Bicycle insurance cost explained
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June 30 04:06:55, 2025
Why does bicycle insurance cost as much as car or motorcycle insurance? This is a question many cyclists ask, and it's worth exploring. Let’s look at some of the pricing oddities in different industries before diving into the specifics of bicycle insurance.
One thing that always puzzles me is how a 32-inch digital TV can cost less than my Oakley Switchblade sunglasses. I’ve never figured out the logic behind that. Another example: a bicycle tire, which uses less than 1% of the material of a car tire, often costs almost as much and doesn’t last nearly as long. If my car tires had the same issues, I’d be back at the shop complaining. But with bike tires, I just buy another overpriced rubber oval and get back on the road.
Now, what about the cost of bicycle insurance? It's a relatively new product in the insurance market, so there was no historical data to rely on. Instead, we used market research—talking to hundreds of cyclists—and looked at some incomplete accident data from the DOT and the FBI. Based on that, we were able to set reasonable premiums across the U.S.
We all want long-term access to bicycle insurance, and for the product to be sustainable, the risk-to-reward ratio must make sense for the company. We’re still fine-tuning the rates, but overall, they seem fair given the risks involved when riding.
If you ride competitively or participate in group rides, having insurance is a no-brainer. The risk of crash damage is much higher than for casual riders. For example, a $3,500 bike in Miami costs around $250 a year to insure with a $100 deductible. Most parts on that bike are over $100, and a single crash can lead to a costly repair bill. While no one expects to crash, knowing that Velosurance has your back can provide peace of mind.
Bicycle theft is a huge issue in the U.S. We receive dozens of reports every day, and those are just the ones that are reported. Bikes are easy targets—no keys, no alarms, and they can be stolen in seconds. Unlike cars or motorcycles, which require more effort to steal, a bicycle can be taken in an instant.
So why does bicycle insurance cost as much as car or motorcycle insurance? It’s not really a direct comparison. They’re both forms of insurance, but the risks involved are very different. Car and motorcycle insurance covers a wide range of scenarios, while Velosurance focuses solely on bicycles.
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