A bicycle fork assembly designed to reduce the transfer of vibrations to the rider. This is accomplished by providing a damping member (e.g., made of a molded elastomer) that completely surrounds the outer surface of a fork member. Preferably, the damping member is in tension when mounted on the fork member such that the damping member compresses the fork member to thereby reduce transmission of vibrations through the fork. In addition, the fork member can be provided with a necked portion that receives the damping member. Preferably, the damping member is positioned closer to the fork tip than to the fork crown. The damping member can comprise two portions having different colors, durometers, and densities. Preferably, the damping member is formed separate from the fork member, and subsequently slid onto the outer surface of the fork member. Alternatively, the damping member could be molded in place on the fork member.