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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, high-end 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 account for all the components you’ve invested in.
For example, if you built your bike from the ground up, your insured value should reflect the total cost of the frame, components, and any custom parts—excluding the time and labor you spent assembling it. Insurance is meant to cover your financial loss, not the value of your time or effort.
The concept of insurance is to help you recover the money you’d lose due to damage or theft. That means you can’t insure against future price increases or unknown costs—only what you’ve already spent. Velosurance’s policy doesn’t depreciate your bike’s insured value over time, which is a key advantage.
Let’s say you insured a bike for $5,000 five years ago. If it gets stolen today, you’ll be reimbursed $5,000 minus your deductible. For partial damage, like a crash, the repair cost—including labor—will be covered at the retail shop rate, again minus your deductible. No matter how old your bike is, the reimbursement remains based on the original insured value.
If you're unsure about the right coverage for your bike, contact a bicycle valuation expert at Velosurance. Call us at 888-663-9948 or email us for a personalized assessment.
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