Top Reasons Why Bike Insurance is a Florida Must-Have!

Florida, Florida, Florida! Why Bike & eBike Insurance is a Must-Have!

Bicycle and e-bike owners must obtain a separate bike insurance policy to protect their valuable bikes, as home or auto insurance often does not cover them. For Florida cyclists, securing separate bike insurance is crucial to mitigate the costly financial risks related to riding, transit, and theft that all bike owners face while protecting their other insurance policies, such as homeowners' or renters' insurance, in case of more costly catastrophic potential home losses.

BICYCLES - While insuring your bike with your home insurance policy may not provide sufficient coverage due to personal property limits (for example, a $2,500 limit) and exclusions, it's crucial to consider what happens when a bicycle accident happens while riding or transit, or if theft occurs!

Why risk it? Homeowners should view their insurance as protection against catastrophic losses instead of covering bicycles. If a bicycle claim occurrence is covered by the homeowner's policy, even with a scheduled Rider for the bike, the costs associated with Homeowners or Renters insurance CLAIMS are:

• Premium Increases,
• Non-renewal: Cyclists refer to as Cancellation and 
• CLUE Reports: Consumers Claim Information when underwriting or rating a home insurance policy, which can impact a homeowner's eligibility for coverage. Cyclists refer to the CLUE Report as UNinsurable with a Private Insurer!

In Florida, the state-run Citizens Property Insurance Corp, the "Last Resort Home Insurer," offers worse coverage than a private insurer at higher premiums.

Note: Scheduling a non-electric bicycle as a Rider on a home insurance policy may increase the bike's coverage limits and even lower the homeowner's insurance deductible for the scheduled bicycle. However, home insurance claims still jeopardize your homeowner's insurance policy because they lead to higher homeowners' premiums and non-renewal (cancellation) of the home insurance policy.

ELECTRIC BIKES - Homeowners' insurance policies often exclude e-bikes as homeowner's property that is not covered because e-bikes are classified as motorized vehicles.

Why Get Bike Insurance for Your Bicycle or E-Bike?

BikeInsure offers bicycle and e-bike owners 'peace of mind' by providing financial relief in case of cycling or transit accidents and theft. With a low deductible, cyclists can get their bikes and e-bikes fixed or replaced, offering significant reassurance for their bike investment.

Note: The brilliance of the BikeInsure Policy is that when a claim occurs on your separate bike insurance policy, it won't affect other insurance policies. For Florida residents, that is equivalent to insuring your bicycle while safeguarding your homeowner's insurance!

Protect your Home Insurance Policy with Bike Insurance!

BikeInsure fills the gap in the cycling market by providing a comprehensive and straightforward insurance solution for bikes and e-bikes. As a cyclist, it's vital to have a separate bike insurance policy alongside your home insurance policy. BikeInsure offers complete coverage for your bicycle or e-bike from accidents while riding or during transit and theft.

BikeInsure Bike Crash Customer Story

"I had an unfortunate accident during a group bike ride. As a result of the collision, my bike's fork, wheel, and rotor were damaged, and my pride was hurt.

I made a wise decision by signing up for BikeInsure. Not only does it provide insurance for my bike, but I'm guaranteed as long as I am BikeInsured that my homeowner's insurance will remain unaffected if my bike gets stolen or I ever have a bike accident like the one I experienced.

I had a fantastic experience with BikeInsure. They promptly helped me repair my bicycle at the bike shop of my choice. Not only that, but I received an insurance check for $2,125.94 in just ten days, which exceeded my expectations. Their service is truly impressive, and my bike appears as good as new."

Insurance experts recommend homeowners' insurance to protect a home from catastrophic loss, not a bike!

The state of Florida has the Most Expensive Home Insurance Premiums in 2024. According to an Insurify study by Data Journalist Cassie Sheets, Florida Homeowner's Insurance will average approximately $11,759 per home in 2024.

• TheZebra.com - "While having insurance protection on your property is vital, it works like a double-edged sword — the more you involve your home insurance company, the more expensive your rate will be for the foreseeable future. Therefore, it is crucial to understand which situations are worth filing homeowners claims for and which aren't."
• Bankrate.com - "Homeowners insurance rates often increase after a claim because it leads your insurance company to believe that you are more likely to file another claim in the future. This is especially true for water damage, dog bites, and theft claims. To compensate for another potential claim payout, the property insurer proactively raises your premium."
• Insure.com - "Home insurance premiums increase on average by 27% after one theft claim."
• TheZebra.com - "If you must file a claim, you should brace yourself for an inevitable rate increase. 

