What is BikeInsure?
A bicycle riding accident resulted in BikeInsure founder Buzzy Cohn to create a company that now provides member cyclists with a cost effective insurance solution in the event of a cycling accident. The annual program includes Yield to Life membership and Bicycle Accident Insurance that is underwritten and issued by a rated ‘A’ (Excellent) Carrier by AM Best.
How much does it cost?
$199 annually includes Yield to Life membership and Bicycle Accident Insurance. Yield to Life is an organization devoted to creating a safer environment for cyclists. Each Yield to Life membership through BikeInsure comes exclusively with Bicycle Accident Insurance.
What are the Bicycle Accident Insurance benefits?
- Bicycle Physical Damage Coverage ($10,000 limit. $100 deductible per occurrence)
- Accidental Medical Payments ($10,000 limit. $100 deductible per occurrence)
- Accidental Disability & Death Benefit ($5,000 limit)
- Bicycle Accessories ($500 limit per occurrence. $1,000 aggregate. No deductible.)
What is the deductible?
The deductible is only $100 individually for Bicycle Physical Damage Coverage and Accidental Medical Payments. The deductible is the covered person’s responsibility for any covered loss.
Who is the insurance company backing the Bicycle Accident Coverage?
The coverage is underwritten and issued by Lloyd’s, a rated A (Excellent) by AM Best. According to AM Best “An ‘A’ (Excellent) is assigned to companies that have, in our opinion, an excellent ability to meet their ongoing insurance obligation.”
Lloyd’s financial size category is XV ($2 Billion or greater) with a long term issuer credit rating ‘A+’.
Lloyd’s has been a pioneer in insurance and has grown over 325 years to become the world’s leading market for specialist insurance.
When am I covered?
When riding an insured new or used bicycle
powered by human pedaling on land within the United States or Canada. Coverage applies in the event of a covered accident or injury and is limited to any one bicycle.
What types of rides are covered?
The Bicycle Accident Insurance applies to casual and competitive road and off-road bicycle rides such as individual, group, commuter, charity and competition.
Is the Bicycle Accident Insurance available during a competitive cycling event?
Yes, competitive rides including but not limited to triathlon are covered as competing in competitive cycling events is accepted as normal use of the bike and is covered.
Do you insure professional cyclists?
Yes, although coverage is not provided for charter, hire lease or any other commercial use, acting in the capacity of a professional cyclist is not considered commercial use.
May I get coverage for more than one bicycle?
Yes. Additional bicycles may be added for only $179 each per membership year.
Do you only cover residents in the United States?
What is the age requirement?
18 – 70 years old.
Is coverage provided if my bike is stolen?
No. BikeInsure provides bicycle accident insurance. Theft is not covered.
Why Bicycle Accident Coverage?
Bikes cost a lot of money. Many insurance experts advise to think of today’s homeowners insurance as ‘catastrophic loss protection’ because multiple claims may lead to non-renewal or cancellation. Homeowner’s policies often have high deductibles and one home insurance claim can cause your premium to jump significantly. Furthermore, homeowners’ policies may have separate limits on how much they’ll reimburse you for certain individual items.
Additionally, Healthcare coverage is expensive and often has very high deductibles as well. BikeInsure is a cost-effective solution.
I was in a cycling accident. How does my Bicycle Accident Insurance help me?
The insured is covered for accidents while riding an insured bicycle. The Bicycle Accident Insurance can be used to reimburse for bicycle physical damage and accessories.
I was injured in a cycling accident. Will my medical bills get covered?
Yes, Accidental Medical Payments covers the covered expenses that results directly from a covered bicycle accident, subject to policy terms, conditions and exclusions.
Am I covered if I go abroad?
Coverage only applies to loss which occurs on land within the United States of America and Canada.
Is this site secure?
Yes. We use the Secure Transaction services of Norton Secured SSL Extended Valuation by Symantec. For your protection, this website is secured with the highest level of SSL certificate encryption.
What forms of payment do you take for BikeInsure?
Visa, Mastercard, American Express and Discover credit cards are accepted. We use Authorize.net as the secure payment gateway service utilized for credit card payment. Authorize.net is a global leader and wholly owned subsidiary of Visa.
How do I file a claim?
Filing a claim is easy. Simply click login
to access your account. After entering your ID and password then follow the instructions for ‘Claims’. An Accidental Medical claim is required in conjunction with any claim.
How quickly will I get paid?
We will work with you to get your claim resolved quickly, so you can get back to riding again as soon as possible. The length of time it will take to receive a check depends on the complexity of the claim, in most cases.
Which states do you currently offer coverage in?
Bicycle Accident Insurance is available in 47 states throughout United States plus Washington DC. Coverage is not available for residents of the following states: Maryland, New York or South Dakota. We are actively working to create availability in the following states where we currently are not providing coverage.
How do I enroll in the Insurance?