Do I need bike insurance if I have homeowners insurance?

Yes! Bicycle and e-bike owners must obtain a separate bike insurance policy to protect their valuable bikes, as home or auto insurance often does not cover them. Cyclists securing separate bike insurance is crucial to mitigate the costly financial risks related to riding, transit, and theft that all bike owners face while protecting their other insurance policies, such as homeowners' or renters' insurance, in case of more costly catastrophic potential home losses.

BICYCLES - While insuring your bike with your home insurance policy may not provide sufficient coverage due to personal property limits (for example, a $2,500 limit) and exclusions, it's crucial to consider what happens when a bicycle accident happens while riding or transit, or if theft occurs!

Why risk it? Homeowners should view their insurance as protection against catastrophic losses instead of covering bicycles. If a bicycle claim occurrence is covered by the homeowner's policy, even with a scheduled Rider for the bike, the costs associated with Homeowners or Renters insurance CLAIMS are:

  • Premium Increases,
  • Non-renewal: Cyclists refer to as Cancellation and 
  • CLUE Reports: Consumers Claim Information when underwriting or rating a home insurance policy, which can impact a homeowner's eligibility for coverage. Cyclists refer to the CLUE Report as UNinsurable with a Private Insurer!

Note: Scheduling a non-electric bicycle as a Rider on a home insurance policy may increase the bike's coverage limits and even lower the homeowner's insurance deductible for the scheduled bicycle. However, home insurance claims still jeopardize your homeowner's insurance policy because they lead to higher homeowners' premiums and non-renewal (cancellation) of the home insurance policy.

ELECTRIC BIKES - Homeowners' insurance policies often exclude e-bikes as homeowner's property that is not covered because e-bikes are classified as motorized vehicles.

BikeInsure is a cost-effective, standalone, primary insurance solution for your bicycle and electric bike. The BikeInsure smart alternative provides the protection you need without compromising your homeowner or renters insurance.

Click here to review the "Top 5 Benefits of Bike Insurance for Cyclists with Homeowners Insurance."

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