Why Homeowners & Renters Insurance May Not Be Enough For Your Bicycle

Whether you're a newbie or die-hard enthusiast, there's nothing quite like getting a new (or new to you) bicycle. 

Your bike could be your pride and joy, a weapon of mass destruction, or even act as a lifeline to get to work. Whether you want a socially distant commute, solo rides to clear your mind, family bonding time, or the simple joy of exercise, every cyclist knows that their bike is so much more than just a bike.

But nothing dulls the magic of a new bike faster than the next step of new bike ownership. Getting it insured. 

Navigating the endless maze of insurance policy options and coverage types (many of which tack bicycle insurance onto an existing policy without customizable coverage) can be a daunting task.

Why do I need bicycle insurance?

According to statistics from the online bicycle registry, Bike Index, bicycle thieves have been on a roll since 2020. 

It's no secret that bicycle theft has always been common, particularly in urban areas - and it's only getting worse.

With the demand for bicycles skyrocketing since the start of the pandemic, the USA's massive cycling boom has led to a 24% increase in bicycle theft between 2019 and 2020. 

Many cities across the USA have also seen dramatic spikes:

  • Seattle, Washington, reported a 54% increase in theft
  • Denver, Colorado, saw a 26% increase in theft
  • Boston, Massachusetts, experienced 28% more bicycle thefts
  • New York City saw a bicycle theft spike of 27%


While these figures are alarming, they're nowhere close to the real numbers. 

According to Project 529 Garage, another online bicycle registry, only a fifth of bicycle thefts in the United States are reported to authorities.

A danger that's even less reported is malicious bicycle damage, either by thieves attempting to steal a secured bike or by vandals. 

Accidental damage or crash damage generally isn't reported. Still, these can also be costly incidents that may leave you unable to ride your bicycle until you are able to repair or replace the damaged parts - and without insurance, that would come from your own pocket.

What homeowners & renters insurance often won't cover

Homeowners & renters insurance is usually grouped together, but they’re actually two totally different types of insurance policies.

Homeowners insurance is designed for those who own their homes. It covers their personal belongings (and possibly the structure of their home) in the event of things like fire, flooding, theft, or natural disaster. 

Because the policy is focused on the home and its contents, items that are stolen or damaged away from home are usually not covered.

Renters insurance is similar, except that it will generally only cover personal items or, in some cases, living expenses in the event of income loss.

Neither type of policy is custom-designed to protect items that you regularly take out of the home, particularly bicycles - which face a range of common risks while riding or locked in a bike parking rack. 

Here's how homeowners & renters insurance compares to specialized bicycle cover.

What specialized bicycle insurance covers

There are a couple of misconceptions about bicycle insurance.

Some believe it's prohibitively expensive, designed for serious cyclists, or only worth buying if your bike costs over a certain amount. We're pleased to tell you that none of those are true with Sundays Insurance.

Unlike many other specialized bicycle insurers, Sundays Insurance doesn't provide pre-packaged coverage options. Instead, your cover is fully personalized to your needs and can be tailored to suit almost every budget.

What does that mean? You get the coverage you need and don't pay for coverage you don't. Simple.

Along with the standard and optional coverages in the table above, you can also choose extra coverage additions to suit your needs.

Optional lifetime new for old

If you cover your bike within 60 days of purchasing it new and choose lifetime new for old, we'll replace your bicycle, item or part with a new item of the same make and model or the nearest equivalent, with no depreciation applied.

Accessories, custom parts & wheelsets

With Sundays Insurance, you can insure custom parts fitted to your bicycle, such as upgraded carbon handlebars or a dropper seatpost. 

Additionally, accessories such as your GPS cycling computer or headlight can be covered up to the value of $250, $450, $750 or $1,000. 

You can also add additional wheelsets to your policy so you can swap them out to suit your ride with total peace of mind.

Racing & event coverage

Choose racing & event coverage, and we'll cover your bicycle if the damage is caused by a specific incident, crash, impact, or road hazard while taking part in a race or event. 

If you don't participate in races and don't want your coverage to extend to them, you don't need to choose or pay for this coverage.

Why choose Sundays Insurance bicycle cover?

Monthly premiums

Insurance premiums are usually calculated annually and divided by 12 to give you your monthly premium. Many specialist bicycle insurers require that you pay a portion of the annual amount upfront, but we don’t. 

Enjoy simple monthly payments with no upfront or minimum premium*. Plus, you can cancel your coverage at any time without penalties.

Personalized policies

We draw from 13+ years of cycling insurance data to offer customizable cover for serious and casual cyclists alike.

Personal service

Despite our global footprint, our close-knit vibe ensures you always feel like part of our Sundays Insurance cyclist family.

14-Day cooling off period

Try our policy for 14 days and get your money back if you cancel within 14 days and did not claim. No questions asked, no penalties*.

*Only available in selected states.

Sources:

https://www.npr.org/2021/04/02/980008727/bike-thieves-are-on-a-roll-during-the-pandemic-heres-how-to-protect-your-ride

https://www.nytimes.com/2020/10/14/nyregion/bike-thefts-nyc.html

https://www.bicycling.com/news/a28846575/project-529-bike-theft-data/