Should I Insure or Register my Bicycle? - NYCM Insurance Blog

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Aug 14, 2023

Should I Insure or Register my Bicycle?

Learn How Having Bicycle Insurance and Registration Can Protect You Against the Unexpected!


With summer weather upon us, many are taking the time to dust off their old bicycle or buy a new bike to enjoy the great outdoors. Although it is not a legal requirement, both registering and insuring your bicycle can be extremely useful in the event that your bike is stolen or damaged. Continue reading to learn more about how taking these two steps can better protect you and your bicycle!


Why Should I Register My Bicycle?

According to a study conducted by the popular bike registry and information center, 529 Garage, “over the last 20 years bike theft in North America has grown to epidemic proportions-affecting about 2 million riders each year.” In the event that your bike becomes lost or stolen, a call to your local police station may not result in many leads on its own. Without any identifying characteristics or a serial number to go by, the police won’t have a way of recognizing the bike, let alone be able to prove that it's yours. This is where having your bike registered comes in handy. By registering your bicycle, you can provide a specific way of identifying your bike should it go missing. Contact your local police department for information on how to register your bike in your area.


Why Should I Get Bicycle Insurance? 

529 Garage states that “beyond the half-billion dollar cycling black market, many stolen bikes are then involved in secondary crimes, often serving as a getaway vehicle.'' In an incident like this, you may never recover the exact bike that you lost. However, with bicycle insurance, you can recover full or partial cost of the bike, depending on the coverage limits you choose. It’s important to know that bike insurance covers more than just theft. Say you’re riding along, and something causes you to run off the path and into a tree. Some bicycle insurance policies can help you cover the cost of your medical payments and the cost of repairing or replacing your damaged bicycle. You might be thinking that these events would be covered under your regular home or renters insurance, and it’s true that some of it might be. However, it is not typical that a home or renters insurance company would offer comprehensive bicycle coverage.


What Does Bicycle Insurance Cover That Home Insurance Doesn’t? 

Bicycle insurance is an easy way to ensure that you have comprehensive coverage while riding. Unless you have specifically endorsed special coverage for your bike onto your home or renters policy, there’s a good chance it’s not insured to value. This is especially true if you have a professional quality bike. It’s important to know that bicycle insurance has a ton of benefits that go well beyond loss or damage coverage, too. Not only can bicycle insurance ensure replacement cost in the event of loss or damage, but it can also offer vehicle contact protection, personal liability, replacement bike rental coverage, cycling apparel coverage, medical payment coverage, worldwide physical damage, roadside assistance, and even event fee and racing coverage!


If you’re someone who is passionate about cycling, has a professional quality bike, or believes that cycling is a lifestyle, bike insurance isn’t something you can afford to go without. For more information on a bicycle insurance policy with our trusted partner Markel, check out the link below to speak with one of agents