Frequently asked questions
Need more answers? Give us a call at 800-236-2453.
Isn't my bicycle covered under my homeowners insurance?
While your bicycle may have some coverage under your homeowners policy, there are usually restrictions on the value of the bike and the types of losses that would be covered. With a bicycle insurance policy from Markel Specialty, you'll have the peace of mind in knowing that your policy is built specifically for you and your bike alone. Plus, coverage through Markel Specialty means your homeowners insurance rates won't increase if you have to file a claim.
What happens when I buy a new bike?
Whether you're replacing your current bicycle or adding to your collection, we'll automatically extend your current coverage to the new bike for up to 30 days from the time of purchase. Just let us know before the 30 days are up for coverage to extend beyond that time period.
What about my apparel? Spare parts? Do you cover these too?
In a word, yes. But only if you purchase bicycle physical damage coverage and your bicycle is involved in a covered loss. We automatically include coverage for spare parts (replacements for items that are normally part of the insured bike but were not on the bicycle when the loss occurred) and apparel (clothing or gear worn exclusively when riding the insured bicycle). Both coverages have a separate limit of $500 per loss and a $1,000 limit for the policy period.
Do you insure electric bikes?
Yes! We insure bicycles with an auxiliary electric power assist that does not exceed 750 watts and 28 mph. For more information, please visit our bicycle coverages page.
How much coverage do I need?
We know that “it depends” isn't what you want to hear, but it's the best way to answer the question. Every cyclist, bike, and situation is unique. Your insurance coverage should reflect that. It's important for you to evaluate your individual needs and your personal level of comfort when it comes to risk. From there, you can start to look at coverage options and policy limits. If you need help, feel free to contact one of our specialists at 800-236-2453. Remember, we are all about specializing and never generalizing. As such, we'd never give you a “general” recommendation. That just wouldn't be right.
Do you offer coverage for my car rack?
Sorry. There is no coverage for your car rack on our bicycle insurance policies. However, check with your car insurance company, as coverage is usually provided there.
How much would it cost, on average, to insure my bicycle for a year?
There's no such thing as an “average cyclist.” So it's hard to say what an “average cost” for insurance would be. As we've mentioned before, every cyclist and bicycle is unique. The coverages you select, the type of bike you purchase, and how you ride are just a few of the many factors that determine the cost of insurance. However, in just a few minutes you can find out exactly how much it would cost to insure your bicycle for a year. All you have to do is complete a bicycle quote online or call one of our insurance specialists at 800-236-2453. It's that easy.
Am I covered while riding in a race?
Yes. There is no racing exclusion, so any coverages (bicycle physical damage coverage, bicycle liability coverage, medical payment coverage, and vehicle contact protection) purchased on your Markel Specialty bicycle insurance policy are in full force while you're competing in an event. Good luck on the course!
What happens if I am hit by a car while riding my bike?
The fact is there are dangers when motor vehicles and cycles share the road. That's why we offer several coverage options to protect you and your bike, such as medical payments, vehicle contact protection, and bicycle physical damage protection.
Where am I covered? Are cross-country bicycle trips allowed, or is it only in my state?
Taking your bike across the country is one of the most alluring parts of riding. That's why our policies automatically allow you to ride in all 50 states (Alaska and Hawaii included). We even throw in Canada. You also have coverage for your bicycle while it's in transit (by land/air) to and from a location within the United States and Canada. You also have the option to extend your bicycle physical damage coverage worldwide by purchasing our optional worldwide physical damage coverage extension.
Is the bicycle I rent covered by my insurance?
With Markel Specialty's bicycle physical damage coverage, we provide reimbursement for your bike rental if your insured bicycle is sidelined due to a covered loss or breakdown while you are participating in an organized or competitive event more than 50 miles away from home. Should that happen, we'll provide the same coverage to your temporary/substitute bike that you have on the insured bicycle. (The temporary/substitute may not be owned by you and must be used with the permission of the owner.) Sorry, we do not provide coverage for renting a bicycle on your family vacations.
Can I pay online?
Absolutely, just click here. From there, you can decide if you want to make a payment with a credit card, debit card, or through your checking account. You can decide if you want to make a one-time payment, or set up automatic recurring payments so you never miss a payment.
- How do I file a claim?
How do you determine the value of my bike?
Each individual claim is different and evaluated as such. The value of your bicycle depends on the coverage you purchased, age of the bicycle, accessories or add-on's you added to your bike, and the damages sustained.
How long will it take for my claim to be processed?
Again, each claim is different so there is not a concrete answer. But if we receive all of the necessary documentation (i.e. estimate of damage, photos, receipts, etc.) and have completed our investigation, the claim is paid timely (usually within 7-10 business days).
Is there anything I can do to help speed up the claim process?
Yes! You can help streamline the claims and settlement process and avoid delays by providing the following information when you file your claim:
- Policy number
- Date, time, and location of loss or damage
- Description of loss or damage
- Photos of the damage or where the bicycle was stolen
- Police report
- Receipts for your bicycle, accessories, spare parts, or apparel
- Itemized medical bills
Is Markel Specialty a financially sound company?
Yes. Markel Corporation (NYSE – MKL) is a holding company for insurance and investment operations around the world. Headquartered in Richmond, Virginia and founded in 1930, Markel is organized around five insurance segments offering unique solutions for standard and hard-to-place risk challenges.. Insurance divisions include Markel Global, Markel Specialty, Markel Wholesale, Markel International (including Syndicate 3000, Markel International Insurance Company Limited, and Markel Resseguradora do Brasil S.A.), and Markel Re. Markel Ventures, a subsidiary that makes strategic investments in companies outside of the insurance marketplace, is another important component of our business. Markel is listed on the NYSE and trades under the ticker symbol “MKL.”
In each of our businesses, we seek to deliver innovative products and responsive customer service so that we can be a market leader. Our time horizon is long-term, our underwriting approach is disciplined, and our focus is on continuously improving the quality of the customer experience. Our financial goals are to earn consistent underwriting and operating profits and to combine those profits with superior investment returns to build shareholder value. Independent rating agencies provide detailed reviews of operating results, capital and risk ratios, reserves and other financial results for Markel. Click here for details.
Do you have a sample policy?
Yes. Click here to see a sample.
This content is provided for informational purposes only. Terms, conditions, and exclusions apply. Coverage is provided by one or more of the insurance companies under the Markel North America Insurance Group, including Markel American Insurance Company, Glen Allen, VA, and policyholder services are provided by the underwriting manager, Markel Service, Incorporated, national producer # 27585, in California d/b/a Markel Insurance Services License # 0645481. Terms and conditions for rate and coverage may vary by state and application. Insurance and coverage are subject to availability and qualifications and may not be available in all states. Coverage descriptions listed are intended to be brief and do not replace actual policy language. Markel Specialty is a business division of Markel Service, Incorporated. Markel® is a registered trademark of the Markel Corporation.