Bicycle insurance 2023: Do cyclists need insurance?

A group of cyclists riding on bicycles along a scenic road knowing they are fully protected with bicycle insurance.
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Bicycles have been around for over a century, and their popularity continues to grow as a convenient and eco-friendly way to get around. According to Vancouver city news, Vancouver ranks 37th of 90 in a global ranking of the world’s established cycling cities.

With increased bikes on the road comes the potential for accidents, which is why bike insurance is becoming more and more popular. In this article, we’ll explore what bike insurance is, what it covers, and some things to consider before you purchase a policy.

What is bicycle insurance and what does it cover?

Bicycle insurance is a type of insurance specifically designed to cover bicycles and their riders. In most cases, bicycle insurance is an add-on to an existing home insurance policy. This means that coverage and limits will vary depending on the insurer. However, since the deductible on house insurance premiums is typically greater than that for bicycle insurance, it is always preferable to acquire a bike insurance policy independently to avoid paying large deductibles in the event of a claim.

Following a loss, theft, or even accidental damage, InsureBC’s online bike insurance policy will pay to restore, refurbish, or replace your bike with items of the same or comparable type.

What is the average cost of bicycle insurance in BC?

In British Columbia, the average cost of bicycle insurance is $25 per year. This does not include additional liability coverage in the event that you cause damage to someone else or their property while riding your bike.

If you own a more expensive road bike or an electric bike, you may need to purchase additional insurance to cover the full value of your bike. However, even basic insurance can provide peace of mind in case of an accident. And with so many cyclists taking to the roads in recent years, it’s more important than ever to make sure you’re properly protected.

What are the benefits of having bicycle insurance coverage?

Bicycle insurance offers peace of mind in case your bike is stolen or damaged. It can also cover you in the event of a personal accident. While you may never need to use your bike insurance, it is important to have coverage in case something does happen.

Things to consider before purchasing bicycle insurance?

If you’re like most people, you probably have insurance for your car, your home, and your health. But what about your bicycle? While it may seem like an unnecessary expense, a good bicycle insurance policy ensures that you are covered in case of an accident or theft. And with so many different policies available, here are a few things to consider when buying a new bicycle insurance policy:

  • Liability Insurance: It is typically the most important coverage for cyclists. This type of insurance can help to protect you financially if you are found responsible for damages or injuries caused to another party.
  • Insurance Company: Choose an insurance company that has experience insuring cyclists. Some home insurance companies offer bicycle insurance as an add-on to their standard policies, but not all of them do. As a result, it is worth checking with several different companies to see what options are available.
  • Policy fine print:  Always make sure to read the fine print of any policy before buying it. Some policies have exclusions or limitations that could leave you without coverage in certain situations. By taking the time to find the right policy for your needs, you can help to ensure that you are protected in the event of an accident.

What happens if you don't have bike insurance and you get into an accident?

If you don’t have bike insurance and you get into an accident, you may be responsible for paying for your own medical expenses. Even if the other party is at fault, their insurers may refuse to pay for your damages if you don’t have insurance coverage. This could leave you with a hefty bill that you’ll be responsible for paying out of pocket.

In addition, if you’re found to be at fault for the accident, you could be sued by the other party. Without insurance, you may have to pay for their damages out of your own pocket as well. In short, it’s crucial to have bike insurance before hitting the road. Otherwise, you could be left with a financial burden that’s difficult to bear.

Protect your bike. Get an online quote today!

Now that you know a little more about bike insurance, it’s time to get a policy of your own. InsureBC is the first broker in BC to offer bicycle Insurance online, making the buying process simple and easy. We offer coverage for all types of bikes, including road bikes, sports bikes, and electric bikes.

If you’re looking for a policy that will protect your bicycle from theft, damage or loss, then look no further than our new bicycle insurance. It’s the first of its kind in BC and we’ve made the buying process so simple, it will take you less than 3 minutes to purchase via our website, or through any of our 90 locations across BC. So what are you waiting for?

InsureBC’s licensed experts can help you from start to finish so you can feel confident and comfortable with your homeowners insurance decisions.