Do we need a Bicycle Insurance?

When it comes to motor bikes and cars, be of any model or type, we do need a licence to operate them on the road. That’s fine – after all anything with motor has speed and momentum and can cause grave injury to the rider and a third party.

But what about bicycles?

They do not have a motor, but even if the rider wears protective gear, he may still get hurt, and may cause injuries to others too. Such incidents are on the rise with more and more people buying high-speed gear bikes.

Table of Contents
  • Why cyclists should buy an insurance for their cycle?
  • Some Tips related to Cycle Insurance

Why cyclists should buy an insurance for their cycle?

In most countries cyclists are not legally required to have an insurance. But you may still want to get one in some particular cases. Some of these have been listed below:

  • If your cycle is expensive, you should probably get it insured against damage and theft. Getting an insurance cover for a normal, cheap bicycle will not be worth the effort.
  • In case you damage someone else’s asset, e.g. a luxury car.
  • In case you are hurt and are hospitalized, and have to bear a big bill.

Different cycle insurers have their own conditions and idiosyncrasies. Do consult with them and read the policy document thoroughly.

Here, we are giving you a small list of the points that you may keep in mind while you do so:

  • Most cycle insurers do insure a cycle even if it’s parked away from your home. But they have certain conditions, e.g. the lock that you use must be approved/certified by them.
  • If your cycle is inside your house compound, but not inside the main building – say it’s parked in a garage, then you will need to ensure that the garage is locked and the bike is locked too (probably by an approved lock system). If your bike is inside your house building, then locking it may not be essential.
  • If you travel to your office (or any workplace) via your bike and lock it up there, then generally your bike is insured for a period of 12 hours, not after that.
  • Is your bike covered when being transported, say via an airplane or a ship? – Do ask your policy provider if you need this kind of cover.
  • You may insure new, as well as second hand bikes.
  • If you are going to participate in cycle races, then you will probably have to pay higher premiums on your policy.

Apart from these points, you may pose the following questions to your insurance agent:

  • In case of cars and bikes, if we have made a claim, the premium for subsequent years often go up. Will it be the case with your cycle premium too? - Generally, it’s not the case, but do enquire.
  • If you are travelling from one country to another, then you need to ask for an international insurance cover. Do they provide that?
  • If you are a cycle courier, will you be covered under some insurance? – Generally, the answer is no.
  • If you place a claim, will you get the full, original value of the cycle, or a depreciated value? – Generally, you will get a depreciated value. For example, if you bought the cycle 3 years ago at $2000, and you place a claim now, then you will get the current market value of that cycle, say $800 (not $2000).
  • What all is covered in the policy? – Generally, a good cycle policy covers all the three – the bicycle, accessories, your kit (e.g. helmet, GPS, etc.).
  • Are theft and damage due to an accident both covered, or not? – Generally, both are covered. But what if your cycle gets burned, or falls in a lake? – You may enquire that too, if needed.
  • Is the third-party insurance also provided to you, i.e. does your insurance policy cover your personal liability if you hurt someone else, or damage some property (say a luxury car)?
  • If you get hurt and cannot work for some time, then will that cost be covered under the policy?

The more the features of your cycle insurance policy, i.e. more the facets that your insurance policy covers, the more expensive it would be (i.e. bulky premiums). Some of the most popular cycle insurance companies are:

  • Pedalsure
  • LAKA
  • bikmo

Winding Up

So, it would not be a bad idea to get an insurance cover for your bicycle. However, in most of the countries it’s not compulsory and so is completely optional.

However, if you often go on off-road trails, and/or like the thrill of speed, it would be prudent to get an insurance cover for yourself (or any third-party that you may cause injury to). In case your cycle is too expensive, get an insurance that covers any damage to it, or events like its theft.

We all buy a motorbike insurance for these same purposes. So, why not do so for our state-of-the-art bicycle. In many countries, bicycle riders are at even more risk than motorbike riders. Generally, riders often wear extra protective gear when they ride a cycle – more than they do when they ride a motorbike, isn’t it?

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