How does bike insurance work?
Most people don’t buy bike insurance. Instead, their bike is covered under their comprehensive home insurance policy. Depending on your coverage, your bike could be covered for theft, accidental damage or vandalism under your home policy. Talk to your insurance broker to learn if you have enough coverage on your home insurance policy to extend to your bike. If you have an extremely valuable bike, your broker can advise if you need to increase the contents insurance coverage of your home insurance policy.
Types of bike insurance
In addition to your home insurance policy, there are a few other types of bike insurance you can purchase. These coverages are primarily for serious cyclists. Here are the different types of bike insurance you can add to you can purchase in addition to home insurance:
Bicycle theft insurance
Your home insurance may cover theft of your bike. However, there may be some limitations to this coverage. For example, if your bike is stolen when it’s off your property, the coverage might not apply. Bike insurance can provide coverage if your bike is stolen somewhere other than your home. Your home insurance may also only cover a few hundred dollars. Additional insurance can make sure the entire cost of the bike is covered.
Cycling event insurance
If you are someone who enters into cycling events or races, you may want to consider investing in extra event insurance. Many events provide third-party insurance to those who are participating. However, this will only protect you in the case of an injury to a spectator or damage to property. You will not be protected in the case of personal injury, damage to your bike, or injury or damage to fellow competitors and their bikes. In order to be covered for these perils, you will need additional coverage.
Personal accident insurance
Personal accident insurance will provide you with financial support, if you are seriously injured on your bike. Some policies will pay out a lump sum if you are unable to work due to your injuries, and help cover medical costs including physiotherapy and dentistry work.
If you have any pre-existing medical conditions, make sure you declare these with your insurer because failure to do so may nullify any cover.
Check out this article for tips on sharing the road on your bike!
What information do I need to get bike insurance?
If you have questions about bike insurance, start by calling your insurance broker to see what kind of coverage you already have. Depending on how often you bike and its value, you might decide to purchase additional coverage. Before you call your broker, have the following information handy:
- Your address
- The value of your bike
- Your bike’s manufacturer
- The model of your bike
- Your bike’s serial number
- Whether your bike has any custom parts or modifications
- Your claims history
Tips to keep your bicycle safe
In a perfect world, you never need to use your insurance! Here are some tips to keep your bike safe and prevent theft.
Lock your bike properly
When locking your bike up in a public area, make sure you do so in a well-trafficked, bright and, ideally, CCTV-covered area. This will not only make your bike less likely to be a target for thieves, but will also help if you need to make a claim.
Some insurance providers supply a list of approved locks that must be used in order to be protected. However, even if your policy doesn’t specify a particular model, you should still invest in a dependable and secure lock.
Never abandon your bike
Bicycle abandonment refers to a bike that has been left unattended for more than a specific amount of time when locked up away from your home. (The exact amount of time depends on where you live.) If your bike is considered abandoned, you may not be covered against things such as accidental damage or vandalism.
Register your bike
There are a number of different services available to cyclists in order to register their bikes. These services allow the police to identify and return stolen bicycles.
Some of these services are provided directly by your local police department, while others are third party applications that are used to serve the bike community as a whole.
Contact a BrokerLink insurance advisor for bike insurance
Let BrokerLink be your resource for all things bicycle insurance. From start to finish, our brokers handle the legwork to make sure you ride away satisfied. Contact us at a location near you today, and we’ll find the insurance coverage that fits for you.
FAQs about e-bikes and bike insurance
Is my bike insured if someone else rides it?
Some bike insurance policies will extend to cover you if a family member or friend is using your bike, but some will only protect you. Speak with your broker about the limitations and specifications of your policy.
My bike has a motor on it. Can I insure it?
Yes, you can insure a motorized bike. Most insurance companies that offer specialised bike insurance will also cover motorized bicycles. However, some companies will not. It is important you do some research into which companies offer these specialized policies, or to ask your broker for their recommendation.
What are some of the best types of bike locks that I can use?
Here are some things to look for when purchasing a bike lock:
- The lock should be able to withstand bolt cutters.
- Consider the weight of the lock. Some are extremely heavy and bulky while others are lightweight. Pick the one that makes the most sense for your bike.
- You may also consider purchasing multiple locks to deter thieves and keep your bike safe.