Bicycle Insurance And Protection Against Bike Theft

How are bikes stolen?

Breaking into bicycle theft: Insights from Montreal, Canada published a report that explored the most common ways theft of bikes occurs.

A shocking finding is that 52.3% of bicycle theft victims did not know how their bike was stolen. Other methods used to steal bikes included bolt cutters (10.3%), hacksaws (4.5%), and crowbars (2.3%). Notably, 8.5% of victims did not lock their bicycles.

Regarding parts theft, 27.6% of victims are unsure how it occurred. Screwdrivers (8.5%), wrenches, and Allen keys (4.1% each) were the most common tools used. However, 51.5% of parts were taken by simply pulling them off, and 60.6% of respondents left removable parts unlocked. Encouragingly, locking these parts could significantly reduce theft.

How many bikes get stolen each year in Canada?

Recent statistics highlight the alarming rise in bicycle theft across Canada, with substantial increases reported in major cities. Here is a look at some more bike theft statistics across the country:

• In Toronto, around 3,000 bicycles were stolen in 2020, including an increasing number in or beside condominium apartments and rental housing. This number is roughly three times higher than in 2014.
• In 2020, 2,115 bicycles were reported stolen according to the Vancouver Police Department – that means 334 were stolen for every 100,000 people.
• The next two most common Canadian cities for bicycle theft include Calgary, with 3,284 stolen bikes per year, and Winnipeg, with 259 per 100,000 people.
• Rize Bikes reports that over 118,942 bikes were stolen in 2024, which is a 15% increase from the previous year. Many of these thefts go unreported, with estimates suggesting that 40-75% of stolen bikes never appear in police records.
• Almost 47% of bike theft victims report disruptions to their daily commutes. Nearly 50% take over a month to replace their stolen bikes, and 11% don’t replace them at all. Many riders express emotional distress because stolen bikes often hold sentimental value.
• The most commonly stolen bicycles are new ones valued between $150 and $500, accounting for 27% (256 out of a total of 961 stolen bicycles). Used bicycles within the same price range represent 15% of thefts, while new bicycles valued between $500 and $1,000 make up 16% of the stolen bicycles.

Does insurance cover bike theft?

Most insurance policies provide coverage for personal property, which typically includes bicycle - tenant and Ontario home insurance will have limited coverage for your bicycle. Depending on the bike value, consider additional contents insurance specific to bike insurance coverage. You should always contact your provider and let them know how much your bike is worth and how much you want to be covered.

It is usually covered if your bike is stolen from your home or even from an outdoor location, such as a bike rack. However, this coverage is contingent upon your reporting the theft to the police and filing a claim. It's important to note that some policies may exclude coverage for thefts that occur in unlocked areas or if you failed to take reasonable precautions, such as locking your bike.

Will tenant insurance cover bike theft?

Yes, but your renters insurance will likely be capped at a limit for a special item. You can add an endorsement to your policy to increase coverage for a bike. Your policy might also include off-premises theft, meaning your bike may still be covered even if it’s stolen while you’re away from home.

Where can I get bicycle insurance?

There are two types of coverage for pedal bikes in Canada. What is covered under regular home insurance or renters package. Depending on the policy you have, each type of bicycle you own may be covered up to $1,000. You may need to pay a deductible depending on the policy details. Speak to your provider to learn more about options and limits.

If you have a more expensive bike, it is recommended to go beyond basic policies and add an endorsement or contents insurance, similar to how you would for jewelry or art. Increasing your coverage will cost a little bit extra, but it's worth it. You will be covered for theft, accidental damage, and unintended risks of loss or damage.

Third-party bicycle insurance companies

Another option for insuring your bicycle is to have coverage provided by a provider specializing in bicycle insurance. This is especially important if you participate in any racing. For example, if you are in a race and you are in an accident with another cyclist and injure them or damage their bicycle, you will be covered for legal defence costs if they sue.

This type of coverage will protect you against any fees associated with your bicycle, medical expenses, loss of income and bicycle replacement. It also protects you from perils (fire, theft) in the event of any injuries and medical expenses. Generally, membership costs for these policies will range from $45-$100 a year.

If you are interested in purchasing protection, here are some companies to look into :

• Pedal Power Insurance
• Velosurance
• Ontario Cycling Association Membership
• Laka

How to prevent bike theft

McGill’s study found that the most frequently stolen bicycles are new bicycles that were valued between $150 and $500. New bicycles valued between $500 and $1,000 (16%) were the second most frequently stolen. So how can you protect your new mountain bike or your cherished racing bicycle?

After you add your bicycle to your policy, be sure to follow these tips to protect it from theft on and off the road.

1. Only use top quality locks: U-locks tend to be more durable compared to cable locks, which can be cut through easily. It’s a good idea to pair your U-lock with a sturdy steel chain so you can secure more of it.
2. Secure the wheels: Don’t forget to secure your wheels when you lock up. A good trick is to thread the U-lock through the bike rack and one wheel. Then use the cable lock through the front and back wheels and the U-lock.
3. Get personal: Make your ride unique and personalize with personal elements such as a custom paint job, distinctive decals or accessories. It can help deter thieves because it will be harder to sell it if it has a distinct style compared to more generic ones.
4. Never leave it outside at night: When possible, bring it indoors, especially at night. If it’s not possible to do so, lock it up in a well-lit area.
5. Use a smart lock: A smart lock can alert you when your bike is in motion and allow you to track its location. Some models even emit noise when tampered with.
6. Register your bike: 529 Garage has developed a free registration project designed to help people register their serial number and report missing bikes by working with law enforcement and the community. Cyclists who did not register their bicycles were 55.8% less likely to have been victims of bicycle theft than cyclists who did register their bicycles.
7. Save the serial number: Even once it is registered, it’s a good idea to hold onto your serial number. Having it on record can be beneficial in the event of a police report or claim.
8. Use a seat that requires keys: Along with wheels, many thieves will steal the seat. The common quick-release mechanism makes it more vulnerable to theft. Consider investing in switching any quick-release wheel or seat skewers for ones that require keys to unlock.
9. Look for any flat tires or markings: If you notice you have any damages or flat tires when you return your bike, avoid leaving it unattended because thieves may have done it on purpose and are planning to come back and cut locks later.

How to file a claim for a stolen bicycle

When you notice your bicycle is stolen, capture photos and take note of the date, time, and location. Once you report it to the police and your insurer, checking online to see if it has resurfaced to be sold is a good idea. If you see it online, be sure to let the authorities know – they can help you recover it. If you need to make a claim to your insurer, having all the details above will help push the process along.

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Whether your family has a collection of road bikes or you are an intermediate biker with a high-end bike, it's worth considering your options for additional protection. You never know what can happen!