How Much Is Bike Insurance in Colorado?

Every bike insurance policy is different, however, in most situations, the cost of insurance for bikes in Colorado will only be a few hundred dollars per year. Additionally, this is specific to bicycle accident insurance. Most homeowners and renters policies in Colorado will cover incidents with bikes and e-bikes.

There are exceptions that can arise, however, including not having coverage in your policy, incidents involving a bike accident you caused, or traveling out of state where an electric bike will require motorcycle coverage.

Overall, each individual cyclist is going to have unique needs involving coverage and risk tolerance. It’s important to review them with an expert to find the right protection when riding a bike in Colorado, whether it be on a trail or on the road.

 

Does Homeowners Insurance Cover Bicycle Accidents in Colorado?

Bike insurance isn’t always necessary because a Colorado home insurance policy may cover damage or theft involving your bicycle or e-bike. However, bike accident insurance may be worth looking into for homeowners and renters as it can provide additional coverage unrelated to restoring your bike.

When you’re in an accident, who was at fault is determined. If you cause an accident while riding a bicycle, there are serious losses that can occur. The worst of all obviously deals with someone dying or serious injury.

However, expenses are also a concern for riders who may find themselves paying sizable bills in the aftermath:

• Property damage can be expensive as the cost of repairing automobiles continues to climb. Labor and parts are more expensive today than ever before and the market for even used vehicles is rising.
• When you’re responsible for an accident and there is an injury or a death, costs can rise astronomically. Medical costs continue to go higher and higher as do funeral expenses. Furthermore, there are loss of wages you may also need to contend with.
• The reality is, that even if you aren’t at fault, you still may face all of these costs. Without an insurance company, lawsuits can occur and legal expenses are yet another costly hurdle you may have to clear.

 

Again, if you’re a homeowner or even a renter, your policy is going to protect your bicycle as personal property. However, for accident-related incidents, cyclists in Colorado may require additional coverage if an accident occurs.

 

What Insurance Covers Bicycle Accidents in Colorado?

Insurance may cover bicycle accidents based on the situation. If a collision occurs with another cyclist or pedestrian where you’re not at fault, their personal liability coverage from your home or renters policy might cover your bike’s damage and medical expenses.

If a car hits you while cycling, the driver’s auto liability coverage could pay for injuries and damages. If you’re at fault, your personal liability coverage on home or renters insurance might cover the resulting damages and injuries within your coverage limits.

However, because everything is situational, you may find yourself in scenarios without adequate coverage if you aren’t careful. Furthermore, there are policy limits that may apply that may cause you to pay out of pocket even if you have coverage.

This is especially true after an accident if you are the one who caused it and a reminder of the importance for some cyclists to have bicycle accident insurance in Colorado. Below, you can see a variety of common scenarios in which bike insurance after an accident may come in handy:

 

Bike Accidents With Another Bicycle

When you, as a cyclist, are responsible, your homeowners or renters insurance’s personal liability coverage can handle injuries and damage incurred by another cyclist. Your health insurance will be essential for covering your own injuries.

Your bike repairs or replacement could be addressed through personal property coverage or by adding a designated rider to your home or renters insurance.

When the other cyclist is to blame for an accident, you’ll rely on their personal liability coverage from either homeowners or renters coverage.

However, if they do not have adequate coverage, or coverage at all, you’ll need to either have your own form of protection, pay out of your own pocket, or pursue legal options in order to find a resolution for your reimbursement.

 

Bike Accidents With a Vehicle

When cyclists are responsible for car accidents, it falls upon the personal liability coverage of their homeowners or renters insurance to offer protection. This coverage will assist in repairing the driver’s property damage and covering any injuries

If you, as a cyclist, experience injuries, you will require either health coverage or an addition to your home or renter policy.

If a driver is at fault for your accident as a cyclist, the driver’s liability coverage will cover your medical costs and damage to your bike. Health insurance is what you’ll need to rely on if the accident involves an uninsured driver, though additional coverage options may be available.

The damage to your bike in this situation will fall to your home or renters policy. However, this varies from person to person and legal action may be necessary.

 

Bike Accidents Involving Another Pedestrian

If you are riding your bicycle and hit a pedestrian, your damage in regards to property damage and injuries should be covered by either your renters or home insurance policy. Additionally, your health insurance may also cover medical expenses you sustain and your home or renters cover may cover your bike.

But if the pedestrian causes you to get into an accident in the bike lane, their home or renters coverage should cover your damages. Furthermore, medical expenses for the pedestrian is their own responsibility or covered by their own health coverage.

 

What Happens if You’re in a Bike Accident With No Other Party?

Some bike accidents don’t have another party. In this situation, either your home, renters, or bike accident coverages will be in play to restore your property damage. Furthermore, if you have medical expenses, you’ll likely need health coverage unless your bike insurance specifies otherwise.

