As the industry keeps changing, it's important to know a company's "pedigree."
Velosurance said it is offering bicycle insurance policies that are available in the U.S. with the option to extend coverage worldwide.
According to a company release, 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.
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."
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