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.
General Questions FAQ
To purchase a policy you need to go through our easy quoting process. The policy can be purchased on the last step.
The annual premium to insure a bicycle starts at $100 per year and settles at very reasonable premiums that depend on the various options you select. The policy covers bicycles anywhere in the USA and Canada for all types of accidental damage as well as theft, including loss or damage caused while in transit by road or air. The coverage can be extended worldwide by purchasing the optional Worldwide coverage. At the end of the day the policy cost is pennies on the dollar, when compared to the expense to replace a stolen, lost or damaged bike. It takes less than 5 minutes to get a quote and you can purchase coverage on the last step of the process. Click here to get a quote.
A premium is the money paid by an individual to the insurance company for an insurance policy. Bicycle insurance premiums are based on the bike's use, location and the duration of the riding season. Riders in northern states pay lower premiums based on a limited riding season. The minimum premium for a Velosurance policy is $100 per year.
There is a number of variables in calculating a policy premium including, bike type, bike construction material, bike value, location, how you ride, and the coverages you select.
No, there is no hard credit pull when you get an insurance quote. To calculate a premium we use insurance score, also known as an insurance credit score, which is based on the individual’s credit rating. Your individual rating will affect the premiums you pay for the coverage.
The term period of an insurance policy refers to the specific duration during which the insurance coverage is in effect. A bicycle insurance policy from Velosurance has a term policy period of 12 months.
Only if you want it to. When purchasing a policy you have the option to opt-out of automatic renewal. We will also notify you via email before your policy renews so you always have the option to change your mind. Once the renewal policy becomes effective and you decide that you no longer want insurance protection, you can request that the policy be canceled and you will receive a refund of any unused premium, subject to Minimum Earned Premium.
Easy, you can cancel your policy in the Velosurance Client Portal.
While there are no cancellation fees, the policy is subject to a Miniumum Earned Premium.
There is no cancellation fee but the policy is subject to a Minimum Earned Premium. To avoid the Minimum Earned Premium we recommend that you keep your policy until you have paid $100.00 in premium.
Each policy has a minimum earned premium of $100. This means that the minimum cost for a policy is $100. If the annual premium is $300 ($25/month) then the $100 minimum earned premium is met after four months and the policy can be cancelled on a prorate basis. If the policy is cancelled before the four month mark, say after two months, then $50 is due upon cancellation. This is the balance of the minimum earned premium.
The easiest way to make policy changes is via the client portal where you can administer the policy and update payment info.
The policy premium already takes the duration of the riding season in each geographical area into consideration. This is why a policy issued in Florida costs more than a policy issued in Minnesota.
Our bicycle insurance policy is an industry-leading program. To ensure its continued success we rely on the support of riders who understand the concept and value of spreading the risk over the 12 months duration of the policy. We reward the clients who retain the policy a full-term with renewal discounts.
Yes. Each bike on a multi-bike policy receives a 10% discount.
Yes, multi-bike policies receive a 10% discount. When requesting a quote, look for a teal "Add another bike" button on the Step 2 (Bicycle information) of the quote form.
The deductible is your responsibility for any covered loss to the bicycle. If your deductible is $200 and your bicycle has $2,000 in covered damages then you would pay $200 and your policy would pay $1,800. If the damage to your bike is less than the deductible there is no claim to the policy and the repair cost is your responsibility. The policy deductible is applied to each and every loss.
There is evidence that a person’s financial responsibility is an accurate predictor of future loss activity; therefore, insurance scoring has become commonplace for products such as homeowners, auto and even recreational sports insurance. Bicycle insurance is no different. Please note that while insurance scoring uses your past insurance experience and your FICO score, it does not access your credit report and the only person who can ever see an insurance inquiry is you.
Yes, but if you are getting a new bike soon it might benefit you to keep the policy in effect and replace the bike on the policy. Premiums almost never go down but your current rate is locked in and not subject to future increases. If you cancel the current bike policy and purchase a new bike policy, you will lose the current rate and will then be subject to the rates in effect at the time of the new policy purchase. To cancel your policy, log into the client portal and click the Cancel policy link.
We know you are an avid cyclist and we appreciate your dedication to the sport. If you are a member of USA Cycling, USA Triathlon, or the International Mountain Biking Association, Velosurance offers you a membership discount. During the bicycle insurance quote process please be sure to select your membership, either USAC, USAT, or IMBA and we will apply for your membership credit. To support these cycling associations please see the associated website below to apply for membership.
https://www.usacycling.org/memberships-new
The first advantage of a policy from Velosurance is that the policy never depreciates the bike’s value for any reason. If a five year old $5,750 bike insured with a $200 deductible is stolen, the reimbursement will be $5,550. Additionally, the policy covers the insured bike for all types of accidental damage, no matter how the accident happens.
