Homeowner policies cover the bike for it’s actual cash value (ACV), which means the depreciated value of the bike at time of loss, add to that, each home insurance policy has a deductible that is applied to each and every claim. Deductibles in a home insurance policy typically range from $500 to $2,000. No-one is ever happy when a claim is adjusted using ACV valuation because as the bike gets older its value decreases and a claim for a five year old $5,000 bike after depreciation and the deductible is applied could result in a reimbursement of less than $1,000 to replace a $5,000 bike.

To avoid a bike claim from affecting your home insurance rates it makes sense to cover bikes with a stand alone insurance like a policy from Velosurance that does not depreciate the bike’s insured value so the reimbursement for a stolen bike is for the amount declared in the policy, minus your chosen deductible, no arguments. A policy from Velosurance covers bikes and e-bikes for theft from your home as well as away from home when the bike is left unattended and secured to an immovable object with a bike lock. Most stolen bikes were secured with a cable lock and while this type lock complies with the policy from Velosurance cable locks are not recommended.

Specialty bike and e-bike insurance, like a policy from Velosurance, protects the policy owner from the financial loss related to a total loss of the bike (think theft) or all types of damage sustained in a crash. It is very easy to run up a substantial bike shop repair bill from even the smallest accident. The policy is very straightforward when it comes to reimbursement for accidental damage; if the bike is damaged in an accident, no matter how the accident happens, it is covered. The advantage of a stand alone bike and e-bike policy is that unlike a home insurance policy that only covers the bike for fire and theft, the policy from Velosurance covers the bike for all accidental damage as well as theft of the bike or theft of parts from the bike.