How many people in the USA have Pet Insurance vs. Bike Insurance?
Pet Insurance Trends
The North American Pet Health Insurance Association (NAPHIA), in their May 2022 release annual report, showed that:
- 2.48%, or almost 4 million, of the 160.5 million pets in the United States had pet insurance at the end of 2021.
- That accounted for $2.6 billion of pet insurance premiums.
- Dogs represented almost 90% of the total U.S. volume of gross written pet insurance premiums.
- Accident Only, the average premium per dog in the U.S. was $239.11 per year, which is $19.93 monthly (not inclusive of payment fees).
- The corresponding annual Accident & Illness premium for the related category is $583.91 yearly average, which is $48.66 monthly (excluding payment fees).
Best Pet Insurance Companies of 2023
According to US News, the 7 Best Pet Insurance Companies are:
- Pets Best
- Healthy Paws
"I appreciate the value of specialty insurance. To that point, the bicycle insurance product I innovated to afford cyclists peace of mind coverage for their bike similarly alleviates the financial exposure that I have derived with pet insurance for my dog Tebow," said Buzzy Cohn, BikeInsure CEO.
With a standalone insurance product, if you have an issue that coincides with the standalone insurance policy coverage, submit the claim and get reimbursed. For example, I have subscribed to Nationwide Pet Insurance since Tebow became part of our family as a puppy. Therefore, when his veterinarian suggested he required oral surgery, I understood I would not be financially exposed because I had coverage for the issues. Aside from the cleaning and the small deductible, my reasonable monthly credit card charge for pet insurance resulted in the almost three thousand dollar dog expense reimbursed by the submitted pet insurance claims.
Bike Insurance Trends
Bicycle Insurance statistics are less readily available than Pet Insurance data online. However, search Google, and you will find:
How many cyclists in the US have bicycle insurance?
- Yahoo.com "Cyclists Across America Now Have Access to Simple and Affordable Bike Insurance."
- BikeRadar.com "Bicycle insurance 2023: Do cyclists need insurance?"
Yes! Today's cyclists need a standalone insurance policy to protect their new or used bicycles and eBikes.
Here's how standalone bicycle insurance policies offer the coverage you don't already have for your home. Standalone bicycle insurance refers to an insurance product, like BikeInsure, that a cyclist purchases to protect their bicycle or eBike's specific risk or cost. For example, the BikeInsure Bicycle Insurance covers new or used bicycles and eBikes. It provides 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.
Top 10 Reasons to get Bicycle Insurance:
- For a nominal $16.99 monthly recurring credit card charge, the bike or eBicycle is insured.
- Optional bike theft insurance may be added for $8 monthly.
- New and used bicycles or eBikes are eligible.
- Multiple bikes or eBicycles may be enrolled.
- Bicycle Insurance Coverage is application only.
- No credit reports are required.
- No social security numbers are requested.
- No credit-based insurance scores are necessary.
- No additional underwriting requirements.
- The BikeInsure plan is underwritten by AM Best ‘A+’ (Superior) Great American Insurance Company. For 150 years, Americans have trusted Great American Insurance Company to protect them and render best-in-class service.
Bonus: BikeInsure has a simple two-minute sign-up via computer or smartphone.
BicycleRetailer.com reports, "Industry imported nearly $2 billion in bikes last year."
- Adult bike sales in the United States were up 45.6% by dollars last year.
- The Light Electric Vehicle Association has calculated that the U.S. imported 790,000 e-bikes last year, a 70% increase over 2020.
- Zippia has forecasted that 20 million bikes were sold in the U.S. in 2021.
- Insurance Newsnet published a 2022 article titled "Bicycle Insurance Market to Witness Huge Growth by 2026." The article noted one current challenge of Bike Insurance is "Lack of Awareness."
Does homeowners insurance cover a bicycle?
Bicycles may have some protection under a homeowner's or renter's policy. Still, typically a homeowners policy will not cover a bike if it is stolen from anywhere but the insured's home. Notably, many insurance experts advise us to consider today's homeowner's insurance as "catastrophic loss protection."
This insight is because:
- Homeowner's policies often have high deductibles,
- Multiple homeowner's insurance claims can lead to cancellation or non-renewal,
- Policies often have lower limits on certain individual items,
- And a claim can cause your premium to jump significantly.
While homeowners insurance is meant to be a safety net to help protect against the unexpected, filing too many claims may cause your insurance company to discontinue your coverage based on your claims history. According to Progressive Insurance article Common scenarios for nonrenewal of home insurance.