Florida home insurance rates skyrocketed to $11K per year

The Insurify Report outlines, "Six of the 10 most expensive cities for homeowners insurance are on the South Florida coast, and all have average annual rates above $11,000. Five of the six Florida cities have a "Very High" risk of natural hazards, according to FEMA's National Risk Index."

Can I get Bike Theft insurance?

Yes! During enrollment for BikeCoverage, you may select the optional Bicycle Theft Insurance, which is an additional $8 monthly. When 'BikeCoverage + TheftProtect' is selected, the $10,000 annual aggregate limit extends to cover the listed bicycle or eBike in case of riding or transit accidental damage and theft.

BikeInsure Bike Theft Customer Story

A cyclist whose electric bicycle was insured shared, "I became a victim of bike theft when my eBike got stolen!

It sounds horrible, which it is, yet it was not all bad news because of BikeInsure. In May, my favorite bike shop, Gorges Cycles in New York, recommended BikeInsure. I signed up for my 2022 Specialized Vado SL 4.0, which cost $4,300. Shortly after purchasing the $24.99 monthly bike insurance plus theft protection, the BikeInsure CEO called to welcome me. On that call, we dialed in my other attached accessories that became listed on my policy. 

On October 26, I locked my bike at a park in what I always felt was a safe location. I ran on the trails, and my bike was gone upon my return. I immediately called BikeInsure. In my time of stress, BikeInsure calmly advised me to file my claim with a police report. Amazingly, shortly after submitting my claim, the claim administrator from Great American Insurance contacted me.

Filing a BikeInsure Theft Claim worked out well because of the Great American Claims representative. She understood the ins and outs of everything and was great to work with. I had my eBike insurance with BikeInsure for just six months and spent under $150 in premium paid for 'peace of mind' coverage that was realized when a check arrived with a letter that stated, "We issued payment in the amount of $4,712.16 for the covered equipment." The check represented payment for my eBike and the listed accessories on the equipment schedule.

BikeInsure has got to be the best bike insurance around.‍

Thank you for choosing Great American to underwrite the BikeInsure policy. BikeInsure is a great bicycle insurance product and an amazing service to cycling customers. I am forever grateful and will recommend BikeInsure to every bike owner I know, beginning with this review."

Florida Auto Insurance leaves Bikes at Risk!

Newsweek reported on February 29, 2024, that "Uninsured Drivers Soar in Florida as Insurance Crisis Deepens." According to the Insurance Research Council (IRC), 20.4% of Florida drivers do not have automobile insurance.

BikeInsure Florida Insurance Customer Stories

I received the USA Cycling Membership Newsletter, which mentioned "Protect Your Bike with BikeInsure," so I immediately signed up.

I live in Florida, where insurance is crazy expensive, and many people drive without a license or insurance.

USA Cycling introduced me to BikeInsure, which is the bike insurance all Florida cyclists should have!

With BikeInsure, my TREK Supercaliber Mountain Bike is insured as I drive to the trail with it mounted on my car rack. No more worrying about an uninsured motorist destroying my TREK if their car hits it! And, if I crash my bike or someone steals it, it's insured.

Bravo, USA Cycling, for sharing BikeInsure!

"To be transparent, I am a licensed insurance producer and agency owner in Florida. We specialize in Auto and Homeowners insurance.

I purchased bike insurance to protect my bike when traveling to and from the trails.

More than 20% of Florida drivers do NOT have insurance, and many others only carry the Florida minimum of just $10K.‍

I wanted coverage for my bike in case it was hit by an uninsured/underinsured motorist. Thanks for a great BikeInsure policy."

Florida Home Insurance Scheduled Rider vs Bike Insurance

"I had insured a previous road bike for years by scheduling an insurance rider on my Florida Homeowner's Policy. The extra cost was about 10% of the bike's value, adding over $1,000 annually to my homeowner's premium. I once had a cycling accident, and the insurance rider covered my scheduled bike. I received the payout for my home insurance claim along with a "Notice of Possible Increased Premiums."

