Understanding Bicycle Insurance

Updated on
May 4, 2022

What is bicycle insurance?

Bicycle insurance is a specialized insurance policy that provides comprehensive coverage against unforeseen scenarios specific to bikes. Coverages include theft, crash damage, medical payments, and liability coverage - and are typically neglected by your standard homeowners or renters insurance.

I have homeowners/renters insurance, do I still need bicycle insurance?

Bike coverage under a homeowners or renters policy is typically very limited and very restrictive. For example, homeowners and renters insurance usually have very low limits (e.g. $500), meaning that you are only partially covered for any bike above this price. Deductibles are also often high for homeowners and renters insurance, and should you need to file a claim against your policy, there is a risk that your homeowner insurance rates increase. In addition, most homeowners or renters policies don’t normally provide coverage for damage while riding your bike, especially if you race it, and theft coverage is often limited. 

Our bicycle policy is built specifically for you and your bike, offering full replacement value and the most important coverages, all with flexible deductibles. Plus, coverage through Oyster means your homeowners or renters insurance rates won’t increase if you need to file a claim.

How much does bicycle insurance cost?

There is no real "average" policy as many factors affect the price of insurance e.g. type of bike, price of the bike, how you use it, etc. That being said, insurance is a small price to pay to make sure you are protected should the unthinkable happen and you crash your bike, or it's stolen whilst you're out and about. It takes less than 2 minutes to get a quote for a policy with Oyster, so that's the best way to find out exactly how much insurance will cost you.

How much coverage do I need?

Every cyclist, bike, and situation is unique. Your insurance coverage should reflect that. It's important for you to evaluate your individual needs and your personal level of comfort when it comes to risk. If you need help, feel free to contact us!

When should I purchase insurance?

We strongly recommend insuring your items as soon as the item is in your possession. That is why we focus on partnering with modern retailers to offer insurance at the point-of-sale, helping to provide continuous coverage starting at the moment of purchase.

Do you insure eBikes?

We sure do! We see electric bikes as a key part of a greener future and a great way to get around. We will insure any electric bike with a power assist that does not exceed 750 watts and a top speed of 28 mph - this includes class II eBikes, which many insurers do not cover. Ebike regulations are constantly evolving and many rules are determined at the state level. Therefore, if you have an electric bike insured with us, you have to make sure that you comply with your state’s laws regarding ebikes.

What does my bicycle policy cover?

Our base coverage includes, but is not limited to, protection for theft, crash damage, and loss from third parties. We also offer additional, optional coverage for worldwide protection, medical payments, and liability. If you have any questions, feel free to contact us.

What is a deductible?

A deductible is the amount that will be subtracted from any future claims payout (i.e. it is your contribution to the payout of the claim). In general, a lower deductible means a higher monthly premium, and vice versa. 

What is a premium?

The premium is the cost of your insurance policy. You pay this figure regardless of whether you file a claim or not.

Can you recommend a lock?

A high-quality U-Lock or quality tested lock and chain can make all of the difference - we strongly recommend a Sold Secure Gold or Diamond lock. These bike locks are recognized as the industry standard for properly protecting your bike. A determined thief can still break into even the strongest locks, so taking any additional precautions is also important (e.g. multiple locks). It is really important to not use a cable lock to secure your bicycle, as these locks can be easily cut with a low-price bit of kit, so offer minimal protection.

What information do I need for a claim?

We only need a few pieces of information to get the claim started. These include some basic contact information (if we don't already have it) and your policy number. We will also need some information about the incident, such as the date you became aware of the issue, the item involved, and a brief description of the circumstances. This is all we need to get the ball rolling. We may need additional information during the process, but the claims team will let you know if anything else is needed. Additional information could include photos of the item (e.g. if damaged), appraisals, purchase receipts, and a police report (if theft).

Less hassle, better protection

Join Oyster today to learn how you can be properly protected from the unexpected things in life.

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