What Mountain Bikers Need to Know About Insurance

Why do you need mountain bike insurance? There are many reasons for it, and your decision to get it boils down to your risk tolerance. With the cost of a mid-market mountain bike averaging $5,000 and the approximate cost of $350 to cover the bike for theft and crash damage with a bike specific insurance policy, it merits consideration. A specialty bicycle insurance can also close the gaps that exist in other policies, and provide valuable coverage beneficial for those with a cycling lifestyle. 

Bike Theft

The Covid-19 induced bicycle renaissance paired with the supply chain issues created a perfect storm for bike thieves. The rising demand and shortage of bikes created a healthy black market. Nationwide, the rate of bike theft increased approximately by 24% since 2019. 

Bicycle theft has become easier than ever with the proliferation of battery powered cutting tools. A battery powered angle grinder with a diamond disc will cut through all but the most hardened metal locks like a hot knife through butter. Cable locks stand an even lesser chance of stopping a halfway determined thief from making off with the bike.

Bike theft used to be a big city problem. It is now common for thieves to cruise neighborhoods looking for an opportunity to snatch a bike out of an open garage. More bikes are stolen out of open garages than any other location, illustrating the importance of locking the bike inside the garage. 

Thefts from parking lots have also increased significantly. Bikes locked to car bike racks are easy targets, mostly because the cable locks provided with the rack only offer minimal protection. Cable locks should never be relied on for more than a few seconds when left unattended. If the bike is being left unattended for even a small amount of time, supplement the rack cable lock with a chain lock. 

Thieves are known to follow cars carrying nice bikes, looking for the right opportunity to snatch them. They have also resorted to using Strava and social media to identify locations of high-end bikes. 

Once a bike is stolen, the likelihood of it being recovered is practically zero. The police are so overwhelmed with serious crime that they tend to refer bike theft victims to report the theft by phone to the local police precinct instead. Unfortunately, bike theft is almost never investigated, even for the most costly bikes.

A policy from Velosurance covers the bike for theft from home and away from home, provided the bike is secured to an immovable object when left unattended.

Crash and accidental damage

Crashing is an unfortunate and inevitable part of mountain biking, especially for beginner and intermediate riders. Even experienced riders crash from time to time. A crash can occur for a variety of reasons, such as riding too fast, misjudging a turn, or encountering an unexpected obstacle. Crashes can be frustrating, painful, and sometimes expensive, but they can also teach riders valuable lessons about their limits, their technique, and the equipment they use. 

Crashing is also not the only way to damage your bike. In fact, you don’t even have to be riding your bike for an accident to happen: it can fall off your car rack or you could drive it into a garage with it still on the roof rack. Backing a car over a bike is particularly popular.

Included with the base policy is crash and accidental coverage. The policy also provides up to $500 coverage for the riding kit, helmet, shoes, gloves, and sunglasses, if you’re unfortunate enough to tear them up in a crash. Finally, your spare parts, such as a spare wheelset, are covered up to $500 per loss, $1,000 limit for the policy term.

Damage in Transit

Because not everyone has trails out of their backyard, it is natural for mountain bikes to spend a significant amount of time being transported to and from a trail. Mountain bikers are rarely content with riding the same local trails over and over, so trips to nearby and far away trails are a part of a lifestyle. Some prefer to fly to destination mountain bike locations, and a few even make the leap internationally. With a bike insurance policy from Velosurance, it doesn’t matter if your bike is being transported on a car, a plane or a postal courier, it is covered.

Medical coverage

While all types of cycling carries some risk of injury, mountain bikers are significantly more susceptible. The rough and uneven terrain that is common in mountain biking can increase the risk of more serious injuries, such as fractures and dislocations, as well as the risk of head injuries.

Not carrying health insurance while mountain biking can have serious consequences, both financially and medically. If you are involved in a mountain biking accident and you do not have health insurance, you will be responsible for paying for any medical treatment and care that you receive out of pocket. This can be extremely expensive, especially if you require extensive medical treatment or surgery.

Even having adequate health insurance may not be enough to shield you from bills. Nearly all major medical insurance policies have an out-of-pocket deductible ranging from $1500 to $15,000 and emergency room services often have a copay, making you responsible for a part of the bill. 

The policy’s optional Medical Payments coverage will take care of your bills up to the selected limit, once your primary covers their share. When selecting the limit, consider your primary medical policy’s annual out-of-pocket deductible and Emergency Room coverage copays. 

Racing Coverage

Racing isn’t for everyone, but for some it is an integral part of the lifestyle. Eager for new challenges, some mountain bikers travel all over the world to destination races, from local series to multi-day epics. Racing takes serious dedication, exceptional fitness, and strong mental game, but it is not without mishaps. Whether chasing a PR, a rival, or a spot on the podium, it is easy to make a mistake in the heat of a moment.

If you’re planning on getting into racing or are already a seasoned racer, racing coverage is critical as it will cover accidents when the risk is highest. 

Race preparation takes a significant amount of time and commitment. If for some reason your bike doesn’t arrive at an organized event that is 50 or more miles away from home, the policy will cover bike rental fees up to $250 if you’re able to find one race on. Along with these policy enhancements is competitive event fee reimbursement that refunds your entry fee should the bike suffer a loss prior to the race.

How it compares

Why is a mountain bike insurance policy from Velosurance better than other available insurance? The standout reason is that Velosurance was founded, is owned and staffed by riders. By working with a specialty agent you get access to expert advice and the convenience of having an intermediary handle the process of shopping for and securing coverage. 

There are other insurance alternatives such as homeowners insurance. Homeowners insurance policies typically provide limited coverage for bicycles as personal property. Coverage varies from carrier to carrier and from state to state, and the devil is often in the details: how much coverage and for what kind of losses? Most home policies do not cover theft away from home and typically exclude e-bikes, as they are considered “motorized vehicles.” Such policies also insure the bike for actual cash value, effectively depreciating it.

A bicycle insurance policy from Velosurance policy does not depreciate the bike’s insured value, so if your bike was stolen, you’d receive what you paid for it, minus the deductible. 

There simply is no other insurance for bikes that even comes close to the coverage offered by a policy from Velosurance. Unfortunately, it often takes a claim to see how poorly other forms of insurance cover high-value bicycles.

To get a quote and to be insured today it takes less than two minutes at Velosurance.com

* Markel Specialty is a business division of Markel Service, Incorporated. Insurance carrier, coverage, dividends, and services availability may vary by state. Terms and conditions for rates and coverages vary. Insurance and coverage are subject to availability and qualifications and may not be available in all states. Coverage descriptions listed are intended to be brief and do not replace actual policy language. Nothing herein shall be construed as an offer to sell or a solicitation or offer to purchase any products or services. Markel® is a registered trademark of the Markel Corporation, a Fortune 500 corporation.