Bike insurance: to ride with confidence
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One in two Montreal cyclists have their bicycle stolen at least once in their life. However, bicycle owners do not always think of insuring their two wheels. Whether you are riding a lemon or a high-end mount, is your bike properly insured?
Bike insurance, included in your home insurance
In this case, your bicycle is covered by your insurance policy, like other property. “This is not insurance specific to your bike, because home insurance offers basic coverage for bicycles that range between $ 1,000 and $ 2,000, depending on the insurers,” explains Caroline Phémius, public affairs advisor at the Bureau. insurance of Canada.
Although your compensation would not exceed the amount indicated in the contract, it could nevertheless cover the costs incurred during theft, total or partial loss of your bike, regardless of the location of the incident.
When to claim compensation?
In addition to these limitations, you must take into account various aspects before declaring a bike theft to your insurer, such as the value of your bike and the deductible provided for in your contract, an amount remaining payable by the insured.
"If the bike is worth less than what you will be reimbursed, it's not worth making a complaint," warns Ms. Phémius. If you bought a bike for $ 500 and the deductible to pay is the same amount, you will get compensation equal to 0. ”
If, like the majority of stolen bicycles, yours is worth less than $ 500, you also have the possibility of reducing your basic deductible to define one specific to the bicycle, because it is the insured who chooses the amount of his deductible upon signing the contract.
My bike is expensive
Carbon wheels for $ 2,500. A $ 1,500 crankset. A speed sensor for $ 1,000. Yes, some bikes cost more than a car. Do you own a valuable bicycle? You can add a clause to your insurance policy to have it reimbursed at its full value.
"We are not adding property to cover, specifies Ms. Phémius, but additional protection to home insurance that will allow the owner of a $ 7,000 bike to request an increase in the insurance portion for the bike to reach this amount. "
At the discretion of each insurer, adjust the premium to the amount at which they will agree to cover you. “But it doesn't necessarily cost more,” adds Ms. Phémius.
The advisor to the Insurance Bureau of Canada would like to point out that despite the protections provided by home insurance policies, few tenants are insured, so few of them have liability insurance.
“As a cyclist, it is extremely important to have a civil liability therefore to be insured, because if you cause damage, you could be held responsible and have to pay a considerable amount for the damage caused”, concludes- she does.
To discuss insurance coverage for your bike, we invite you to contact your insurer and discuss your insurance needs for your bikes.
Video: Some high-end bike thieves make short work of a bike locked on a car roof rack ...
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