How much should I insure my bike for?

When it comes to insuring your bike, the right amount to cover is the original purchase price of the bike along with any upgrades or accessories you’ve added since buying it. This includes enhancements like a GPS system, custom pedals, upgraded wheels, lighting kits, security locks, racks, pannier bags, and other cycling-specific add-ons directly attached to the bike. Keep in mind that safety gear such as helmets and other riding equipment is typically covered up to $500 automatically.

For those who have built their bikes from scratch: The insured amount should reflect the total cost of the frame and all the individual components used in building the bike. However, remember that your personal time and effort spent constructing the bike won’t be factored into the insured value.

The main purpose of insurance is to compensate you for financial losses incurred due to damage repairs or in cases of complete loss, like theft. It’s important to note that you can only insure against actual, documented losses rather than potential increases in future bike prices. Velosurance policies maintain the full insured value of your bike regardless of its age—there’s no depreciation over time.

Illustration: Suppose you bought a bike five years ago for $5,000 and insured it accordingly. If the bike were stolen today, you’d receive a payout of $5,000 minus the deductible chosen under your policy. Similarly, if the bike sustains partial damage in an accident, the repair costs—including labor—are covered up to the current retail rate at a professional bike shop, again deducted by the policy deductible. Your bike retains its full insured value no matter how many years have passed since purchase.

If you need assistance determining the appropriate insured value for your bike, feel free to reach out to a Velosurance bicycle valuation expert at 888-663-9948 or via email. For further inquiries about our comprehensive coverage options, check out what makes Velosurance America’s top choice for bicycle insurance.