There are legal recourses that you can take, however, these actions can be expensive. However, if your losses are severe enough, you’ll want to seek counsel from a professional legal representative to discuss your options.

 

Can You Insure an Electric Bike in Colorado?

Electric bike insurance is available in Colorado, but you may not need it. This is because the Centennial State categorizes e-bikes the same as it would any other bicycle. Therefore, there is no law mandating electric bike insurance. But whether or not you should purchase a policy depends on your risk tolerance.

In many cases, just like a bicycle, an e-bike will be covered by either home insurance or a renters policy as personal property. However, here’s where things can get tricky:

• Depending on the value of your e-bike, your home’s policy may not have enough coverage to protect you when facing a major loss.
• Furthermore, your electric bike isn’t going to have protection while out on the road when covered by a home or renters policy. While you will be protected from the appropriate perils at your home, if you’re riding and a loss occurs, you won’t be covered.

 

With all of this being said, there is another serious consideration all e-bike owners need to remember. While you’re driving about, if you cause an accident, you can be held liable for a variety of losses. This includes being held liable for property damage, medical expenses, and even legal fees.

Depending on what kind of electric bike you have, you may need Colorado motorcycle coverage. That way, you won’t have to take on such risk and pay for sizable losses should the worst occur.

Electric bikes are complicated as is staying protected from potential perils. At the end of the day, you’ll need to double-check your specific carrier’s coverage, and your personal risk, and protect accordingly. Working with an expert can help you mitigate unnecessary risks and protect against perils for less.

 

Bike Insurance Pros and Cons in Colorado

A major part of understanding whether or not bike insurance in Colorado is right for you is researching your options. How you best stay protected may be different than your neighbor and other riders depending on a variety of personal factors. Here are some considerations to help you on your journey.

Pros	Cons
Bicycle accident insurance means you’re protected from liability that may occur if you cause a wreck.	It may be an unnecessary expense for some as homeowners or renters policies may cover reasonable risks.
The right policy is going to protect your bicycle from flood damage.	Your deductible may be too high to help you file a claim for losses that are not more serious.
You’re protected in states that do require coverage when you travel.	Policy renewals can be a bit tedious.

 

How To Shop For Bike Insurance in Colorado

Bike insurance is available but if you don’t shop correctly you may end up overspending, not having the right coverage, signing up for the right coverage but not enough for your risks, or some combination. Thankfully, there are steps you can take to ensure you’re protected. Here are a few easy steps for bicycle insurance in Colorado.

 

Check Your Renters or Home Insurance Policy for Bicycle Coverage

The first step is understanding your risks and how you’re protected against them. Speaking with your home or renter insurance carrier is a great start because you may have enough coverage without needing an additional policy.

On the other hand, you very well might need more protection. This is also why talking to a professional is important. Your agent can help you understand the best course of action and provide policy options for your bicycle or e-bike as needed.

 

Compare Rates and Coverages From Multiple Carriers

While it’s important to seek out professional help, you’re also going to want to shop around. You may overpay for whatever form of bike insurance in Colorado you’re offered if you do not do so. This includes your home or renters policy as well. It’s important to reassess your coverage and shop among carriers at least once per year to avoid overpaying.

 

Quick Stats: Cyclists in the Centennial State

There’s no debate about it, Colorado loves to ride bicycles. Consistently ranked as one of the most bike-friendly states in the nation, it’s no wonder that the Centennial State is also home to some of the highest percentage of bike commuters in the United States. Below are a few important stats to keep in mind:

• The League of American Bicyclists ranked Colorado as the 6th most bike-friendly state in the U.S.
• From road bikes to mountain bikes, Colorado has ample opportunity for all. However, the cost of acquiring one keeps rising. It’s not unreasonable for the average bicycle to cost $1,000 to $3,000 or more. Performance road bikes can easily reach $10,000 or more.
• In Colorado, from the trail to the sidewalk to the road, cyclists are considered pedestrians, as noted by Bicycle Colorado. It’s worth noting that unfortunately, the Centennial State continues to see a trend of higher pedestrian fatalities and incidents on the road.

 

At the heart of bicycle accident insurance or any policy for that matter, is the idea of managing risks. The best way to do this is to assess your personal risks with a professional based on your riding habits and circumstances. This will allow you to proceed and find an appropriate level of coverage while riding your bike.

 

Colorado Bike Insurance for Less

Shopping for coverage is going to be different for everyone. Bicycle accident insurance can be beneficial for many cyclists in Colorado, and yet, not everyone may need the coverage. Your best bet is to speak with a professional agent, identify your risks, and compare your options for staying safe while biking.

At Freedom Insurance Group, we work with many top-rated carriers in Colorado who help you protect your home and liability through affordable, reliable coverage. Get a home insurance quote online or contact one of our experts today to discuss bike insurance in Colorado, your risks, and the best way to stay protected for less.