There simply is no other insurance for bikes that even comes close to the coverage offered by a Velosurance policy, and unfortunately, it often takes a claim to see how poorly other forms of insurance cover a high-value bicycle. If you own an expensive bike, don’t buy cheap insurance.
See how we compare.
The Velosurance bicycle policy is underwritten and issued by Markel American Insurance Company, located in Glen Allen, Virginia. Markel is rated A (Excellent) by A.M. Best in Financial Size Category XIV ($1.5 Billion to $2 Billion).
Markel is the underwriting partner for Velosurance and whether the policy is issued by Velosurance or Markel the policy and premium are the same. Markel handles the financial aspect of the policy and Velosurance deals with policy service and management.
Velosurance is owned and staffed by insurance professionals who are also bicycle riders, so when you call Velosurance you will be speaking with another rider who understands your policy needs.
The professionals at Velosurance are experts at managing your bike insurance policy and are ready to assist you with the policy management tools available in your Velosurance client portal. Through your portal you can manage your policy at your leisure and rely on your team at Velosurance when there are actions not available through the portal.
Please go to the client portal and update the complete card information by selecting Payment Information from the vertical navigation panel at screen left. We do not store the card number so we need the card information again. If you missed a premium payment we will endorse your policy back to your payment schedule and then catch you up on any missed premiums.
We will confirm to you that the payment has been made and send a list of the future premium schedule.
Please rely on the client portal to make policy changes and updates. We personally review each change request and will contact you if we need confirmation of your request.
Velosurance offers an insurance policy to cover Class 1, 2, and 3 e-bikes with an all risk, replacement cost policy without depreciation or deduction for the age of the e-bike
Class 1 e-bikes are limited to a top speed of 20 miles per hour, and the electric motor works only when the rider is pedaling. Class 2 e-bikes are also limited to a top speed of 20 miles per hour, but may have a throttle that works while not pedaling. Class 3 e-bikes allow a top speed of 28 miles per hour and must have a speedometer, and may or may not have a throttle.
With Class 3 e-bikes it depends on the State writing the rules. California, for example, doesn't allow Class 3 e-bikes to have throttles at all. In other states, throttles are allowed as long as the throttle only works up to 20 miles per hour, while pedal-assisted electric power continues up to 28 miles per hour.
For more information, please visit our e-bike insurance page.
The main reason speciality bicycle insurance exists is because traditional insurance does not provide adequate coverage for bicycles. There is a widespread misconception that standard home insurance policies automatically protect bikes and e-bikes. Although homeowners or renters insurance may provide some coverage for personal property, such as bicycles, they frequently come with significant limitations and may not adequately cover the replacement costs of premium bicycles. Additionally, many of these policies outright exclude coverage for e-bikes. Specialty bicycle insurance is designed to cover all risks associated with the cycling lifestyle.
To learn more about the benefits of specialty bicycle insurance please take a look at A buyer's guide to the best bicycle and e-bike insurance.
There is evidence that a person’s financial responsibility is an accurate predictor of future loss activity; therefore, insurance scoring has become commonplace for products such as homeowners, auto and even power sports insurance. Bicycle insurance is no different. Please note that while insurance scoring uses information from your FICO score, it does not negatively impact your credit score and the only person who can every see an insurance inquiry is you.
You can find the policy specimen here.
Velosurance does not recommend any specific lock or security device, we encourage you to use a high-quality U-lock or a sleeved chain, or a combination of the two.
We strongly suggest that our clients never rely on cable locks to secure the insured bicycle because they are easily defeated and provide a false sense of security. Please review our A cable lock will not save your bicycle from theft article on the subject.
Velosurance is a national insurance agency founded by two cyclists in response to the insurance needs of bicycle riders nationwide. After more than 3 years of development we partnered with Markel American Insurance Company, an A.M. Best A rated insurance company to offer a multi-risk policy offering protection to all types of cyclists. The policy covers the bike for all types of accidental damage as well as theft at home and away from home, when securely locked to an immovable object. The policy does not depreciate bike’s insured value based on the age. The policy covers the bike while in transit by road or air.
Trusted Partners is our nationwide network of local bike shops (LBS). The network is available to you, our client, as a resource for bicycle repair or replacement. Although you are free to choose your own repair or replacement shop, a Trusted Partner will be more familiar with the insurance claims process.
Whether you’re replacing your current bicycle or adding to your collection, we’ll automatically extend your current coverage to the new cycle for up to 30 days from the time of purchase. Just let us know before the 30 days are up and pay any additional premiums due for coverage to extend beyond that time period.
We do not offer club insurance. Each bicycle owner is insured by his or her own policy.