A 2023 Buyer's Guide to America's Best Bicycle Insurance
A 2023 Buyers Guide to America's Best Bicycle Insurance
January 4, 2023 / ENDURANCE SPORTSWIRE
BikeInsure, an insurtech company specializing in bicycle accident coverage for cyclists in the United States, has released a 2023 Buyer's Guide to America's Best Bike Insurance. Today's cyclists need a standalone insurance policy to protect their new or used bicycles and eBikes.
BikeInsure provides damage reimbursement for repairs to your bike and listed accessories due to riding accidents. And during transit. The BikeInsure plan extends to a stolen bike or eBike when optional theft protection is selected.
Standalone Bicycle Insurance refers to a separate bike insurance policy that covers specific risks not covered by your existing policies.
For example, the Forbes Magazine article "Do you Need Bike Insurance for Your Bicycle?" addressed Bicycle Damage, "You crash your bike. If you crash into an object like a tree or car, you typically won't be covered under a home, condo, or render insurance policy for the bike damage."
The BikeInsure standalone insurance plan will not compromise a cyclist's homeowner's insurance if a bicycle accident claim occurs.
“Unlike the few traditional bike insurance companies in the United States, BikeInsure has Standardized Bike Insurance, a simple 2-minute sign-up comprehensive insurance for bicycles,” said Buzzy Cohn, CEO of BikeInsure. BikeInsure innovated a process that allows a cyclist to obtain bike coverage with optional bike theft insurance for a bicycle as quickly as it was to get for your smartphone, all from BikeInsure.com. In addition, the comprehensive insurance for your bike or eBike includes a standardized $10,000 limit and a $100 deductible for only $16.99 monthly.
"While cycling is safe, accidents do happen," said Ira Becker, President of BikeInsure. "Now available to cyclists across America is standalone bike insurance that is standardized with real value and reasonably priced coverage. BikeInsure is the solution for bicycle insurance."
Bicycle Insurance Buyer's Guide takes BikeInsure for a Ride.
BikeInsure is a specialty insurance agency that offers cyclists affordable bicycle coverage in the United States.
Licensed insurance producer BikeInsure is administering the insurance plan, underwritten by carrier Great American Insurance Company, rated "A+" (Superior) by AM Best, an authorized insurer in all 50 states and Washington, DC. For 150 years, Americans have trusted Great American Insurance Company to protect them and render best-in-class service.
How much does a BikeInsure plan cost?
The comprehensive bicycle insurance plan with up to $10,000 in coverage per bicycle can be purchased for as little as $16.99 per month. In the event of a loss occurrence, you are responsible for a $100 deductible.
BikeInsure Comprehensive Bicycle Coverage = $16.99/mo.
- Road Bike Insurance is $16.99/mo.
- eBike Insurance is $16.99/mo.
- Triathlon Bike Insurance is $16.99/mo.
- Mountain Bike Insurance is $16.99/mo.
- Gravel Bike Insurance is $16.99/mo.
- Fat Bike Insurance is $16.99/mo.
- Cyclocross Bike Insurance is $16.99/mo.
- Cargo Bike Insurance is $16.99/mo.
- YOUR BIKE INSURANCE is $16.99/mo.
Unlike other bike insurance companies, with BikeInsure:
- No social security numbers are requested.
- No credit reports are required.
- No credit-based insurance scores are necessary.
- No underwriting requirements.
Does BikeInsure offer Bicycle Theft Insurance if my bike is stolen?
Yes! Any bicycle with BikeInsure Coverage may add optional Bike Theft Insurance with up to $10,000 in protection per bicycle, an additional $8 monthly. In the event of a loss occurrence, you are responsible for a $250 deductible.
What types of bikes are covered?
The BikeInsure plan covers new or used bicycles powered by human pedaling such as road, triathlon, mountain, gravel, eBike, cyclocross, fat, and tandem.
Note: The BikeInsure plan provides insurance coverage for Electric Bicycles at no additional cost.
Does your eBike need a standalone bike insurance policy?
Yes! Today's electric bikes need a standalone insurance policy.
The BikeInsure plan covers eBikes at no additional cost.
In addition, it provides reimbursement for repairs to your eBike and listed accessories due to accidental damage when riding. Coverage continues during the transit of the electric bicycle and extends to a stolen eBike when optional theft protection is selected.
When is my bike covered?
The BikeInsure solution reimburses you for repairs to your bicycle due to accidents when riding an insured new or used bike powered by human pedaling on land within the United States, its territories and possessions, Puerto Rico, and Canada.
Coverage is also provided during the transit of the scheduled bike.
The insurance extends to if the bike is stolen when optional bicycle theft insurance is selected.
What types of rides are covered?
The Bicycle Insurance applies to casual and competitive, road and off-road bicycle rides such as individual, group, commuter, charity, gran fondo, and triathlon.
Are accessories included in the insurance?
Yes, for certain accessories. At the time of enrollment, accessories must be included in the bicycle information and will become a part of the scheduled bicycle definition. Eligible accessories include a helmet, computer, action camera, water bottle, bottle cage, light, seat bag, hydration pack, and mounted pump.
Is transit coverage (shipped or transported) included?
Yes, the BikeInsure plan covers the listed bicycle while being shipped or transported within the coverage territory.
