Markel Cyclist provides insurance for bikes – even when racing (AP Photo)
American Insurance Company recently created a bicycle insurance program
targeted at avid riders called Markel Cyclist. The program includes coverage
for racing, and can be tailored to the types of riding each cyclist does.
Markel Cyclist program came about after the
company surveyed avid cyclists and found insurance options lacking for high-end
The Markel Cyclist insurance program is designed
specifically to insure bicycles; no other policy (such as homeowners or auto)
is required to be purchased in conjunction with the stand-alone cyclist
cost can be as low as $100 a year, but vary based on the bike or bikes covered,
how they’re used and what options are purchased.
are over 10 million bicycles sold each year,” said Ted Wentzel, Director of
Marketing for Markel American. “Many of those cost thousands of dollars but
most cyclists didn’t have an opportunity to protect their bicycle with adequate
insurance coverage. Our survey respondents also told us they needed protection
for themselves with medical payments coverage and coverage for injuries they
suffer when hit by an uninsured or underinsured motorist.”
Markel Cyclist policies can include Bicycle Physical Damage coverage protection
for damage to the bicycle caused by collision, fire, theft, vandalism or
hitting another object. Other options include coverage for spare parts,
clothing, and reimbursement for rentals and race fees.
most cases, if a cyclist has any coverage for their bicycle, it’s under their
homeowner’s insurance which may have a high deductible,” Wentzel said. “Many
cyclists also expressed reluctance to file a bicycle claim under their
homeowner policy as they were afraid they’d see an increase in their
homeowner’s insurance rates or even a non-renewal due to a bicycle
claim. With Markel Cyclist, our customers will have the protection they
need without jeopardizing their homeowner coverage.”
Cyclist is available now in 35 states, with California, Colorado, Illinois and
Missouri becoming available within the
next two weeks.
The currently covered states include: AL, AZ, AR,
CO, DE, GA, HI, ID, IN, IA, KY, LA, MD, MI, MN, MS, MT, NE, NV, NJ, NM, NC, ND,
OH, OK, OR, PA, RI, SC, SD, TN, UT, VT, WA, WI and WY.
“Any remaining states are pending regulatory
approval and will be implemented as soon as possible,” Markel’s Amanda
Newmeister told BikeRadar.