One common question people often ask is why insuring a bicycle can sometimes cost as much as insuring a motorcycle or car. This is an excellent question that deserves some discussion. To better understand this, let's first look at some other pricing oddities before diving back into the specifics of bicycle insurance.
One of the most puzzling things to me is how a 32-inch digital TV can cost less than a pair of Oakley Switchblade sunglasses. I’ve yet to find a logical explanation for this discrepancy.
Another head-scratcher is the cost of bicycle tires compared to car tires. A bicycle tire uses less than 1% of the material of a car tire yet costs nearly as much and won’t last nearly as long. If my car tires had the same issues, I’d be back at the dealership constantly complaining. But with bike tires, I just resign myself to buying another overpriced piece of cycling rubber and get back on the road.
What about the cost of insuring a bicycle?
Insuring a bicycle is a relatively new concept in the insurance world, so there wasn’t any historical data to base premiums on. Instead, we relied heavily on market research (talking to hundreds of cyclists about the policy and premiums) and reviewed some incomplete bicycle accident data from the Department of Transportation (DOT) and bicycle theft data from the FBI to help establish our rates. We’re still fine-tuning these premiums, but overall, they seem quite reasonable across the U.S. Considering the risks involved in cycling, having bicycle insurance starts to make a lot of sense.
Why do competitive cyclists need insurance?
If you're racing competitively or participating in group rides, getting bicycle insurance is a no-brainer. The likelihood of experiencing crash-related damage is far higher than for casual riders. For example, insuring a $3,500 bicycle in Miami might cost around $250 annually with a $100 deductible. Given that many components on high-end bikes cost upwards of $100 each, even minor crashes can result in significant repair bills at your local shop. No one plans to crash, but when it happens, it's reassuring to know that Velosurance has your back.
Bicycle theft is a massive problem in the U.S.
We receive dozens of theft alerts daily, and these represent only a fraction of the incidents that occur. Let’s face it, bicycles are easy targets for thieves. Unlike cars or motorcycles, bicycles don’t come equipped with keys or alarms. Stealing a car or motorcycle requires coordination and effort, whereas lifting a bicycle and walking away takes mere seconds. It’s quick and simple for opportunistic thieves.
So why does insuring a bicycle cost as much?
It’s important to recognize that we’re not comparing apples to apples here—more like apples to oranges. While both fruits come from trees, they’re not from the same orchard. Similarly, car/motorcycle insurance and bicycle insurance may both cover accidents, but the risks involved are vastly different. At Velosurance, we specialize exclusively in insuring bicycles.
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