Did you know: your bicycle might not be fully covered by your home policy?

2 minute read Published on Aug 24, 2021 | Last updated Sep 27, 2021 by BrokerLink Communications

Did you know: your bicycle might not be fully covered by your home policy?

Do you cycle to work? Or spend weekends seeking an adrenaline rush on your mountain bike? If you answered yes, there are a few things you should know about how your bike factors into your property insurance.

If you have a homeowners, condo or tenants insurance policy, your bicycle could be covered in the event of an incident. For example, if your bike is stolen, you would follow a similar process to how you would make a claim on your property insurance policy. Keep in mind that you will be responsible for paying the deductible on your policy.

All insurance policies are different, so check your policy carefully to make sure you have coverage for your bike. If you aren’t sure, call your insurance broker and they will answer any questions you may have.

More information about bike insurance:

  • If your bike is worth $1,500 and your deductible is $1,000, you would get $500 for your claim towards replacing your bike. However, by filing a claim it’s possible your premium could increase.
  • Many insurance companies place a limit on the coverage they provide for specific items, such as bicycles. This means that no matter how much you spent on your bike, insurance may only value the bike at a certain amount.

Understanding limits is very important to ensure you receive the right coverage for you. By discussing the value of your bike, your BrokerLink insurance advisor will be able to explain some of the options you can add to your policy.

Additional options for your bicycle insurance

If you take biking seriously and have an extremely valuable bike, you may consider adding it as a scheduled personal articles endorsement. This is similar to how you would insure other high-value items like jewellery or art.

To add your bike to your policy, simply give your broker a call. They’ll ask you for more information about your bicycle, including the make and value, plus any special features. These extra details will give you additional coverage specifically for your bike. You may have a higher premium, but you’ll also have peace of mind knowing your bike is covered.

Whether you’ve just purchased a new road bike or you realized you should have included your existing mountain bike under your policy, contact your BrokerLink insurance advisor . We’ll review your current insurance policy and help ensure your prized ride is properly covered.

Liability insurance for bikes

Hopefully you’re a responsible cyclist: you wear your helmet, follow the rules of the road and use your hand signals. Even if you’re as safe as possible, accidents do happen. If your bike is damaged and you have a good home or tenant insurance policy, it should be covered. But what about liability?

According to an article from Canadian Underwriter, liability for bicycle accidents is typically covered under home or auto insurance. For example, if you hit a pedestrian while biking, they might decide to sue you. In this case, your home policy should extend and help cover the cost of your legal fees. However, all insurance policies are different. To understand exactly what your policy covers, talk to your insurance broker.

Get the right coverage for your bike with BrokerLink

At BrokerLink, we’re the insurance experts. We can help you get the right coverage for your road bike, mountain bike, or even your unicycle!

It’s easy to get in touch with a BrokerLink insurance broker:

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