Is Bicycle Insurance available during a competitive cycling event?
Yes, competitive rides, including triathlon, are covered as competing in competitive cycling events is accepted as normal bike use and is covered.
Do you insure professional cyclists?
Yes, although coverage is not provided for charter, hire, lease, or any other commercial use of a bicycle. Acting in the capacity of a professional cyclist is not considered commercial use.
Is bike insurance available for more than one bicycle?
Yes. A bike insurance policy may have multiple bicycles. In addition, other bikes may be included in a policy at sign-up or may be added after enrollment.
Do you only offer bike insurance to residents in the United States?
Yes. The BikeInsure plan can be obtained by residents 18 years or older.
Which states does the bike insurance currently offer coverage?
Bicycle Insurance is available throughout the United States.
I have homeowners insurance. Why get bicycle insurance?
Bikes cost a lot of money, and you want to protect your investment.
Many insurance experts advise us to consider today's homeowner's insurance as 'catastrophic loss protection.' Facts imply home insurance policies often have high deductibles. In addition, multiple claims can lead to cancellation or non-renewal and often have lower limits on certain individual items. As a result, a claim can cause your premium to jump significantly.
BikeInsure is a cost-effective, standalone, primary insurance solution for your bike. The BikeInsure smart alternative provides the protection you need without compromising your homeowner or renters insurance.
I financed my bike. May I get insurance for my credit-financed bike?
Yes. Bike manufacturers, bike shops, credit finance companies, and banks love the BikeInsure Loss Payee feature for credit-financed bicycles!
If another entity has a financial interest in your bicycle, at the BikeInsure checkout, you may optionally list the other entity as a loss payee on your policy. Then, in the event of a non-repairable loss, the claim proceeds can be split with the loss payee based on the loss payee's remaining financial interest in the bicycle.
My bike is damaged due to a cycling accident. How does my BikeInsure coverage help me?
The Bicycle Insurance can reimburse you for damages to your bicycle and accessories.
What if my bike is damaged due to an accident? How much does the bike insurance pay?
BikeInsure physical damage coverage has a $10,000 per bike annual aggregate coverage limit and a $100 per occurrence deductible.
Suppose your bicycle is in an accident and physical damage to the insured bike occurs. In that case, the insurance will pay the amount necessary to repair the insured bike, not to exceed the value of the bicycle and the stated limit of insurance.
However, suppose the insured bike will not be repaired. In that case, we will pay the amount necessary to replace the bicycle with a current market substantially similar like and quality bike less the per occurrence deductible, not exceeding the stated insurance limit.
What if my bike is stolen? How much does the bike insurance pay?
The optional Bike Theft Insurance has a $10,000 per bike annual aggregate limit and a $250 per occurrence deductible.
If the covered bike gets stolen, the insurance will pay the amount necessary to replace the bicycle with a current market substantially identical like the kind or quality bike less the per occurrence deductible, not to exceed the stated limit of insurance.
Will medical bills get covered if there is an injury in a cycling accident?
The insurance coverage only applies to the bike.
Am I covered if I go abroad?
Coverage only applies to loss that occurs on land within the United States of America, its territories and possessions, Puerto Rico, and Canada.
Is the BikeInsure website secure?
Yes. For your protection, the BikeInsure.com website utilizes secure Information Technology infrastructure services by Amazon Web Services (AWS), the leading provider of online host services. AWS provides the same secure solution to BikeInsure, designed and managed in alignment with best security practices and various Information Technology security standards, as it does to 80% of Fortune 500 companies.
We use Stripe as the secure payment gateway service for electronic credit card payments. Stripe is certified to the highest compliance PCI Service Provider Level 1 standards. PCI Level 1 is the most stringent level of certification available in the payments industry.
How do I file a claim?
Filing a claim is easy. First, log in to securely access your account and click on the link to 'Start A Claim.' From there, you provide a few details about the loss and can upload pictures of the damage. Then, follow the instructions for 'Claims.'
How quickly do I get paid?
We will work with you to get your claim resolved promptly. We understand you want to return to riding as soon as possible. Upon verification of the claim eligibility and damages, claim payments can be received within 30 days.
How long does my BikeInsure plan last?
The policy is issued for annual policy periods with automatic ongoing renewal to ensure continuous protection.*
*Policies will automatically renew for additional one-year terms as long as the policyholder continues to meet the insurer’s underwriting guidelines and standards.
What is the age requirement?
The BikeInsure plan can be obtained by insureds 18 years or older.
Is there a Policy Sample of the BikeInsure plan?
Yes! Please click Specimen Policy Sample to review.
How do I get BikeInsure coverage?
BikeInsure sign-up is simple. Click Get BikeInsure for coverage.
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BikeInsure is leveraging eCommerce technology to transform how cyclists in the United States buy and experience bike insurance to make it simple and affordable. Licensed insurance producer BikeInsure is administering the insurance plan, underwritten by carrier Great American Insurance Company, rated "A+" (Superior) by AM Best, an authorized insurer in all 50 states and Washington, DC. For 150 years, Americans have trusted Great American Insurance Company to protect them and render best-in-class service.
Media Contact:
BikeInsure, Buzzy Cohn
info@BikeInsure.com
888-245-3467
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