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The correct amount to insure your bike for is the total cost of the bike itself, including any upgrades and accessories you've added after purchase. This includes items like GPS systems, pedals, wheelsets, lights, locks, racks, panniers, and other cycling-specific gear that's permanently attached to your bike. While a helmet and other riding gear are automatically covered up to $500, it’s important to ensure all additional components are included in your coverage.
For example, if you built your bike from the ground up, the insured value should reflect the total cost of the frame, components, and any custom parts used in the build. However, keep in mind that your time and labor in assembling the bike cannot be insured.
Insurance is designed to cover your financial loss in case of damage or theft. That means you can only insure the actual value of your bike at the time of purchase—not potential future price increases. Velosurance’s policy does not account for depreciation based on the age of your bike.
Let’s say you purchased and insured a bike for $5,000 five years ago. If it’s stolen today, you’d receive a reimbursement of $5,000 minus your deductible. If it’s damaged in an accident, the repair costs—including labor—would be covered up to the retail shop rate, again minus your deductible. No matter how old your bike gets, the payout remains the same.
If you have questions about determining the right insured value for your bike, contact a bicycle valuation expert at Velosurance at 888-663-9948 or email us for more information.
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