How much should I insure my bike for?
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When it comes to insuring your bike, the amount you should cover is the original purchase price of the bike, along with any upgrades or accessories you’ve added post-purchase. This includes items like a GPS system, custom pedals, a new wheelset, lights, locks, racks, panniers, and other cycling-specific attachments. Your helmet and other riding gear are typically covered up to $500 without needing additional coverage.
For those who have built their own bikes from scratch, the insured value should reflect the combined cost of the frame and all the components used during assembly. It’s important to note that your personal time and effort in building the bike aren’t factored into the insured amount.
Insurance is designed to compensate you for financial losses incurred due to damage or theft. It doesn't account for speculative increases in future bike prices but focuses on covering your verified financial loss. With a Velosurance policy, the insured value of your bike remains constant regardless of its age. For instance, if you bought a bike five years ago for $5,000 and it gets stolen, you’ll receive a payout of $5,000 minus your policy deductible. In the case of repairs after an accident, the costs—both parts and labor—are reimbursed at retail rates, again less the deductible. The value of your bike isn’t reduced over time through depreciation.
If you're unsure about the right amount to insure your bike for, feel free to reach out to our bicycle valuation experts at Velosurance. Give us a call at 888-663-9948 or drop us an email. We’re here to help ensure your bike is properly covered.
And remember, Velosurance offers more than just standard insurance. Our policies provide peace of mind with comprehensive protection tailored specifically for cyclists. Get your free instant quote today and join the thousands of satisfied riders who trust us to safeguard their two-wheeled investments.
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For a visual guide on what parts are typically covered, check out this handy infographic showing various components of a bike that can be insured. [Insert Image Link]
In the unfortunate event of an accident, having proper coverage ensures you don’t face unexpected expenses while getting back on the road. Whether it’s replacing a totaled bike or repairing crash damage, Velosurance has got you covered. Contact us now to learn more about how we can protect your ride!