June 27, 2024 - (Gaithersburg, MD) BikeInsure, an insurtech company specializing in bicycle insurance for cyclists in the United States, was founded in 2021 by Buzzy Cohn, an avid cyclist who had a bicycle accident that made him aware of shortfalls in the insurance industry for cyclists.
Bicycles are generally covered under home insurance, but depending on your policy there can be limitations, a deductible, how a claim might affect your home policy, and other conditions that may apply.
Given the rise in the popularity of cycling, and in electric bicycles in particular including the heftier cost associated with e-bikes, BikeInsure’s entry into the marketplace as an alternative is timely.
“I created BikeInsure due to a bicycle accident and a home insurance fiasco,” said Cohn who faced a large deductable and possible cancellation of his policy following an accident. “Fundamentally, traditional (non-electric) bicycle owners unfortunately assume that a homeowner’s insurance policy adequately covers their bike.”
“That is bad enough, but with e-bikes, since they are classified as motorized vehicles, may be excluded from homeowner’s Insurance policies. Most e-bikes likely don’t have insurance until a separate bicycle insurance policy like BikeInsure is secured,” he continued.
While most home insurance policies allow you to add coverage endorsements for valuable personal items such as art, jewellery, or a $10,000 bicycle, and pay a premium, coverage for e-bikes is not always straightforward.
Cohn’s insurance company advised him to consider getting a separate bike insurance policy. “I researched bike insurance in the United States but realized that reasonably priced comprehensive separate bicycle coverage did not exist,” added Cohn, who was an Electronic Messaging Services Executive for nearly thirty years.
In 2021, he began collaborating with Great American Insurance to underwrite BikeInsure’s bicycle insurance product.
BikeInsure claims to provide, “…the best and most affordable bicycle insurance to cyclists in the United States.” Their Comprehensive Bicycle Coverage with up to $10,000 in coverage per bicycle can be purchased for $16.99 per month.
The policy covers e-bikes, road, mountain, triathlon, gravel, fat bikes, cyclocross, and cargo bikes including accessories in the event of damage/loss caused by riding accidents or while in transit, with a $100 deductible. They offer optional Bicycle Theft Insurance, which is available for an additional $8 monthly, with a $250 deductible.
BikeInsure has also released a 2024 Cyclist Buyer’s Guide outlining why cyclists need separate bike insurance to protect their new or used bicycles and e-bikes from damage or loss while riding, or in transit, along with theft risks.
The guide includes ‘The Better Way’ for US cyclists to protect their bikes and e-bikes, which includes Class 1, 2 and 3 electric bicycle standards.
Making a claim with a separate bike insurance company, like BikeInsure, won’t affect your other insurance policies. Customer testimonials on the company’s web site rave about the great service and quick settlement of claims.
BikeInsure has also quickly gained traction with notable partners and is the official bike insurance of USA Cycling, the International Mountain Bicycling Association (IMBA), the League of American Bicyclists, the Belgian Waffle Ride and the Adventure Cycling Association.
It also renewed its partnership with The Sweet Spot Bike Leasing that recently began working with Stromer, a top-end Swiss e-bike manufacturer that’s in 25 global markets.
When asked about possible plans to expand into Canada, Cohn said, “BikeInsure values the Canadian bicycle marketplace and is evaluating the necessary steps to enter it. It’s important to note that Canadian bicycle and e-bike owners face the same financial risk exposure as their counterparts in the United States. Our BikeInsure solution could be a game-changer for the Canadian cycling community.”
As cycling continues to grow, and e-bikes remain the most popular electric vehicle worldwide, there is still lots of ground to cover in the USA.
According to their website, “BikeInsure’s insurance plan is underwritten by carrier Great American Insurance Company, rated “A+” (Superior) by AM Best, an authorized insurer in all 50 states and Washington DC. For 152 years, Americans have trusted Great American Insurance Company to protect them and render best-in-class service.”
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