies offer specific insurance for bicycles.

  • Velosurance: A company specialized in bike insurance, covering theft, damage, and liability, with an option to cover races or cycling events.
  • Markel: Offers insurance for both professional and amateur cyclists, with options to cover high-end and electric bikes against damage and theft.
  • Progressive: One of the largest insurers in the United States, Progressive offers insurance for electric bikes, covering theft, damage, and liability.

Bicycle insurance offers various options based on the risks involved

Bicycle Insurance: The Pros and Cons of Subscribing
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Bicycle Insurance: We Say Yes!
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  • Financial Security: subscribing to insurance allows you to receive compensation in case of theft or damage, which can avoid high repair or replacement costs, especially for electric bicycles or expensive models.
  • Peace of Mind: having insurance allows you to ride with peace of mind, especially in high-risk areas where theft is frequent.
  • Legal Protection: in case of an accident, liability insurance protects you against lawsuits if you injure someone or damage their property.

The Disadvantages of Bicycle Insurance
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  • Cost of Insurance: like all insurance products, the price can quickly rise without ever needing it, especially for all-risk coverage.
  • Restrictive Conditions: some insurances impose strict conditions for coverage to be activated, such as using a certified lock or quickly reporting the theft. It is essential to read the contract clauses carefully to avoid being left without recourse in case of a problem.

How to Choose Your Bicycle Insurance Wisely?
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Before subscribing to insurance, it is important to ask the right questions to choose the coverage that best suits your needs.

  • The Value of Your Bicycle: if your bicycle is expensive (electric bikes, racing bikes), it is essential to opt for insurance that adequately covers theft and damage.
  • The Type of Use: for daily or professional use, all-risk insurance and assistance will be more relevant.
  • Exclusions: carefully check the exclusion clauses in your contract to avoid unpleasant surprises, such as restrictions on geographical areas or types of damages not covered.

Bicycle Insurance and GPS Tracker: The Winning Combo!
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Subscribing to bicycle insurance is essential, but adding a GPS tracker enhances security and increases the chances of recovery in case of theft. Here are the main advantages of this combination:

  • Increase Recovery Chances: A GPS tracker allows you to track your bicycle’s location in real-time, increasing your chances of finding it quickly. This is particularly useful when only 4 to 6% of bicycles are recovered according to Le Monde.
  • Discounts on Insurance Premiums: Some bicycle insurance companies offer discounts for cyclists equipped with GPS trackers. Be sure to inquire about this directly with the insurers!
  • Enhanced Peace of Mind: The GPS tracker provides constant monitoring of your bicycle and alerts you in case of suspicious movement, reducing anxiety related to theft.
  • Modern and Complementary Technology: GPS trackers like the Invoxia Bike Tracker for the European market provide long battery life and notifications in case of movement, perfectly complementing insurance coverage. In the US and in Europe, the GPS Tracker Pro will perfectly fits your needs in terms of anti-theft protection. You also multiply your chances of recovering your bicycle by 10!

Combining insurance and GPS tracking offers comprehensive protection, both financially and for the quick recovery of your bicycle in case of theft.

Invoxia product

Subscribing to bicycle insurance depends on many factors: the frequency of use of your bicycle, its value, but also the level of security you need. Although costly for some, it can prove to be a wise investment, especially if you regularly ride in areas where theft is common. In any case, take the time to compare offers and fully understand the clauses of your contract for optimal coverage!


*Source: Invoxia Survey June 2024

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