Date Published: 2023/05/30

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Bike insurance 101: Protecting yourself and your ride this cycling season

Tire locked to a post with the rest of the bike missing.

While biking is a great way to stay active and enjoy the outdoors, as well as a valuable method of transportation, it's important to know if you have insurance coverage if your bike is stolen, damaged or involved in an accident.

We’ve rounded up some frequently asked questions about bike insurance coverage so you can pedal with peace of mind that you have the coverage you need. 

Is my bike covered by home insurance?

Standard bicycles are typically covered under the personal property coverage of your home, condo or tenants insurance policy. This coverage is designed to protect your personal belongings (including bicycles) against theft, damage and loss, up to the policy limit. Most policies will include coverage even if your bike is outside or away from your home at the time of the incident. 

If you decide to submit a claim for a lost or stolen bicycle, keep in mind that you will be responsible for paying the deductible on your policy. Your insurance premiums may also be impacted as a result of making a claim.

What are the policy limits for bicycles?

Your home insurance policy will typically have a limit on the amount of coverage provided for your bicycle. This limit varies depending on your policy, but it's generally around $1,000 to $2,000. 

It's important to review your policy to understand what types of bikes are covered. Some policies may have exclusions or limitations for certain types of bikes, such as high-end racing bikes or custom bikes. If your bike is worth more than the policy limit, you may need to add additional coverage or schedule the bike on your policy.

What if I have an expensive bike?

Scheduling a bike is a way to provide additional coverage if your bike exceeds the policy limit. This is done by adding a rider to your policy that specifically covers your bicycle. The cost of this bike insurance rider will depend on the value of your bike and the amount of coverage you choose. The insurance company may request a document for proof of purchase or an appraisal from a reputable shop.

What about electric bikes and motorized scooters?

If you own an electric bike or motorized scooter, the coverage can be a bit more complicated. Some insurance companies may consider these motor vehicles, which means they will not be covered under a home insurance policy. Check with your insurance provider to see if your electric bike or motorized scooter is covered under your current policy or if you need additional coverage.

Am I covered if I’m hit by a car while riding my bike?

If you’re struck by a vehicle while riding your bike, the at-fault driver’s auto insurance will typically cover the cost of any damages or injuries. However, if the driver does not have insurance or if they flee the scene of the accident (hit and run), you may be able to file a claim with your own auto insurance.

Since cyclists are not required to be insured to ride a bike on the road, you may not have auto insurance. In this case, you may be covered for damages and injuries under your home insurance policy’s personal property coverage or first-party personal injury coverage, depending on the policy details. It’s always best to connect with your insurance broker directly to understand your options and any limitations or exclusions that may apply.

If you’re an Orbit customer and you have questions about your bike insurance coverage options, call 877-976-7248 to review your policy or learn more. If you’re shopping for home insurance and would like a quote, reach out to an Orbit broker at 877-976-7248.