Insuring your bicycle or e-bike

If you've tried to buy a bike in the past two years, most likely you came up empty or had a crazy long wait. Since the pandemic, demand has been at an all-time high and supplies are low. Bikes are flying off the shelves, and bike thefts are spinning out of control.

Every year, more than 2 million bikes are stolen in North America. That's one every 30 seconds. Gone are the days when having a bike stolen was a $100 fix. Bikes range in features and price, from premium road bikes and cruisers to tricked-out mountain bikes and high-performance racing bikes to the hottest new electric bikes (e-bikes). No matter the bike, thieves aren't about to slow down or walk away from this lucrative billion-dollar black market payday.

So, if you're trying to determine the best way to get bicycle insurance or e-bike coverage and protect your hard-earned money, you've come to the right place. While theft is a major source of loss for bike owners, bike theft insurance isn't the only coverage you need. Bike damage insurance is also a must-have to protect your investment. We're here to help you get the information you need about bike insurance cost, coverage and more.

The USAA Insurance Agency has teamed up with Markel, a U.S.-based provider for standalone bicycle coverage, to offer our members bike insurance coverage designed with cyclists in mind.

What is bike insurance and how does it work?

A bike insurance policy is specifically designed to cover the potential risks and liabilities of owning a valuable bicycle or e-bike. It bridges the gap in coverageOpens in a New Window ‍ ‍ ^{See note 1} for expensive bikes that homeowners or renters policies may not provide, so you don't have to foot the bill to repair or replace your treasured investment.

Getting coverage can be simple. You decide on the value limit of your bike, and your insurance policy can provide optional coverage. This includes things like theft, vandalism, crash damage, liability, roadside assistance, spare parts, replacement-bike rentals and more. And if you're a competitive cyclist, special insurance protection is available to you while racing.

What type of bikes are covered?

Markel offers insurance coverage for all types of bicycles.

• Road bikes
• Mountain bikes
• Touring bikes
• Folding bikes
• Fixed gear or track bikes
• BMX
• Recumbent bikes
• Cruisers
• Hybrid bikes
• Cyclocross bikes

They also cover three classes of e-bikes.

• Pedal-assist e-bikes with top assisted speed of 20 mph
• Throttle-assist e-bikes with top assisted speed of 20 mph
• Pedal-assist e-bikes with top assisted speed of 28 mph

It's worth noting that electric bike motors must be 750 watts or under.

What does bike insurance cover?

A bike insurance policy provides much more comprehensive coverage than a typical homeowners or renters insurance policy does for bikes. It can cover the types of potential accidents and incidents that come with owning an expensive road bike, racing bike, mountain bike or e-bike.

Bike theft and vandalism

Whether you're traveling or at home, you want to be sure your personal items are protected against thieves who want to profit from your absence. You'll also want to look out for vandals looking for trouble who decide to damage or destroy your property.

If your bike's stolen at or away from home, your policy can help replace or offset the cost of a new bike. If your bike's damaged or deemed a complete loss, your policy can help offset the cost of repairs or a replacement bike.

Bike damage from a crash or accident

In most cases, having an accident on your bike while riding wouldn't be covered by your renters or homeowners policy. Here's how bike damage insurance comes to your aid.

Replacement cost coverage: You can elect to have your bike insured at its full value. If it's a total loss, your policy could help cover the cost of replacing it.

Vehicle contact protection: If you're hit by a vehicle that doesn't carry the proper insurance adequate to cover your losses, this optional coverage can kick in to help cover the damage.

Roadside assistance: If you need help or transportation due to a crash or breakdown, you can add nationwide 24-hour emergency service — with up to 35 miles of transportation per breakdown — to your bike insurance policy.

Protection for spare parts and accessories: With this optional coverage, if your spare bike parts or accessories are lost, stolen or damaged, your policy can help offset the cost of replacing them up to the limits of the policy.

Bike damage during travel

The peace of mind that comes from knowing your bike is protected from the unforeseen incidents during travel is another benefit of having a bike insurance policy. Optional benefits can include:

Transit protection: Need to make a military move or visiting family? Your policy may help protect your bike with coverage while it's in air or land transit to and from any location within the U.S. and Canada.

Worldwide physical damage protection: Whether you travel to ride or ride to travel, Markel provides worldwide physical bike damage insurance to help keep you protected when you travel outside of the U.S. and Canada with your bicycle.

Injury to you

The last thing you need to worry about after being hurt in a biking accident is how you're going to pay your doctor or hospital bills. Knowing that you're covered through your bike insurance can go a long way to getting you on the road to healing. And, if you're injured while riding your bike, your medical costs are covered up to your elected policy limit if the optional coverage is chosen. Coverage limits can vary in range. For example, Markel provides coverage limits from $1,000 to $10,000.

