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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. 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 2020.
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 your property by including it in your home insurance policy.
Most insurance policies provide coverage for personal property, which typically includes bicycles. However, tenant and Ontario home insurance often have limited coverage. Depending on the bike value, consider additional contents insurance coverage specific to bikes. You should always contact your provider and let them know how much your bike is worth and how much you want to be covered.
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.
For high-end mountain or road bikes, a standard policy isn't enough. Consider these options:
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:
| City | Statistics (2020-2024) |
|---|---|
| Toronto | 3,700+ bikes stolen annually; roughly 3x higher than 2014 levels. |
| Vancouver | 2,115 reported thefts; approx. 334 per 100,000 people. |
| Winnipeg | High theft rate of 259 per 100,000 people. |
| Calgary | Reports approximately 3,284 stolen bikes per year. |
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 bike theft 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.
To claim a stolen bike on insurance, you must have a police report, proof of ownership (receipts and serial numbers), and photographic evidence of the theft location. Most claims are processed under the personal property section of a tenant or home insurance policy.
If your bike is stolen, acting quickly and having the right documentation is the key to a successful insurance payout. Follow these five steps to navigate the claims process:
Breaking into bicycle theft: Insights from Montreal, Canada published a report that explored the most common ways theft of bikes occurs.
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 is 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.
Toronto has reported nearly 3,700 stolen bikes, leading all Canadian cities. The numbers come from Toronto Police Service.
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 may also include coverage for off-premises theft, meaning your bike may still be covered even if it’s stolen while you’re away from home.
Residential areas are common targets for theft, accounting for 59% of incidents near homes, including garages and basements. Parking facilities, particularly apartment bike storage areas, are also frequent targets. Sidewalks and bike racks pose a risk as thieves can easily cut weak locks.
There are two types of coverage for pedal bikes in Canada. What is covered under regular home insurance or renters package. Depending on your policy, 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 with your provider to learn more about available options and their limitations.
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 jewellery 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.
Whether you’re a casual commuter or a competitive racer, don't wait until your bike is gone to check your policy. Compare home insurance quotes with us to find your lowest rate today.
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Digital Content Writer
Kayla-Jane has been a content writer with ThinkInsure since 2020. She creates insurance content for auto, home, and commercial. Kayla-Jane has a diploma in Journalism.
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|---|---|
| Tags | TenantSeasonal HomeProtect Your Home |
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