When it comes to buying bicycle insurance, it is essential to know what we are looking for based on our needs and our profile as a cyclist.
But it is also necessary to compare the different coverages offered by the insurance companies and the rates they request. This way we will not only have a clearer idea of which insurance is best suited to what we really need, but we will also avoid paying too much.
Some insurers choose to offer basic packages to guarantee a bicycle, to which various extra covers can be added. Others, on the other hand, offer closed packages.
Most major insurance companies working in Europe have specific products for cyclists. Competition can guarantee good prices in exchange for good services.
Added to this are the bonuses that are given to customers who buy different insurances (home, car, life, etc.), discounts on specific dates or special promotions for certain types of customers.
What is the best insurance?
First of all, it must be said that the best cycling insurance is the one that best fits our cycling needs. It is a mistake to want to save money if, for example, we have a bicycle that has a high value and we are afraid that they will steal it.
Another common mistake is to do exactly the opposite. That is, negotiate many additional clauses for a bicycle whose use will be sporadic. The rule is simple: take the covers you really need. No more, no less.
For example, what is the benefit of assistance insurance abroad if you do not travel by bicycle to other countries?
In Siena Biking Blog we have made a comparison between the different insurance for bicycles that you can rent in Europe. Next, we’ll show you the covers they offer and their prices. You can compare them to draw your conclusions.
« Axa insurance »
This company offers excellent coverage to guarantee a bicycle at a competitive price, since the minimum annual amount is 24.15 euros (January 2019 prices)
The insurance, which is called BiciFlexible, is designed so that you can add additional coverage to the basic package.
With this company you can enjoy RCA coverage, travel assistance, rescue costs, legal protection, injuries, plastic and reconstructive surgery, personal assistance and theft and damage to the bicycle.
« Mapfre »
Mapfre also adds to the basic insurance the policy which calls for « non-contractual civil liability » with two options to choose from for the sum insured: 150,000 or 300,000 euros.
Another of his innovations is offering two additional services: a biomechanical study of pedaling and an osteoarticular analysis in a stretcher to test the power compared between one leg and another.
Add to this the ergometry analysis and the subsequent consultation with a professional. As for the price, Mapfre on its website offers a 5% discount on the premium if the helmet is used.
« Run Bike Protect »
Run Bike Protect is another company specializing in insurance for outdoor sports (running, skiing, triathlon, cycling, etc.). As in the rest of the cases, its basic packages include civil liability and damage coverage for damage and vehicle theft.
It offers national and European coverage, with which we can guarantee 100% of the value of the bicycle in the event of accidental damage and in the event of theft. Its price starts at 28 euros a year, even if it offers occasional discounts.
« Intermundial »
Intermundial is a company that concentrates its activity in the world of travel insurance, but which is also very competitive in the field of sports insurance, and in particular in bicycle insurance.
It is a very interesting option if you travel regularly with your bike abroad. You can buy insurance that covers you all over Europe or the world.
Starting from just € 11.46 per month, it is possible to contract a European policy with civil liability up to € 100,000, expenses arising from medical, surgical and hospital interventions, as well as rescue and repatriation.
The special conditions of the policy, such as the coverage areas, will determine the final price of the insurance.
What covers are offered by cycling federations?
Do not forget that if you are faithful you are covered by the « bicycle insurance » offered by each regional federation. Having a federal license already guarantees coverage in various accident-related situations.
In exchange for the payment of the amount fixed by each Federation, as a cyclist, you will be covered by the compulsory accident insurance, which in practice means that the insurance will have to face the expenses deriving from the health care received, including the transfer, urgencies on the accident site and entrance to the hospital, if necessary.
Compulsory accident insurance also covers compensation for injuries resulting from an accident.
Another key cover that guarantees the federation license is that of civil liability insurance. This means that if we cause physical or material damage to a third person in an accident and we have to compensate them, the insurance company will take charge of the payment up to a maximum amount of 1.2 million euros.
One of the reasons why many cyclists choose to federate is because the insurance they get with the federation license is not limited to the days of the competition, but extends to the days of training and other recreational outings.