Full suspension mountain bikes can be pricey. And in some cases like the Pivot Mach 5.5 priced at $11,390.00 a mountain bike can be more expensive than a new car. In this post we’ll explore the step by step process you can use to make sure your sweet new mountain bike is insured against theft, damage, physical loss and liability.
Here are four simple steps on how to get insurance for your mountain bike:
- Check to see if you are already covered with your home or renters insurance.
- Find a reputable company that specializes in bike insurance.
- Select a plan that matches your bikes value and fits your budget.
- Get multiple quotes to insure you get a great deal.
Getting insurance for your mountain bike doesn’t have to be a long complicated process. Simply follow these four steps to make sure your mountain bike investment is protected.
Let’s Dive In To These Four Simple Steps A Little Deeper
The Four Simple Steps To Get Mountain Bike Insurance
Step One – Find Out If You Already Have Coverage
First you need to discover if you are already insured. Most homeowners insurance policies will cover a bike. If you have a bike over $1,000 it’s important that you notify your insurance company of your bike so it can be properly valued. Be aware that it might increase your premium. Unfortunately, mountain bikes are very easy to steal. Check out this link for 6 ways that thieves will steal your bike. So in many cases it’ll be worth the extra premium cost.
Some renters insurance plans will cover your bike. You’ll want to contact the insurance company and make sure the have the correct valuation of your mountain bike. It is more difficult to prove these things when you are reporting a claim.
Lastly, let’s say you don’t have homeowners or renters insurance. At that point you’ll have to go with a company that specializes in bike insurance. There are many companies out there that offer policies that are far superior to homeowners and renters insurance. So you might want to take this route regardless.
Velosurance is a reputable company that has been around for many years. Stand alone bike insurance plans offered have many advantages. And are superior to renters or homeowners insurance for a number of reasons.
- If you get in a crash you are covered. Your homeowners/renters policy in most cases won’t cover that.
- They’ll cover personal liability if you cause damage to another person or persons property. Renters/homeowners normally do not.
- Stand alone companies will insure your apparel and accessories which can get pricey in the mountain biking world. The others will not insure those items.
- Homeowners and renters insurance will depreciate your bike at an average rate of 25% per year. Stand alone companies do not.
Step 2 Find A Reputable Company
At this point you’ll want to search the web for the top insurance companies that offer bike specific coverage inside of a bigger policy or search for a stand alone company that specialized in bike insurance.
Here is a list of 5 of the top companies out there:
| Velosurance | They are a stand alone company with a great reputation. Very popular among triathletes, cyclists & mountain bikers. |
| Spoke Insurance | The are another stand alone company. They offer comprehensive insurance at a competitive rate. |
| Markel Insurance | Markel offers insurance for businesses as well as individuals. They pride themselves on designing plans that match your needs. |
| PedalSure | PedalSure will tailor make a plan for you. They take a look at the bike but also you as an individual and how you ride. |
| Yellow Jersey | Yellow Jersey offers 3 main packages that you can choose from. Each at different levels to meek your needs. |
Step 3 Make Sure You Get The Right Amount Of Insurance To Meet Your Needs
Make sure your insurance matches the potential loss. You don’t want to overbuy and pay to high of a premium. You’ll want to first consider how often you ride. Are you riding 3 times a week. If so you are more likely to get experience a loss. Whereas if you are only riding once or twice a month your chances of damaging your bike will go down significantly.
Take an honest look at how how secure will your bike will be at your house, when you are storing it and when you are traveling. If you live in a relatively sage neighborhood with little to no theft your chances of a loss go way down. Weigh those environmental risks to make sure it’s worth it to purchase the insurance.
Also, take a closer look at how you travel with your bike and where you store it. Do you have a nice bike rack? Is there a safe storage spot for your bike in your garage? If not, you could experience a loss just from the bike getting damaged in storage or in transit to your next ride.
Step 4 Get Lots Of Quotes To Insure You Are Getting A Great Deal
Start with the list above and get as many quotes as you can for bike insurance. As long as its a reputable company just opt for the lowest premium cost with comparable coverage.
Just make sure you double and triple check the fine print so that you are comparing apples to apples.
Other Ways To Protect Your Mountain Bike Investment
Locking System
You’ve spent a ton of money on your sick new mountain bike. Now is not the time to save money and buy a cheap lock. Opt for a high quality bike lock that is proven to work. Get a GPS program set up on your bike like SpyBike GPS Tracker. This will add an extra layer of security and protect you from experiencing a loss.
Storage System For Your Mountain Bike
Make sure you are set up to store your bike at your house in a safe spot where there isn’t a chance of it getting damaged. For example storing it in the garage in an area where you’re moving boxes every other day is probably not the best option. Plan out a spot at your house so your new bike has a safe and comfortable spot out of of harms way.
Car Carrier
There is a wide variety of bike carriers on the market today. The first thing to look at is the style of car you drive. Just like with the bike locks this isn’t the time to go the least expensive route. Make sure you pick a carrier that is extremely secure. Another thing to consider when picking out your mountain bike carrier is the ease of use. Make sure it is easy to access your trunk with the bike attached. You’ll quickly get frustrated if you have to take your bike off the car everytime you get groceries on the way home from a ride.
How can I get my stolen bike back?
Once your mountain bike is stolen there are some actions you can take to try and get it back. Hopefully you insured it but if not here’s a list of six actions you can take to attempt to retrieve it.
Six Steps to get your bike back
- Report the theft to the police
- Announce it on all social media outlets like Instagram, twitter, facebook, youtube etc.
- Put flyers up around the area the bike was stolen
- Report it to OnGuard or Kryptonite if equipped with those services
- Check local flea markets and used bike stores to see if someone tried to sell it there
- Check ebay, craigslist and other online classifieds
Related Questions
Do you need insurance for a bicycle? It will depend on your risk tolerance. You’ll have weight the cost of the monthly premium in relation to the replacement costs of the bike. Once you know those two numbers you can make a decision based on your budget and risk tolerance.
Is there a LoJack for bicycles? SpyBike GPS Tracker is like LoJack for bikes. SpyBike GPS is an extra level of protection you can use to get your mountain bike back. If you love your bike and it has value this is a very cost effective option to utilize.