That's essentially why they buy insurance: to pay for repairs they couldn't otherwise afford. If your claim is much higher than your deductible, you should file the claim. That's why you bought insurance in the first place, for an unforeseen event. Use this rule whether there's partial damage, such as tree damage to part of the home, or if there's a total loss like a fire. Better to save that arrow to slay the big dragon than use it for something small and run the risk of your carrier not renewing your policy or increasing your premium.
Most insurance companies pay particular attention to the last three years of loss history on a Comprehensive Loss Underwriting Exchange (CLUE) report. According to The Washington Post article Why your homeowner's insurance probably wasn't renewed.
To the cyclist who assumes their homeowner's policy provides their bicycle or eBike comprehensive insurance, likely you enjoy the ride. Now appreciate how to do so with the peace of mind of knowing you're covered. Government insurance administrations, insurance professionals, and business reporters define the impact homeowner's insurance claims may have on homeowner's insurance.
Before you jump on your bicycle again, know that an insurance solution for your bike is just $16.99/mo. Furthermore, the inexpensive bike insurance policy is a simple two-minute sign-up away. In addition, a bicycle specialty insurance policy may help avoid costly homeowner's insurance issues that may leave your home uninsurable from a standard insurance carrier.
Ten of the largest home insurance companies in the U.S. include State Farm, Allstate, USAA, Liberty Mutual, Farmers, Travelers, American Family, Nationwide, Chubb, and Progressive. Each company desires to maintain its clients' home insurance premiums as long as they own the home. Therefore, the standalone BikeInsure solution is a win for you, the bicycle-owning homeowner, because comprehensive insurance is provided for your bike while 'catastrophic loss' home coverage remains in place with your chosen home insurance provider.
If your home insurer chooses not to renew your policy at the end of the term due to multiple claims, and you’re unable to obtain a policy from another home insurance company, you may be able to purchase coverage through your state’s Fair Access to Insurance Requirements (FAIR) plan or a state mandated insurance plan. According to PolicyGenius, "A FAIR Plan is the type of homeowners insurance you get when you’re not able to find coverage through a typical insurance company. Since they're typically more expensive and have lower coverage limits than standard home insurance policies, FAIR Plans are a good last-resort option for homes that don’t qualify for a standard policy."
How costly is bike theft?
Cycling Industry News online reported on August 28, 2019, that Bicycle theft surpasses 2 million a year in the U.S.A. Equivalent to a bicycle theft every 30 seconds in the United States. The bike theft data has doubled since the early 2000s, and stolen bikes account for more than twice as many stolen motor vehicles annually in the United States.
November 12, 2022, a New York Times article, The Bike Thieves of Burlington, Vermont, reported bike theft has long been a problem in Burlington, a city of about 45,000 residents. Still, it seemed to intensify over the summer and into the fall. The university warned students returning to campus that about 220 bikes, valued at $267,000, had been stolen in and around the city since June.
Note: Per the New York Times article, the average bike price of each stolen bicycle in Burlington, Vermont, was $1,213.
According to the New York Times, Bike Thefts Are Up 27% in Pandemic N.Y.C.: 'Sleep With It Next to You.'
For those who own a bike in New York, the most frequent place to store that bike is inside their home or apartment (53%), according to the NYC DEPARTMENT OF TRANSPORTATION CITYWIDE MOBILITY SURVEY 2018. Of note, 26% of all NYC residents say they have had a bike stolen from them or a household member.
As reported by BIKE INDEX | The non-profit bike registry, "According to the FBI, over 157k bicycles were reported stolen in the U.S. in 2019 (3.1% of all larceny thefts). The FBI values these bikes and their stolen parts around $350 million a year, but this value only accounts for those bikes reported stolen. It's unclear exactly how many bike thefts occur without being reported to police, but anecdotal evidence and our own experience show that it's a common occurrence."
Note: Per the FBI statistics, the average bike price of each stolen bicycle in the United States in 2019 was $2,229.
What is $16.99 Bike Insurance?
BikeInsure offers comprehensive yet inexpensive bicycle insurance, so we recommend our $16.99 monthly plan to any cyclist looking for an affordable policy that won't break the bank.
Accidental Damage + Optional Theft Coverage = BikeInsure Comprehensive Bicycle Insurance
- Road Bike Insurance is $16.99/mo.
- eBike Bike Insurance is $16.99/mo.
- Gravel Insurance is $16.99/mo.
- Triathlon Bike Insurance is $16.99/mo.
- Mountain 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.
Check out "A 2023 Buyer's Guide to America's Best Bicycle Insurance" before your next bike ride.