Creatives herein provided by BikeInsure
Meet the insurtech: BikeInsure
By Digitial Insurance reporter Grace Crane | October 26, 2022
Buzzy Cohn always knew that bike accidents happen – he just never thought it would happen to him.
The idea for BikeInsure, an insurtech specialized in bicycle insurance, started when Cohn recognized a gap in the insurance market after experiencing a physically and financially damaging bike accident. As an avid bicyclist, Cohn purchased a custom-built, one-of-a-kind bike created by Trek Bikes. At the time, he was a top fundraising volunteer for LiveStrong and had raised over $60,000 in funds for cancer survivor programs, in memory of his late mother.
One afternoon, when Cohn was riding with a group of four other bicyclists, he accidentally rode over a commercial hubcap that damaged his tire, choked the bike's brake caliper, and ultimately, threw him off the bike. Cohn sustained several injuries as a result of the incident, and his custom, five-figure bike was destroyed.
Following his accident, Cohn contacted his homeowners insurance company on four occasions, but was denied thrice. Once his claim was finally accepted on his fourth contact with an agent, Cohn learned that if he were to file a second claim within a five-year period, the insurer would non-renew his policy. Bicycle owners may be unaware of this stipulation, as well as the issue of repairing such a bike with a high homeowners deductible.
"Often, homeowners deductibles are so high that, theoretically, if there was an issue with a bicycle in an accident or getting stolen, homeowners insurance may not cover the loss. Aside from multiple claims leading to possible cancellation or a claim that can cause your homeowners premium to jump significantly, often the deductible is higher than the purchase price of a nice bike," Cohn explains. "After my 'aha' moment, which was my bike accident, I realized that everybody that rides a bicycle needs a specialty bike insurance product. As a result, I created a cost-effective, standalone, primary insurance solution for your bicycle or eBike. The BikeInsure smart alternative provides the protection you need without compromising your homeowners insurance."
Underwritten by Great American Insurance Company and offered in all 50 states and Washington, D.C., BikeInsure partnership opportunities are available through bike shops and bike manufacturers. A BikeInsure insurance plan includes coverage of up to $10,000 per bicycle with a $100 deductible and minimum premium of $16.99 a month for bike accidents including during a bike ride or while in transit. Coverage also extends to bicycle accessories, such as cameras and non-stock bike equipment, and can also include theft protection when selected for an additional $8 a month.
As CEO and founder of BikeInsure, Cohn ensured that the company's offerings were specifically designed to be affordable and practical for bike owners. The insurtech offers a specialized, standalone insurance policy for bicycles and accessories, as well as theft and transit protection. Several types of bikes may be insured through BikeInsure, including road bikes, mountain bikes, and eBikes, among others. Cohn explains that he understood that, unlike automobile insurance, there are many consumers who either are unaware of bike insurance products or believe that their homeowners insurance will cover their bike in case of an accident.
"BikeInsure is the one standardized bike insurance product on the market," says Cohn. By creating a standalone insurance policy, BikeInsure ensures a customer's peace of mind when submitting a claim, as the "claim is on their BikeInsure coverage, and it never compromises their homeowners insurance," he states.
Cohn emphasizes that consumer ease of use was his top priority while developing BikeInsure's digital distribution platform.
"It was critically important to build a bicycle insurance product that was comprehensive in coverage yet also consisted of a frictionless customer-user sign-up experience. Think about a customer signing up for any insurance product and being able to do so in two to three minutes – that's what the BikeInsure.com offering is," explains Cohn. "Ultimately, BikeInsure is leveraging eCommerce technology to transform how cyclists in the United States buy and experience bike insurance to make it simple and affordable."
Newcomers to the website need only a couple of minutes to enroll in a new policy, thanks to the efficiency of BikeInsure's online application process.
This focus on a simplified, frictionless digital platform also extends to the user's claims experience. Users submitting a claim through BikeInsure will receive filing instructions, submit a claims form, and work cooperatively with the Great American Insurance Claims Administration throughout the claims adjudication process.
"The greatest misfortune of this product is consumer awareness. So many people don't think about bike insurance until they've had an accident," says Cohn. "BikeInsure is working to create that awareness by partnering with cycling marketplace organizations where bicycle owners desire to procure their favorite cycling goods and services, be introduced to BikeInsure, and with a referral click of a button, get bike coverage for their bicycle or eBike."
Thank you Digital Insurance and reporter Grace Crane sharing the BikeInsure story with your insurance industry friends.
"Digital Insurance is the essential resource for senior executives leading the digital transformation of the insurance industry. Digital Insurance examines business-critical topics in technology innovation, data advancements, insurtech market trends, and transformation strategies. Digital Insurance reaches over 127,000+ senior-level insurance industry professionals."