The lowdown on bicycles

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All about insurance and bikes

While your bike is most likely covered under your home insurance policy, you don’t want the hassle of having it stolen. This is particularly true because, in some cases, it may not be beneficial for you to claim a stolen bike.

Find out how to keep your bicycle safe from theft and whether you should make a claim if it is stolen.

Avoiding bicycle theft
A stolen bike to claim or not to claim?

Avoiding bicycle theft

A stolen bike to claim or not to claim?

While your home insurance covers your bike, it may not pay to make a claim if it’s stolen and worth less than your deductible. On the other hand, if you’ve just bought a brand new and very valuable two-wheeler that exceeds your policy limitations, it may be worth your while to buy additional coverage.

Consider the following when deciding whether to make a claim:

  • Your deductible: Your policy’s deductible vs. the value of your bike.
  • Limits for bicycles: Your policy may have a limit on the coverage provided for bicycles. This may mean that you are paid only a portion of what your bike cost you. For example, if your bike was worth $600, your policy limits bicycle coverage to $500 and you have a $300 deductible, you would only get $200 for your claim.
  • Scheduling a higher value bike: If you own an expensive bicycle and you want to make sure it is fully covered, you can “schedule” the bike on your property insurance policy. You add a special clause to your policy that describes the bicycle, its accessories and its cost so that if it were to be stolen or destroyed, it could be replaced for the full value.
  • Discounts: Keep in mind that we offer discounts on your property insurance if you have gone several years without making a claim. Losing this discount because of a small claim like the theft of a bicycle might mean that you end up paying more in the long run for your premiums than you would for a new bicycle.