Injury to others during accidents

If you're responsible for injuries or property damage to another person or their belongings while using your bicycle, your bike insurance coverage kicks in to protect you from liability.

Protection for competitive cyclists

If your bike's damaged or stolen while you're away from home and participating in an organized ride, your policy can cover the cost of renting a substitute bicycle. And if your bike's involved in a covered accident and you're unable to compete, this optional coverage can help offset nonrefundable entry fees that you may have paid, up to the limits of your policy.

Does my homeowners, condo or renters insurance cover bike theft?

Homeowners, condo and renters insurance policies can vary in what they cover. Typically they cover traditional bikes and may not cover e-bikes. If you're wondering what your policy does or doesn't cover, review your policy with an insurance specialist. Each type of property insurance policy will have coverage limits and defined perils that determine when coverage applies.

For example, if your renters policy has a $25,000 limit for your property, there may be a lower maximum applied for each specific type of property. You could potentially have coverage for $1,000 or $2,000 that would be available to replace your bike due to a covered loss, such as theft. Many homeowners policies have a $2,000 deductible and may have low coverage limits for sporting goods like bikes.

If you have an expensive road or mountain bike worth $3,000, a low coverage limit with a high deductible means you're stuck making up the cost difference yourself. If the value of your bike is slightly less or on par with your deductible, it's probably not worth filing a claim that could raise your homeowners or renters insurance premiums. That means once again you'd have to pay out of pocket to replace your bike. Also, you may still need to notify your insurance company of your bike loss and what's being repaired or replaced.

With a bike insurance policy, you can tailor coverage to your needs. Depending on coverage options you select, you could insure your bike for its full value. Your deductible could be less than a homeowners or renters policy, and the covered losses may be more specific to what bike owners experience than what other property insurance policies offer.

Can I increase the limits on my homeowners or renters policy?

If you have an expensive bicycle and you don't want the added protection of a bike insurance policy, you should have your property limits specifically reviewed for your bike. This may result in extra premiums specifically for having a higher-than-standard limit on your policy. This information can be found on the declarations page of your policy, which breaks down the specific premiums and coverage limits you have.

Keep in mind that e-bikes won't be covered by homeowners or renters insurance, only traditional nonmotorized bikes.

Does my auto insurance cover damage or theft to my bike?

An auto insurance policy doesn't cover bicycle theft. However, if you're struck by a vehicle while on your bike and it's damaged, the car driver may be liable, and their auto insurance should cover repairs or a replacement for your bike. If you're at fault, your medical insurance may cover some of your medical bills and your bike policy may cover the physical damages to your bike. This will depend on the optional coverages and limits you pick.

What if I live on a military base or college campus?

If it's your first time living in a college dorm or military base and you own an expensive bicycle or e-bike that would be tough to replace if damaged or stolen, you should consider a bike insurance policy.

If you're not already covered with USAA Renters Insurance, you'll want to consider purchasing it to help protect all of your other personal property. For military renters, this type of policy can help protect your belongings when you're deployed, at home, or living on or off a military installation.

Other protection to consider

In addition to homeowners or renters and bike insurance, you may want to consider an umbrella policy that goes the extra mile to provide financial protection.

If you're out riding and are found liable for someone else's injuries, umbrella insurance can provide additional coverage where your other policies' liability limits end. It also provides coverage for other types of claims, such as libel, slander and invasion of privacy.

What does bike insurance cost?

The short answer: probably a lot less than the cost of replacing a quality road bike, mountain bike or e-bike. The average bicycle policy costs between $250 and $300 a year, but can start as low as $100.‍ ‍ ^{See note 2}

You choose the coverage level and deductible option you want. The policy can cover theft, vandalism, crash damage, medical payments, liability, roadside assistance, spare parts, replacement-bike rentals, transit protection, worldwide damage protection and more. All coverage is optional.

Contact an insurance professional to help you decide what type of coverage will best protect your bike and fit your budget.

When should I get bike insurance?

Ideally, you would have bike insurance protection in place before your feet hit the pedals, or the throttle in the case of an e-bike. Here are some criteria to consider that would make bike insurance a smart idea.

• If you don't have homeowners or renters insurance or you're a frequent rider, commuter, competitor, off-roader or custom bike owner
• If you have no medical insurance or your medical insurance has a high deductible before coverage kicks in
• If you don't have liability insurance that would cover the cost of injuries to someone else or damage to their property caused by you

Having a policy specifically designed to protect riders like you in the event of crashes, accidents, injuries and theft can help save you financial and emotional heartache down the road. When you stop to consider the money, time and energy you devote to riding and maintaining your bike, it may be worth it.