FORT LAUDERDALE, Fla., June 24, 2014 /PRNewswire/ -- Bicycling is becoming the "new golf" and bicycle sales are booming in the USA. Whether the cyclist is a weekend rider, a workday commuter, or training for an Ironman event, cycling enthusiasts are buying expensive bikes with prices that often eclipse the value of a family car. Many owners of high-end bicycles are living with the misguided belief that their bicycle is somehow insured by an insurance policy they already own. The ugly truth only becomes evident when the bicycle owner files an insurance claim with their homeowner's or renter's insurance company, only to find that the circumstances of the loss are not covered by the homeowner's or renter's policy.
The drawbacks to insuring a bicycle with a homeowner's or renter's policy are many, and include:
- High premiums - Limited coverage
- Limited bicycle use
- Claims subject to a high deductible
- Possibility of increased premiums or non renewal because of a bicycle claim
- Dealing with less than knowledgeable insurance company employees
- Never knowing or understanding exactly what is covered
- Depreciated bicycle value
Until recently, a homeowner's or renter's insurance policy was the only option available for bicycle owners when insuring their high end rides. Fortunately, a new company has changed that.
Velosurance is a national insurance program founded in 2012 by Dave Williams and Denis Voitenko, both serious cyclists who set out to fix the problem of sub-standard insurance coverages for bicycles. The result is a bicycle specific insurance policy providing customized protection for cyclists and underwritten by Markel American Insurance Co., an A-rated USA insurance company.
"There are over 15 million bicycles sold each year in the U.S., of which 4 million bicycles are of higher value and sold through specialty bicycle shops," said Dave Williams, CEO and co-founder of Velosurance. "A good quality entry-level road or mountain bike costs upwards of $1,000 and an average value of $3,000, with high-end bicycles costing as much as $20,000 plus, and bikes of these values should be insured. It wasn't an easy process, but we took a traditional piece of insurance that was being done badly and fixed it with Velosurance."
Voitenko added: "We are not only insuring a bicycle, we are also insuring our client's lifestyle. We make it our mission to see that our client is back to riding as quickly as possible. Quite often, the claim check arrives before the repair parts. Everyone working at Velosurance is also a rider, so we understand our client's needs and concerns. After a loss, our #1 priority is to get our client back on the bike in the least amount of time."
To enhance its cyclist policy service, Velosurance partners with local bicycle shops nationwide to provide repair or replacement services to Velosurance policy holders. According to Voitenko, "No matter where our client is riding, there will be a Velosurance Trusted Partner bicycle shop nearby." Voitenko added, "And for our clients who find themselves needing legal representation we maintain a national list of attorneys who are also avid cyclists. If you need an attorney why not an attorney who shares the same passion for cycling as you do."
Quotes and more bicycle accident insurance information are available at Velosurance.com or by calling 888-663-9948
- Budget, Tax & Economy