Insurance targeted specifically at cyclists and triathletes is becoming increasingly popular. The latest to hit the market, Velosurance, is an insurance company targeting the US triathlon community with a solution to ‘help triathletes manage risk, and protect high-end bicycles from theft and accidental damage.’
Velosurance notes that triathlon gear sales are booming in the United States and internationally. The company notes that the sport of triathlon has sustained a consistent growth pattern during the last two decades.
Citing USA Triathlon (USAT), a release from Velosurance notes how, in 2014, the national governing body sanctioned a record-high 4,397 events across the United States, including races and clinics for adults and youth members… ‘A Harvard study called triathlon ‘the new golf’ as it’s become a way for businessmen to train and be active together, show off their top-of-the-line equipment, and perhaps hash out a business deal or two.’
The release from Velosurance gives further background to the opportunity it sees in offering insurance to the triathlon community…
A triathlete’s most prized possession is his bike. The bike leg is the longest of the event; races can be lost or won on the bike. Recently, triathlon bikes have undergone significant advances in aerodynamics and increase in price. As a result, it’s no longer unusual to see triathlon bikes break the US$10,000 price barrier, with many exceeding US$20,000.
While built mostly from carbon fibre and a few alloy parts, and recently supplemented with electronic shifting, triathlon bikes are not only susceptible to damage, but are also easy targets for thieves. These bikes are essentially high-priced luxury items that are relatively easy to steal and resell.
For many triathletes, equipment isn’t an expense; it’s a well-researched, carefully calculated lifestyle investment. For some, loss of a high-end bike to theft or accident can be hard to recover from financially, especially if the price of the bike approaches that of a family sedan.
Many owners of high-end bicycles are living with the misguided belief that their bicycle is insured by a policy they already own. The ugly truth only becomes evident when they file a claim with their homeowner’s or renter’s insurance company, only to find that the loss is not covered by the policy.
Until recently, homeowner’s or renter’s insurance policies were the only options available for bicycle owners when insuring their bicycles. Velosurance is a new company that is changing that. The Velosurance policy was designed with triathletes in mind, providing coverage for the vast majority of risky situations that triathletes and their bikes might be involved in while riding.
Other than insuring the bike for theft and accidental damage, the Velosurance policy coverage also extends to cycling apparel, spare parts and accessories, including a racing wheelset or a bike computer.
Additionally, it provides race fee and rental bike expense reimbursement for those situations where the bike either doesn’t arrive to the race or is damaged in transit. If an insured bicycle is ever side-lined due to a covered loss or breakdown, Velosurance will provide the same coverage to the temporary/substitute cycle chosen by the athlete.
Velosurance partners with local bike shops throughout the USA to provide its policyholders with service when a damaged bike needs repair or replacement. Other features of the company’s insurance cover include:
- Worldwide coverage
- Roadside assistance
- Medical coverage
- Liability protection
- Any crash or accidental damage
- Total loss by theft
- Damage or loss in transit
- Bike shop partner network
Velosurance adds that, ‘while triathlon is a relatively safe sport, accidents happen, in training and on race day alike… When bikes and bodies hit the ground at high speeds, bodily injury and property damage are not uncommon.’
The company continues that, ‘To protect themselves from such risks, athletes might choose to select optional liability, medical payment, and vehicle contract coverages to either supplement their other coverage or provide coverage for currently unmanaged risk.’
According to Velosurance, purchasing a supplemental medical payments benefit can mitigate or eliminate the annual out-of-pocket expense in the case of an injury. A medical payment benefit should equal or exceed the individual cost before the athlete’s health insurance starts paying 100%.
From a choice of deductibles to optional coverages, Velosurance policies can be customized to match athletes’ circumstances and risk tolerances. To demonstrate how it can help triathletes manage risk, Velosurance has prepared a ‘Risk, liability and insurance for Triathletes’ section on its website.
Velosurance is a national US insurance program founded by two avid cyclists, Dave Williams and Denis Voitenko, in response to the insurance needs of bicycle riders nationwide across the United States. Velosurance is a privately held company with headquarters in Fort Lauderdale, Florida.
