Velosurance is a national insurance agency founded by two cyclists in response to the insurance needs of bicycle riders nationwide. We partnered with an A.M.Best “A” rated, US insurance company to provide a multi-risk policy offering protection to all types of cyclists.
Claims FAQ
Filing a bicycle insurance claim is easy, just follow the claim procedure.
We will work with you to get your claim resolved quickly, so you can get back to riding again as soon as possible. The length of time it will take to receive a check depends on the complexity of the claim, in most cases less than 14 business days.
Call the police and report the theft and ask for a police report (you will need it later when you file your claim). Keep any evidence of the theft such as broken locks or cut chains/cables. If possible, take photos of the crime scene. Once the police are told of the theft and you have a case number, call the claims reporting number listed in your policy or on our claims page.
The policy does not require the bike to be locked to an immovable object when stored behind a closed garage door, however with the proliferation of electronic devices that can illegally open a garage door it is recommended that the bike be locked to something solid inside the garage. As a general precaution it is also wise to lock the door that enters the house from the garage.
If a theft occurs from the garage a police report detailing the forcible entry into the garage is required. Signs of damage to the door and/or locking mechanisms or a cut lock is evidence of forcible entry.
This largely depends on the material of the frame as well as the location and the type of damage. For example, if an aluminum or steel frame is bent out of true, there is little that can be done except to replace the frame. If the rear triangle of a full suspension mountain bike is damaged beyond repair, the policy will pay to replace the rear triangle. When a carbon fiber frame is damaged, it will be inspected by a carbon fiber repair expert to determine the viability and safety of repair.
All the expenses associated with the repair, such as the cost to disassemble and reassemble the bike once the frame is replaced or repaired is covered by the policy.
If the inspection determines that a repair can be completed in a way that will not affect the bike’s safety or integrity, then the policy will reimburse the repair cost along with all other costs directly associated with the loss. How you chose to spend the claim reimbursement is up to you. If you do not wish to have the frame repaired, you can put the reimbursed amount towards the purchase of a new frame.
More information on carbon fiber frame repair can be found here.
If your bicycle is accidentally damaged, you will need a repair estimate from your preferred bike shop along with detailed photos of the damage. Once you have this information, you can submit it along with your claim. Your claim will be assigned to a claims representative who will manage the process from beginning to completion.
Your claims representative is an insurance loss professional and will work with you to bring the claim to a beneficial conclusion.
No, the policy conditions do not cover any diminished value, although the bike will be repaired to pre-damage condition with zero signs of previous damage. It is incumbent upon the bike owner to disclose previous repairs to a prospective purchaser.