The sad state of bike insurance significantly improved in 2023 when USA Cycling announced the BikeInsure partnership.

I signed up for BikeInsure, USA Cycling's official bike insurance, because it insures my bike with a separate policy from my homeowner's insurance.

The bike insurance offers complete coverage for my bike and its expensive accessories with low monthly payments. BikeInsure also covers my bike when I race, and if I ever need to file a claim with BikeInsure, I have peace of mind knowing that it will not impact my Florida homeowner's insurance."

Bike Insurance Transit Feature

The BikeInsure Transit feature, included in every bike insurance policy, covers the listed bicycle while in transit. Transit includes transporting the bicycle or e-bike securely on a car rack via land and by air when you fly to your favorite destination within the coverage territory, which consists of the United States, its territories and possessions, Puerto Rico, and Canada.

BikeInsure is the official mountain bike insurance of the International Mountain Bicycling Association (IMBA). Anthony Duncan, Director of IMBA Local, states, "Knowing many of our members travel for destination riding, and regularly transport their bikes to trailheads in their local and regional communities, IMBA members will be stoked to have BikeInsure's Transit Protection included when they sign up."

Imagine Your Home Being Un-Insurable by Most Carriers!

Homeowners' insurance companies may cancel or choose not to renew a policy for multiple claims filed within three years, even for customers who consistently pay their premiums on time.

As a homeowner, it's essential to understand the impact of being added to the Comprehensive Loss Underwriting Exchange (CLUE) Report for multiple home insurance claims. If you own a valued bicycle, it's wise to get separate bike insurance to cover it and reserve your homeowners' insurance policy for sudden and unexpected significant home losses!

Note: The BikeInsure separate bike insurance is primary. Insure.com defines primary insurance as the first company responsible for paying claims.

• ‍The Washington Post - Why your homeowner's insurance probably wasn't renewed. "Insurance companies focus on the most recent three years of loss history, which is documented in a Comprehensive Loss Underwriting Exchange (CLUE) report."
• Arch Insurance Group - What Is A C.L.U.E. Report For Insurance? According to Stephanie Dunstan, the regional vice president of Arch Insurance Group, "If your C.L.U.E. report indicates claims, you should anticipate higher premiums and restricted coverage. She stated in a report to Forbes Advisor that some insurance companies may even refuse to provide coverage to customers based on their previous claims history."

Signing Up for a BikeInsure plan is a quick and easy process that only takes two minutes to complete. Additionally, BikeInsure does not ask the following:

1. No credit reports are required.
2. No social security numbers are requested.
3. No credit-based insurance scores are necessary.
4. No additional underwriting requirements.

Which insurance company underwrites the BikeInsure Policy?

BikeInsure is a licensed insurance producer offering affordable bicycle and eBike coverage in the United States. As the official bike insurance partner of USA Cycling, International Mountain Bicycling Association (IMBA), Adventure Cycling Association, and the League of American Bicyclists, BikeInsure collaborates with and is underwritten by AM Best 'A+' Superior Rating (affirmed December 15, 2023), Great American Insurance Company.

For 152 years, Americans have trusted Great American Insurance Company to protect them and render best-in-class service. BikeInsure's authorized insurers operate in all 50 states and DC.

Where can I sign up for e-bike Insurance?

BikeInsure, America's Best eBike Insurance, is the e-bike solution that offers comprehensive riding, transit, and theft coverage for electric bicycles that meet the "3-Class eBike standards", which limit the motor's power to 750 Watts.

You can SIGN UP with BikeInsure and quickly protect your beloved bikes and e-bikes. The BikeInsure plan, a one-year policy payable in monthly installments, is available for adults 18 or older to sign up. Once enrolled, the bicycles are covered when used by the insured or family members of the household.

Click here for a 2024 Cyclist Buyer's Guide to the Best e-BIKE INSURANCE

What does the Bike Insurance Cover?

The BikeInsure policy covers bicycle and eBike accessories. The enrolled bicycle or eBike definition includes attached accessories listed at sign-up or added to the policy after enrollment, such as bags, cages, computers, lights, action cameras, radar, or portable pumps. Additionally, eBike accessories may contain non-stock components such as the gruppo, pedals, power meter, saddle, and wheelset.