Blog Bicycle Insurance And Protection Against Bike Theft

May 29, 2023

Is your bike properly insured?

family with bikes

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.

Does insurance cover bike theft?

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.

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, 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.

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 :