Why does bicycle insurance cost as much as car or motorcycle insurance? This is a common question that deserves a closer look. Let’s explore some of the pricing oddities and then get back to the main topic.
One thing that always surprises me is how a 32-inch digital TV can cost less than my Oakley Switchblade sunglasses. I’ve never been able to figure out why that is.
Another example: why is a bicycle tire, which contains less than 1% of the material of a car tire, nearly as expensive and doesn’t last as long? If my car tires had the same issues, I’d be constantly at the shop complaining. But with bike tires, I just buy another overpriced rubber ring and keep riding.
Now, what about the cost of bicycle insurance?
Bicycle insurance is still a relatively new product in the market, so there was no historical data to base premiums on. We relied on market research—talking to hundreds of cyclists about their needs and expectations—as well as some limited accident data from the Department of Transportation and the FBI. Based on this, we were able to develop fair and reasonable rates across the U.S.
We all want long-term access to bicycle insurance, and for the product to be sustainable, the risk-to-reward ratio has to make sense for the company. We’re continuously refining our pricing, but overall, the premiums seem to be in line with the risks involved. When you think about the dangers of riding, bicycle insurance starts to make a lot more sense.
[Image: Bike Accident]
If you ride your bike competitively or participate in group rides, having insurance is almost a necessity. The chances of damage are much higher compared to casual riders.
For example, a $3,500 bike in Miami costs about $250 per year to insure with a $100 deductible. And even though the bike may not have many parts that cost more than $100, a single crash can quickly add up to a big repair bill. No one expects to crash, but when it happens, it's reassuring to know that Velosurance has your back.
Bicycle theft is a huge issue in the U.S. We receive dozens of reports every day, and these are just the ones that are actually reported. Let’s face it—bicycles are easy targets. Unlike cars or motorcycles, they don’t come with keys or alarms. It only takes a few seconds to steal a bike, while stealing a vehicle requires more effort and coordination.
[Image: Bike Thieves]
So why does bicycle insurance cost as much as car or motorcycle insurance?
We aren’t really comparing apples to apples—we’re more like comparing apples to oranges. Both are fruits, but they come from different trees. Similarly, car/motorcycle insurance and bicycle insurance cover accidents, but the risks involved are completely different.
At Velosurance, we focus exclusively on bicycle insurance. That means we understand the unique challenges and risks that cyclists face every day.
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