Do you know how much it costs to insure your bicycle? Whether you ride with mountain bikes or prefer road bikes, having the right insurance can make a difference in case of theft or accident. The market offers a wide variety of policies, with very diverse prices and coverage due to the strong competition among insurers.
That’s why it’s essential to compare options to make sure the insurance you choose truly fits your needs. Going for the cheapest option might leave you without important coverage, while overpaying for unnecessary protections isn’t the best choice either.
You can find basic insurance from 20 or 25 euros per year, although some insurers launch offers at key moments, such as the end of the year, the start of summer, or on dates like Black Friday. In addition, policies can be customized depending on how you use your bike, whether on demanding routes with a mountain bike or on long journeys on asphalt with a road bike. Here we offer you a guide with everything you need to know to choose the best insurance for your bicycle.
If you’ve had an accident with your mountain bike or road bike and don’t have insurance, it’s important to act quickly. The first thing is to ensure your safety and assess the damage. If third parties are involved, document the situation with photos and witnesses. You can also consult a lawyer specialized in cycling accidents to know your rights and possible claims. Discover here how to deal with an accident without insurance and what options you have to protect yourself in the future.
The basic price for those who don’t want to spend much
It’s possible to find basic bicycle insurance with a price of 20 euros or 25 euros per year. And even less in some specific cases. This is the lowest price, a basic pack from which you can add different coverage. With this option, we’ll be protected in case we suffer an accident in the following ways:
- Mandatory Civil Liability Insurance up to 150,000 euros.
- Reimbursement of expenses derived from medical attention up to 2,000 euros.
- Travel assistance service, including punctures.
- Payment of expenses derived from a rescue service, whether by air or land, up to a stipulated amount (10,000 – 15,000 euros).
- Claim for damages to third parties, as well as legal assistance and administrative procedures.
- Compensation for damages suffered to the bicycle in case of an accident.
In some cases, these insurances include additional policies such as double compensation for medical and pharmaceutical expenses with a spending cap, which usually does not exceed 5,000 euros, or double the insured amount for Civil Liability Insurance. In the case of damage to the bicycle, the deductible that is usually set is around 10% of the claim, with a minimum amount of 100 euros.
Theft of the bicycle, a changing clause
As for theft, in some insurance companies it is included in the basic package, but in most it is considered an extra for which you have to pay an additional amount. Insurance companies require that the security lock used for the protection of the bicycle is approved, otherwise they do not cover compensation for this concept.
For a 4,000 euro bicycle, insurance that includes damage and theft coverage can cost 210 euros per year
To cover expenses arising from damage to a bicycle as well as its theft, the company must assess our bike before taking out the insurance. The higher this value, the greater the compensation, but also the higher the cost of the insurance. For example, for a bicycle valued at 500 euros, the cost of insurance with damage coverage can be 30 euros -45 euros if it includes theft coverage-. If it is valued at 1,000 euros, the prices will be 45€ and 69€, respectively. And if its value reaches 4,000 euros, the amounts could reach 115 and 210 euros in each case.
Additional coverages that increase the price of insurance
In addition to theft coverage, there are other coverages that can be added to the basic package mentioned in the previous section. Some companies include them by default.
Personal assistance service
If, as a result of the accident we have suffered with our bicycle, we are unable to carry out our daily activities normally, the insurance company will pay the costs of hiring a professional to help us, such as a home assistant.
Payment of expenses arising from a plastic surgery intervention
This coverage covers the operating room expenses to carry out reconstructive plastic surgery as a consequence of the accident suffered with the bicycle. The companies set a maximum amount for the payment of this service, which can be very variable but in the lowest case reaches up to 2,000 euros.
Coverage of expenses arising from hospitalization
It not only includes the costs of transportation to the hospital from the place where we suffered the accident. It also includes the payment of compensation for each day spent in the healthcare center.
Legal protection and defense
If you take out this coverage, in the event that an affected third party initiates legal action against you, the insurance will provide you with a lawyer.
Compensation for disability or death up to 6,000 euros
We hope you never have to make use of this clause in case you include it in your bicycle insurance.
Travel assistance outside Spain
The travel assistance offered by most insurance companies that provide this coverage is limited to the territory of Spain. If you are a fan of participating in events and rides abroad, or if you go on long cycle touring routes in other countries, you should extend this coverage. You can purchase it for countries in the European Union. This is a common case for cycling enthusiasts who want to complete the Camino de Santiago and ride both in France and Spain.
No insurance company covers situations arising from violations of the traffic code
If you are going to use your bicycle outside any of the European Union member countries, contact your company directly to check the coverage and prices they can offer you.
Are there situations that companies do not cover?
Yes, there are. Although customers can find all kinds of coverage tailored to their profile and needs, no insurance company covers situations arising from violations of the traffic code, negligence, or irresponsibility. Among these is, for example, riding your bicycle when the authorities advise against doing so on the roads due to weather complications. Keep in mind that accidents caused by normal wear and tear of bicycle components will also not be covered, such as the usual deterioration of tires or brake consumables. Furthermore, before purchasing bicycle insurance, read it thoroughly and ask about any doubts you may have. Some companies exclude payment for material breakage in the case of weekend sporting events and competitions. If this clause only applies to recreational outings, and you are an occasional or regular competitor, consider purchasing special coverage that includes that particularity.