Complete guide to choosing the ideal insurance for your bicycle

Are you one of those who is already convinced that you want to take out insurance for your bicycle? If so, there will be a series of questions you want answered. One of them is how to take the steps to purchase the policy. Below, we offer you extensive information about the process based on our experience with several insurance companies.

👉 The advantages of taking out insurance for your bicycle

Checking the websites of several insurance companies will help you as a first step. You will discover that not all the companies that come to mind when you think of insurers offer policies for our bicycles. And that there are specialized companies dedicated exclusively to offering insurance for cyclists.

👉 Which company offers the best bicycle insurance?

Many insurance companies provide on their websites, in different sections, what their basic and additional coverages are and, just as important, what their monthly and annual rates are. Also, in some cases, you can find a section with frequently asked questions or FAQs.

Most insurance websites make it very easy for you to get in touch with them, whether by phone, email, or through their social networks. It is also common for them to ask for your phone number to call you and provide information or answer possible questions. Even if you search on the company's general corporate website, it is most likely that a local agent close to you will call you, so you could even arrange an in-person appointment.

Insurance for 'amateurs' or for 'pros'?

One of the first questions the insurance company will ask you is whether your use of the bicycle is recreational or if you regularly compete in races and events. Whether you use a road bike, or a mountain , Do you usually use it to go on trips? Do you use it to commute to work every day? Or do you combine several of these things? Your answers will define the insurance profile that best suits your needs, since a bicycle used every weekend for racing does not face the same risk of breakage or theft as one that remains stored in a garage for weeks.

How do I choose the different coverages for my bicycle?

Insurance companies offer a basic package to which additional coverages can be added according to the bicycle owner's preferences. This basic package usually includes Civil Liability Insurance (which is mandatory), expenses arising from personal accidents, travel assistance, legal defense and protection, damage to the bicycle, and almost always, salvage and rescue expenses.

From here, you can add coverages such as compensation for bicycle theft provided it is secured to a fixed object with an approved lock; expenses for surgical hospitalization, reconstructive surgery due to accident; permanent disability up to a maximum of 12,000 euros and death by accident, with a limit of up to 6,000 euros.

What documentation do I need to take out bicycle insurance?

• First and last name.
• Valid ID.
• Date and place of birth.
• Bicycle model (you should be as specific as possible).
• Year of purchase of the bicycle.
• Price of the bicycle at the time of purchase (you may need to attach a copy of the purchase invoice)

Insurance companies ask for the purchase price of the bicycle because they use it to calculate the cost of replacement in the event of damage due to accident or theft (if this coverage is contracted, etc.).

👉 How much does it cost to take out insurance for my bicycle?

Insurance companies usually establish special clauses for bicycle models with a higher-than-usual value and have a unique scale for those with an average value. Check this point with your company, because that amount can vary considerably.

Can I take out insurance if I don't have the purchase invoice for the bicycle?

If a long time has passed since you bought your bicycle and you don't have the purchase invoice, or you have lost it, you shouldn't worry unless it is a bicycle with a very high market value. Before signing the contract, make sure you know the economic amount the company considers standard for its replacement at no additional cost.

If the bicycle is not new, but rather you bought it used, if you have a purchase invoice it is just as valid as if it were new, as well as if you can provide a signed receipt from the seller or a similar document.

How does the insurance company appraise my bicycle?

Although it is not the most common, insurance companies can appraise the bicycle if it has a high market value. Usually, they hire an external appraisal service they work with, and this service will take into account data such as the purchase price reference, the age, or the value of the different components of the bicycle (whether original or added later).

How is the signing and payment of my bicycle insurance carried out?