TL;DR:
Insure your bike for what it truly costs—this includes the original purchase price plus any upgrades and accessories. Velosurance doesn’t depreciate value over time, meaning you're reimbursed based on your declared worth at the time of loss
- Declare full replacement value
- Include your custom build cost
- Claims honor your original insured amount indefinitely
The correct amount to insure for is the cost to purchase the bike plus upgrades and accessories added to the bike after purchase. You can include and insure the cost of upgrades such as a GPS, pedals, wheelset, lights, locks, racks, panniers, and any other accessories that are cycling specific and attached to the bike. A helmet and other riding gear is automatically covered up to $500.
Build example: If you built the bike from the frame up the insured amount should be the cost of the frame and all of the build components and that total is your insured value. Unfortunately your time and labor to build the bike cannot be insured.
The concept of insurance is to reimburse you for the financial loss you might sustain for a damage repair or a total loss. You cannot insure for a future and unknown increase in bicycle purchase prices, only for your financial and verifiable loss.
The Velosurance issued policy does not depreciate the insured value of the bike based on the age of the bike.
Example:A bike that was purchased and insured for $5,000 five years ago becomes a total loss (think theft) would be reimbursed at $5,000 less the chosen policy deductible. In the case of a partial loss (think crash damage) the reimbursement for the repair, including labor, is paid at the retail bike shop repair cost, minus the policy deductible. No matter how old the bike becomes, a claim reimbursement is never depreciated.
To discuss insured values with a bicycle valuation expert call Velosurance @ 888-663-9948 or email support@velosurance.com
Key Takeaways
- Insure your bike for the full purchase price plus any upgrades or cycling-specific attachments like GPS, lights, racks, or panniers
- Helmet and riding gear are automatically covered up to $500, even if they weren't included in your bike's declared value
- If you built the bike yourself, include the cost of the frame and all components when determining your insured value—just not your labor
- Velosurance policies use “declared value,” meaning your bike is insured at that amount with no depreciation over time
- For accurate coverage (and fair claims), your insured value should reflect real, verifiable cost—even years after purchase