Velosurance

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Velosurance
Insurance
Owner David Williams
Website velosurance.com

Velosurance is a bicycle insurance program managed by Velosure, Inc and underwritten by Markel American Insurance Company[1] rated “A” by AM Best Company.[2] Velosure, Inc. (DBA Velosurance) was founded in August 2012 in Florida by Dave Williams and Denis Voitenko, both avid cyclists. The company insures bicycles of clients across the U.S.[1]

History[edit]

Foundation of the company[edit]

Dave Williams was a general insurance agent for 18 years. As an avid mountain biker, he had noticed that cycling was gaining popularity and high-end bicycles were getting more expensive while losses went largely unpaid by any insurance. He saw an opportunity to sell insurance to cyclists.

Williams has sought advice on web application development from a fellow cyclist Denis Voitenko, who is also a founder of Firm Idea, an IT consulting firm. The two agreed to form a partnership where Williams would serve as the CEO and Voitenko as the CTO of the company. Velosure, Inc. (DBA Velosurance) was incorporated in August 2012.[3]

Growth[edit]

Initially focusing on insuring road, cyclocross and mountain bikes, Velosurance soon added insurance options for commuter bicycles, recumbent bicycles and tricycles.[4]

In December 2013 Velosurance started offering insurance coverage for electric assisted bicycles.[5]

Description[edit]

In contrast to other means of insuring a bicycle (homeowner’s and renter’s insurance), Velosurance offers a multi-risk, stand-alone insurance policy that covers the bicycle away from home, allowing cyclists to insure their bikes for a multitude of risks with no depreciation.[1]

Each Velosurance policy is customized for the client and includes coverage protection on all type of bicycles for loss caused by theft, crash, collision, fire, attempted theft, vandalism or hitting another object. In addition, coverage of spare parts, cycle apparel, borrowed bicycle, event fee reimbursement, and rental reimbursement are included at no additional cost.[1]

Optional coverage choices include: medical payments, bicycling liability, vehicle contact protection, roadside assistance, and if needed, world wide coverage.

Velosurance has partnered with local bike shops throughout the USA to provide its policyholders with service when a damaged bike needs repair or replacement. Trusted partners also assist Velosurance clients during the [Insurance_claim|claims] process when bicycle inspection and repair estimates are required.

Reception[edit]

Velosurance has been well received by insurance conscious cyclists and cycling communities, such as Slowtwitch[6] and BikeRumor.[7] Velosurance was featured in major news publications such as Yahoo Finance,[1] Daily Finance[8] and Insurance Journal[9]

References[edit]

  1. ^ a b c d e Yahoo Finance, Velosurance policies are underwritten by Markel Insurance Company
  2. ^ Bests Credit Rating Center Rating: A (Excellent)
  3. ^ SunBiz.org business details Date Filed: 08/23/2012
  4. ^ BentRidedOnline community
  5. ^ NJ.com New Jersey News Velosurance offers insurance for electric-assisted bicycles and their riders
  6. ^ Slowtwitch Insurance for your bicycle
  7. ^ Bikerumor Velosurance protects your bike
  8. ^ Daily Finance
  9. ^ Insurance Journal Florida Insurer to Offer Electric Bicycle Coverage

External links[edit]