Bicycle insurance

In many situations, your bicycle(s) may be covered by homeowners, renters, or condo insurance. For example, if your bike is stolen or damaged in a fire, your home, renters, or condo policy may pay to replace your bicycle, up to your coverage limits. If you're injured on your bike in a collision with a vehicle, your auto insurance may cover your medical bills.

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How you and your bike may be covered

Theft and vandalism

Personal property coverage on most home, renters, and condo insurance policies may cover your bike for its current value if it's stolen or vandalized, up to your coverage limit and minus your deductible. According to Project 529, over 2 million bicycles are stolen annually in North America, and that number is on the rise due to the growing popularity of cycling. Find out more about how insurance can cover bicycle theft.

Physical damage

Coverage for a damaged bicycle can depend on the situation. Here are a few common examples:

Bike damage from a car accident while you're having it transported: Your homeowners, renters, or condo policy may cover your bike up to the limits of your policy and minus your deductible.
You crash your bike: If your bike is damaged from a fall or collision with a tree, pedestrian, or another object, it may not be covered by your home, renters, or condo insurance unless you "scheduled" your bike as an individual item on your policy—also known as "adding a rider." Keep in mind that some insurers may not allow you to schedule your bike.
A driver crashes into your bike: If you're riding your bike and involved in an accident where the other party is at fault (e.g., they crash into you), their auto insurance policy may cover the damage. If the at-fault driver is uninsured, then you may want to file a claim on your homeowners, renters, or condo policy if the damages exceed your deductible.

Injuries to you

If you're injured in a bike accident with a driver, personal injury protection or medical payments coverage on your auto insurance policy may cover your hospital bills, suffering, and lost wages. If you're involved in an accident that isn't your fault, the at-fault party's insurance may cover the cost of your bike and injuries. If the at-fault driver has no insurance, the uninsured motorist insurance on your auto policy may kick in if you carry that coverage.

Injuries to others if you cause an accident

If you cause property damage or injure or kill someone while riding your bike, personal liability coverage on your homeowners, renters, or condo policy may cover you if the accident was your fault.

When should I purchase separate bicycle insurance?

If you own an expensive bike, such as a mountain bike, you may not receive the replacement value you're looking for, as some insurance companies have specific limits on home, condo, and renters policies. For example, if your insurance company has a $1,500 special limit on bicycles, but your bike is worth considerably more than that, you may be able to purchase additional coverage by adding it as scheduled property on your current policy. Or, you can buy specialty bike insurance.

Deductibles typically apply on your home, renters, or condo policy. Take into account what your deductible is and compare it to the cost to repair or replace your bicycle. If the cost is below your deductible, your damaged or stolen bike won’t be covered by your policy.