Bicycle insurance claims. How they happen and what you do next.

Claims happen because of a sudden or accidental loss to your bike. If your tires wear out this is not sudden or accidental. If your ten year old frame develops corrosion issues this is not sudden. If you hit an object while riding the bike this is both sudden and accidental. If your bike is stolen this is sudden.

We buy insurance for the unforeseen and accidents are called accidents because they are unforeseen.

Theft

Velosurance bicycle insurance policies insure for total or partial theft of or from the bike. Total theft is when the bike has been stolen and partial theft is when a portion of the bike is stolen, such as the wheels.

The best theft protection is a case hardened chain and case hardened lock or disc lock. The disc lock makes it difficult to cut or force the lock open and case hardened chains require a hydraulic bolt cutter to break. Hardened steel U-locks are a good second choice to protect from theft.

Claim process for theft. Report the theft to the police and get a police report. Call Velosurance to start the claim process. Provide Velosurance with a photograph of the theft location, the cut lock or a receipt for the locking system, purchase receipts for the stolen bike, and a statement of the theft.

Crash damage

Riding for fitness, commuting, or racing, Velosurance bicycle insurance policies insure for damage to the bike and all accessories as a result of a crash. When the bike is damaged in a fall or crash the policy also provides a $500 payment towards any damaged cycling gear including helmet, shoes, gloves, jersey, shorts, and protective eyewear such as sun glasses.

Claim process for crash damage. Call Velosurance to report and discuss the accident. Provide a bike shop repair estimate for repair or replacement of the bike, photos of the damage, photos of the bike before any damage, bike purchase receipts, and any witness statements of the accident.

Reporting

All claims should be reported to Velosurance as soon as possible. We are experts at compiling claim reports for the insurance company and we monitor every claim to it’s satisfactory conclusion. While every claim is different it has been our experience that Markel American Insurance Company exceeds all expectations when paying claims, in fact some claims have been paid in less than 7 days.

Racing crash

You are in the last turn before the finish and a rider on the outside cooks the corner taking out another rider who goes down in front of the pack and you are in the middle of the pile up. After separating yourself from the wreck a quick inspection of the bike shows that your front wheel is damaged and the rear wheel is rubbing on the frame.

Bike shop evaluation is that the front wheel is toast and the frame chainstay is cracked. You need a new front wheel and new frame. No matter how old the frame or wheel is the Velosurance bicycle insurance policy will pay for a current model year wheel and frame, including labor to build up the new frame, up to the face value of your policy. No depreciation.

Oops damage

You are driving into the garage with your bike on the roof rack when you are reminded by a nasty crunching sound that you can’t drive into the garage with the bike up top. Ouch.

Velosurance won’t pay for damage to the rack or car but we will pay for all the damage the garage caused to your bike. The bike shop evaluation details that you need a new fork, handlebar, brake lever, and GPS computer. Your Velosurance bicycle insurance policy will pay for this damage (less your chosen deductible) including labor, shipping and taxes. No depreciation.

Airline damage

You did a great job packing your bike for a flight but the airline baggage handlers still managed to crush the box and both wheels are damaged, several spokes are broken and one rim is cracked. You report this to the airline who tell you it’s not their responsibility and blame the damage on your packing job. You find a local bike shop who can order the new wheels but delivery will take 2 days out of your vacation.

Velosurance will pay up to $250 for you to rent a bike so your vacation can be saved. Report the loss to Velosurance and you will be advised to take photos of the damaged wheels, provide the damage report from the airline, the rental receipt, and the estimate for new wheels purchase, including shipping and local taxes.

After repair damage discovered

The bike is rebuilt after your wreck and the insurance company has paid for the damages but now the power meter readings are not accurate and sometimes not recording at all. Back to the shop. The power meter rep inspects the unit and determines it cannot be repaired. Velosurance prepares a supplemental claim without a deductible and a new power meter is paid for, including removal and installation.

We hope you see from these examples that almost anything that can happen to your bike is a covered claim with a Velosurance policy.

Claims can be reported 7 days a week to 888-663-9948.

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