No matter how old you are, getting a new bike makes you feel like a kid discovering independence for the first time. Speeding down the street feels like flying, and a shiny new bike is better than just about anything.
Insuring your bike can give you that same magical feeling. Okay, maybe not the day you get your policy… but if you file a claim for your favorite pair of wheels, insurance can get you back in the bike lane in no time. And it turns out bike theft is really, really common.
Just ask Levi, a Claims Experience Advocate at Lemonade. Levi estimates he handles 15 bike-related claims each month:
“Bikes are stolen all the time because they’re usually left alone outside, and they make their own getaway vehicle. Even expensive locks are being defeated, so bike insurance is your last line of defense.”
According to the National Bike Registry, more than 1.5 million bicycles are stolen every year. Considering how likely you are to have your bike stolen, insuring it seems like a no-brainer.
Last year, more than 3,400 bikes were added to Lemonade policies, and 1,300 bike-related claims were filed (92% of these were theft!). We crunched through the data and numbers, and it turns out you’re at highest risk for bike theft in the summer. We also filtered out your most burning questions about bicycle insurance – and we’ve got answers.