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Is Bicycle Insurance Worth It?

November 12, 2021

No one ever expects to get into a bicycle accident. Yet, every year, dozens of vehicle-bicycle collisions are reported to the Colorado Division of Motor Vehicles. As a bicycle rider in Colorado, you can protect yourself financially by purchasing insurance. Having your own insurance can result in coverage in many circumstances, including if your bike gets stolen. Whether it is worth the money to purchase bicycle insurance, however, will depend on your situation.

Is Bicycle Insurance Worth It?

When Do You Need Bicycle Insurance?

Bicycle insurance can give you peace of mind by giving you access to financial compensation for bicycle accident damage, damage from transporting your bike, bicycle theft or the damage that you cause to others in a bicycle accident. If you’re involved in a hit-and-run or you get into a collision with an uninsured driver, your bicycle insurance can pay to repair or replace your bike when the at-fault driver’s insurance isn’t available.

Unlike most car insurance policies, bicycle insurance generally only covers the costs of repairing or replacing your damaged bicycle after an accident. It does not pay for other losses, such as medical bills or losses of income. Therefore, it may only be worth paying a premium to maintain bicycle insurance if your bike is worth more than $2,000. Otherwise, you may end up spending more on insurance than your bicycle is worth.

Does Your Homeowners or Renters Insurance Already Cover Your Bicycle?

You may wish to purchase bicycle insurance if you don’t have another insurance that already covers your bike, such as a standard homeowners or renters insurance policy. These types of policies provide enough coverage for most bicyclists, as they treat bicycles like other types of property listed on the policy. If you don’t have this type of insurance but wish to protect your bicycle, an independent bicycle insurance policy might be the right choice.

Purchasing a separate insurance policy specifically to cover your bicycle can result in greater coverage than what you receive under a homeowners or renters insurance policy. For example, the traditional homeowners insurance policy will only pay up to a coverage limit. With bike insurance, you will be eligible for the full cost to replace your bicycle at the current market value, even if you caused the accident. Different bicycle insurance companies offer different features on their coverage plans.

How Much Is Bicycle Insurance?

The average bicycle insurance policy ranges from $100 to $300 per year. The cost of the policy will depend on the value of the bicycle, as well as other factors, such as where you live, how you plan on using your bicycle and how much coverage you wish to purchase. The cost can also change from company to company, which is why you should always shop around and ask for bicycle insurance quotes from multiple providers before making your decision.

What to Do After a Bicycle Accident in Denver

All in all, whether or not to buy bicycle insurance is up to you. Bicycle insurance is not a legal requirement in Colorado. If you do not have enough coverage – or any coverage – to replace the full value of your bicycle on your homeowners or renters insurance policy, however, bicycle insurance can be a smart investment. If you get into a bicycle accident, you can contact your bicycle insurance provider to file a claim and request the money that you will need to repair or replace your bicycle.

Regardless of whether you have bicycle insurance, consult with a bicycle accident lawyer in Denver about your legal options after an accident. Aside from your own insurance, you may qualify for coverage from the insurance provider of the driver involved in your wreck, if applicable. A Denver bicycle accident lawyer can help you file a personal injury lawsuit or negotiate with an insurance company for fair and full financial compensation. Contact an attorney at The Fang Law Firm today for more information.