Share :
Share :
You’ve finally committed to getting the road bike of your dreams – you’re ready to enjoy the scenic trails around your city. But what happens if it is stolen from your home, even if it is locked up?
Many local shops that sell high-end mountain, commuter, and road bikes have seen double the amount of business according to the according to the CBC. Many are opting for cycling because it still allows for physical distance for commuting riders or people looking to exercise outdoors.
As e-bikes and cycling continue to gain popularity, theft of bikes has also increased. Studies and news articles show there has been a 30% spike in theft across the country since the pandemic.
Unlike vehicles, they don’t have a VIN, so tracing them can be a challenge. However, there are many ways to prevent theft and protect it by including it on your home insurance.
Most tenant and Ontario home insurance will have limited coverage for your bicycle. Depending on the bike value, consider additional contents insurance. You should always contact your provider and let them know how much your bike is worth and how much you want to be covered.
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, 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 properly for theft, accidental damage, and unintended risks of loss or damage.
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 :
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.
Did you know Vancouver has the highest rate of bicycle theft per capita out of any major city across the country? 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.
In Toronto, around 4,000 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 2014.
We are committed to finding the best coverage for your home and contents at a competitive price. Compare quotes from the top insurers today and find a lower rate.
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.
Insurance can cost around 3% of the bike's value per year, depending on how much protection you want. To ensure your bike is covered for its replacement cost in the event of theft or damage, it’s important to have an endorsement for personal belongings on your home or tenant insurance.
The warranty you purchase with your bike will not protect it against theft – it will only protect against specific damages as outlined in the agreement. Ensure you understand the key differences before investing in a warranty or adding an endorsement to your policy.
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!
Share
| Categories | Home |
|---|---|
| Tags | TenantSeasonal HomeProtect Your HomeHome Coverage |
Checkout our latest articles on insurance and other helpful topics.
Are you wondering how much a careless driving ticket will affect your insurance in Ontario? Get our questions answered and learn how much you may see your rate go up.
Got a careless driving ticket in Ontario? Here’s everything you need to know about careless driving charges, fines, and penalties.
You may not have control over the rain, but you can control how you handle hydroplaning (aquaplaning). Here’s how hydroplaning can happen and what to do to prevent it.
Our experts offer 25 safety tips for driving in the rain. You’ll discover the best lights to use, what speed limit to follow, how to drive safe when it’s raining.
