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.
As long as you have a homeowners, condo or tenants insurance policy, your bicycle will 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.
Things to be aware of:
- 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 you could risk changes being made to your premium.
- 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 broker will be able to explain some of the options you can add to your policy.
Additional options for your bicycle insurance
For fully-loaded, high-performance bikes of a greater value, you may schedule the bike, giving you coverage for the bike at its purchase price. With this addition, you are specifically providing more information about your bicycle, including the make and value, plus any special features.
These extra details help to ensure that your bike will be replaced for the full value. While you will have to pay an additional premium to schedule the bike, in the event of a loss you will have the advantage of a lower deductible as well as no claim attached to your policy.
Whether you have just purchased a new road bike or you realized you should have included your existing mountain bike under your policy, contact your BrokerLink broker. We will review your current insurance policy and help ensure your prized ride is properly covered.