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When talking about the gender gap in American bicycling I often cite the statistic that, in 2009, women accounted for just 24 percent of bike trips in the U.S. But…

All eyes were on the economy in 2009 when the League released its report on The Economic Benefits of Bicycle Infrastructure Investments. In the three years since there’s been a…

This is an expanded version of the article that appeared in the September/October 2012 issue of American Bicyclist.  We’ve since heard about another insurance package for cyclists, from Markel Insurance.  If you have comments on this article or others from the September/October issue, please send your thoughts to our editor, Carolyn Szczepanski for inclusion in the next issue.  Not getting American Bicyclist?  It’s a membership benefit – join today!

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In my two years as the League’s membership director, I have gotten many questions about insurance for individual cyclists.  Until recently, there has been nothing specific for cyclists, and the coverages that apply to cyclists come from a patchwork of different policies that can vary wildly by insurer.

My answer, until recently, has been “contact your insurer, and find out what coverage you have.”  So in writing about the new insurance available to cyclists, I began by calling my own insurance agent to find out what coverage applies when I’m on my bike.

My homeowner’s policy is a robust one, offering $500,000 in liability coverage, should I be accused of causing harm to others while biking.  I am covered for theft, but my deductible is $500 – which more than I paid for my commuter bike, back in 1994.  Not much help there.  The agent mentioned that I could schedule my bike under my insurance policy, to get theft coverage with a $0 deductible.  Scheduling a bike is costly, however, and my agent knew of only a few cases where riders had scheduled their (expensive, custom) bikes.

Suddenly, there are four different insurance packages coming to market, offering cyclists the opportunity to unify their cycling-related coverage in single cycle-centric policy, and offering different combinations of enhanced medical, accident, liability, and theft /damage coverage.

As you assess whether any of the new policies is right for you, here’s where to look for your existing coverages as a cyclist:

Liability coverage pays for your legal defense and settlement should you be accused of causing injury or damage to property as a result of your on-bike actions.  Liability coverage is typically available under homeowners or renters insurance.
Uninsured/underinsured motorist coverage covers your bills if you are injured by a motorist with inadequate insurance.  If you have auto insurance, you are covered as a cyclist, according to Bob Mionske.  Mionske is a former professional bike racer and Olympian who advised the Spoke Insurance team on the types of coverage cyclists need. He recommends maximizing this coverage under your auto policy, adding that, until now, cyclists without autos have not had access to this type of coverage.
Theft/damage coverage is provided under homeowner’s/renter’s insurance, but the details of that coverage vary wildly from policy to policy and company to company.
Medical coverage – each of the bike-specific policies provides some sort of additional medical benefit, but generally as a supplement to traditional medical coverage, not a replacement.

Claims against any of your existing policies may result in an increase in premiums.  In addition to providing supplemental coverage, filing bike-related claims under a bike-specific policy, rather than other existing policies, may protect you from rate increases, according to Craig Dawson of Spoke.

Why now? 

Insurance companies are typically risk averse, and don’t like starting new policies without a proven track record with other companies.  The new bike specific insurance policies resulted from the work of motivated individuals with deep ties to both the cycling community and the insurance business.  Their passion has helped convince insurers of the need and market for these policies.

Here are the basic details of the new bike-specific insurance policies we know about.  Please contact the insurers for specific details, limitations, and personalized quotes.

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