How much will I get paid in case of a total loss?
Last updated
A total loss pays the replacement cost of the bike up to the insured value, minus the policy deductible. Because the bike is insured at its declared value with no depreciation for age, the payout does not shrink as the bike gets older.
The one condition to know: reimbursement requires the annual premium to be fully earned by the insurance company, that is, paid in full, before the claim is paid. This is the same earned-premium principle behind the Minimum Earned Premium that applies to every policy.
What happens to the premium after a total loss?
The policy has paid out its full value at that point, so it is canceled with no refund of the premium. If you pay the annual premium in partial payments, the remaining balance must be paid before you are reimbursed for your loss. Once we receive the remaining premium, you are paid the declared value of your bike minus the deductible.
How is the declared value set?
You set it when you buy the policy, and it is the number the total loss payout is built on. Insure the bike for what you have actually spent, the purchase price plus accessories and component upgrades, and adjust it any time you upgrade the bike with new components, such as wheels or a power meter, in the "My Bikes" section of the Client Portal. Getting that number right is covered in how to value your bicycle.
Back to all FAQs