To get or not to get bicycle insurance is one of the big questions many cyclists ask themselves when starting a new season or buying a new bike. Whether you are a fan of mountain bikes and enjoy routes on challenging terrain, or if you prefer road bikes and ride long distances on asphalt, having insurance can make a difference in case of accident, theft, or material damage.
For some cyclists, the peace of mind of being insured against any unforeseen event is reason enough to take out bicycle insurance. Especially in disciplines such as MTB or road cycling, where the risk of falls, collisions, or incidents with other vehicles is higher. However, others dismiss it because they ride less frequently or because they are already members of a federation and have partial coverage.
If you have doubts about whether it is really worth taking out insurance for your mountain bike or road bike, below we offer you some key arguments that can help you make the best decision according to your cyclist profile.
Is it worth getting insurance for your bike if you are federated?
This is a common question among bicycle users who compete, both occasionally and more professionally. Being federated, whether with a competitive license or a touring license, automatically guarantees that we have two very important coverages: Civil Liability Insurance (SRC) and Mandatory Accident Insurance (Royal Decree 849/1993). What does this mean? First, that if we cause damage or injury to third parties in an accident, the insurance guarantees payment of the corresponding compensation up to a maximum of 1.2 million euros.
The insurance provided by the federation license does not include bicycle theft.
The Mandatory Accident Insurance has two effects. On the one hand, it will cover the expenses derived from the medical care we require, from emergency care to hospital admission, including transportation to the hospital. On the other hand, it will take care of the compensation due if various types of injuries occur in the accident. Another great advantage of being federated from an insurance point of view is that we are covered not only during competitions, but also during rides and training sessions. In addition, if you are federated, you will get legal defense at no extra cost and access to a damage claim service if legal proceedings are opened.
The compensation for theft, a good reason to take out private insurance
A good reason to take out private insurance is that we can include theft coverage, something not offered by the Federative License insurance. This is especially important if you have a high-priced bicycle or if it is essential for you, for example as your daily means of transportation to work. Remember that companies require the use of approved locks to protect the bicycle, and they will not cover theft compensation if the bike was not properly secured with the lock.
The insurance company will ask us for detailed information about the value of the bicycle and the circumstances in which it is used, parking areas, etc. If we have Home Insurance and usually store the bicycle in a garage or storage room, in order to receive compensation for its theft we must have previously declared its value, especially if it is high.
The price of insurance is much lower than that of the federative license
Some cycling enthusiasts who compete only occasionally often consider the possibility of joining the federation to take advantage of the benefits offered by a license. However, if you do it solely for the insurance, you should keep in mind that the price difference is very high. The prices of federative licenses are set in each Autonomous Community, but they are above 100 euros per year, while it is possible to find insurance with broad coverage from 20-25 euros per year. To this lower price, you can add discounts from special promotions that insurance companies launch, gift vouchers for recommending a policy to family and friends, or bonuses applied for taking out more than one insurance policy with the same company. In practice, all this reduces the price of private bicycle insurance even more, while the federative license has a higher price that usually increases a little each year. For cyclists who use the bicycle frequently to go out with friends, but participate in a few events during the season, the most advisable thing is to choose a temporary license for the specific day of the event, and at the same time take out bicycle insurance for the whole year. Another interesting alternative is to acquire the Cyclist Card, which with coverage throughout Spain includes Civil Liability Insurance, Sports Accident Insurance, and payment of costs arising from medical assistance, as well as evacuation and rescue costs.
The insurance can be customized down to the smallest detail
There are as many bicycle insurance policies as there are cyclists. This means that, in practice, each company adapts its coverage to the policyholder's demands. Are we going to do the Camino de Santiago and, therefore, set foot on both French and Spanish soil? Since it is another country, with our private insurance we can make sure that we are also covered there. Is our bicycle electric and are we only going to use it for recreational purposes? The insurance will cover us in case of theft even if it is a high-value item. The range of bicycle insurance has improved so much in recent years that some companies offer complementary services that many users may find very interesting. A good example of this is the offer from the company Mapfre, which allows you to have, at a lower-than-usual price, a biomechanical pedaling study, a complete osteoarticular analysis on a stretcher, or a physiology stress test, including ergometry.