How do I value my bicycle?

Last updated June 24, 2026

The Velosurance policy, issued by Markel Specialty Insurance, is known as a stated value-replacement cost policy. This means that the client states the value that can be verified and that is the amount covered, subject to the client chosen deductible, with no deduction for age or depreciation.

You should insure the bike for its purchase price including any cycling accessories added after purchase and any component upgrades completed after the initial purchase. You can make value changes at any time during the policy period if you add accessories or make upgrades.

In a total loss situation (think theft) the policy will reimburse up to the insured amount that can be proven through documentation (receipts). Example: A bike purchased for $3000 with $500 worth of accessories has an insurable value of $3500 and in the case of a total loss you will be reimbursed up to $3500 less the deductible that you chose so you can replace the stolen bike with a bike of like, kind, and quality. Receipts will be required to prove the bike’s ownership.

In a partial loss situation where there is damage to the bike that is less than the insured amount, the policy will reimburse the retail cost of the damage, including labor, less the chosen deductible.