How much should I insure my bike for?
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When it comes to insuring your bike, the amount you should cover is the original purchase price of the bike, along with any upgrades or accessories added later. This includes enhancements like a GPS system, high-performance pedals, custom wheels, lighting kits, security locks, luggage racks, pannier bags, and other cycling-specific add-ons directly attached to the bike. Helmets and other riding gear are typically covered up to $500 without additional steps.
For those who have built their own bikes from scratch, the insured value reflects the combined cost of the frame and all components used in the assembly process. However, keep in mind that your personal time and effort invested in building the bike aren’t part of what can be insured.
Insurance serves to compensate you for tangible financial losses due to damages or total loss scenarios, such as theft or severe accidents. It doesn't account for speculative increases in market prices; instead, it focuses on verified losses. With Velosurance policies, the insured value remains constant regardless of the bike's age. For instance, if you bought a bike five years ago for $5,000 and it gets stolen, you'll receive a payout of $5,000 minus your chosen deductible. Similarly, repairs following an accident will be compensated based on standard retail shop rates, again deducting the deductible.
Even as your bike ages, there’s no depreciation applied to claims. To get professional advice tailored to your situation, feel free to reach out to Velosurance by calling 888-663-9948 or sending an email.
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For more personalized guidance, contact our team today. We offer America's leading bicycle insurance solutions, providing peace of mind with quick quotes and comprehensive coverage.
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