Getting your bicycle stolen sucks.

It sucks a lot less if you have bicycle insurance.

Thats right: you’ve got the option to insure your bicycle.

A father has a cute moment with his son while riding a bicycle.

If its stolen or damaged, your insurance willcover the costof replacement or repair.

(Well, itshouldcover the cost.

Well get to the terms and conditions in a minute.)

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If youve been pedaling around uninsured all your life, you probably have questions.

How much does bicycle insurance cost?

Does it cover everything, from mugging to racing accidents?

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Is it really, truly worth it?

Read on for answers.

1.Not Everyone Needs Bicycle Insurance

Unlike car insurance, bicycle insurance is not a legal requirement.

A simple rule of thumb can help you decide if you should get it anyway.

That said, theres more than price to consider.

Most e-bikes are street legal without insurance.

That $5,000 racing bike?

It makes sense to insure it.

The $50 fixie you got off of Craigslist?

The $2,000 e-bike that goes nearly 30 miles per hour?

You might want to get liability coverage, just in case.

No Interest Til Almost 2027?

Balance Transfer = Credit Card Cheat Code

2.

You Might Already Have It

Good news, renters.

Just check with your insurer to see to it if, how and when bicycles are covered.

The news is not as good for homeowners.

Homeowners insurance has serious restrictions, Williams said.

A $500 limit for bicycle coverage is common.

That wont go very far at the bike shop these days.

Their idea is that three small claims means a big claim is coming.

In short, renters insurance can be a good bet for bikes.Homeowners insurance, less so.

Bicycle Insurance Is Usually Pretty Cheap

Lets say you dont have existing coverage.

How much will it cost to cover your bike?

For starters, different companies offer different rates, so its always a good idea to shop around.

Opting for more extensive coverage could push up the price.

Racing accidents probably wont be part of the basic package, for example.

you might also expect to pay more for e-bikes, folding bikes and fancy road bikes.

Even your location can affect the price.

Warmer weather means more bike rides which also means more bike accidents and thefts.

Thats enough about hypothetical price variation.

Here are some real numbers.

In other words, the typical monthly price will fall somewhere between Netflix and cable.

Thats especially true when it comes to your bicycle insurance policy.

There are many different ways to lose a bike.

Your policy may not cover all of them.

But you do need to understand what it will cover to make an informed decision.

You have a helmet, a Garmin, clip-on shoes and singlets, too.

Most insurers are happy to cover these add-ons.

Making a Claim Involves Some Paperwork

What happens if you actually have to use your insurance?

It depends on what happened and what your policy states.

You would also send over a statement explaining what happened.

If your bike was stolen, the process would be different.

As long as your bicycle was locked to an immovable object, you should be covered.

But you would need to do some legwork to prove that.

A police report and a picture of the defeated lock would be a good start.

Losing your bike hurts, but a reimbursement check can dull the pain.

Contributor Ciara McLaren is a freelance writer with work in Insider, HuffPost and elsewhere.

(Can you sense my millennial sarcasm there?)

You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…