Velosurance has made bicycle insurance policies available in the U.S. with the option to extend coverage worldwide.
Velosurance is a national insurance program that offers a bicycle specific insurance policy providing customized protection for cyclists. The Velosurance bicycle policy insures against bicycle theft and damage caused by accident, as well as medical and liability coverages.
It is especially important to buy bicycle insurance if the bicycle owner intends to hand the bicycle to airline baggage handlers and TSA inspectors. Packing a bicycle for airline travel is not an easy task and if special care is not taken, the probability of damage arises.
TSA is not staffed by bicycle packing experts, so the bicycle owner can expect that less than loving care will be taken during TSA inspections. When a bicycle is damaged in the care of airlines there is limited coverage offered by the airline. Velosurance provides insurance for bicycles that are shipped via airlines, UPS and FedEx as well as by private carriers such as TriBike Transport.
Even if the cyclist doesn’t have travel plans, there are some very valid reasons to purchase a bicycle-specific insurance policy. "Over 15 million bicycles are sold each year in the US, of which 4 million are of higher value." said Dave Williams, CEO and co-founder of Velosurance. "A good quality, entry-level mountain or road bike costs around $1,500, and the average-value bike sold in 2013 was valued at approximately $4,000, with high-end bicycles costing as much as $20,000. Until Velosurance entered the insurance market, cyclists had limited options when it came to protecting their bicycles with adequate insurance coverage while traveling, or at home."
Williams added: "In most cases, if a cyclist has any insurance for their bicycle, it’s under a homeowner’s or renter’s policy. These policies provide limited coverage and have high deductibles. Many cyclists also express reluctance to file a bicycle claim under their homeowner’s policy, as they fear there will be an increase in homeowner’s insurance rates or even non-renewal due to a bicycle claim. With Velosurance, our clients have the insurance protection they need without jeopardizing their homeowner’s policy premium."
To enhance policy service Velosurance partnered with local bicycle shops nationwide to provide repair or replacement services to Velosurance clients. According to Williams, "No matter where our client is in the U.S. there is a Velosurance Trusted Partner bicycle shop nearby."
Theft protection is of major importance when traveling with a bicycle, and cyclists should purchase the absolute best locks and always secure the bicycle any time it is out of sight. The US National Crime Victim Survey reports that the number of annual incidents of bicycle theft was estimated at 1.3 million units (just under 2.5 incidents per minute).