Insurance for Stolen Bicycles

Bicycling
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I keep seeing stolen bicycles being posted in hopes of people finding them. The last one I saw this morning is a bike very similar to mine and it got me thinking. Do they ever get found? Do the insurance companies expect you to search social media for it? If insurance replaced it, why search for it? What would you then do if it’s found after you got a big juicy cheque from the insurance company? Do people really put them on the back of cars without insurance?

My broker in New Brunswick(I’m not there now, but still own a house there) found that Wawanesa provided unlimited sporting goods coverage without the need for an expensive rider(pun not intended). What has been your experience with this? I assume the BNS insurance does not cover actual bikes for theft/fire/MVC, but don’t know.

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Can’t answer most of your questions but I had a customer walk in for a seat adjustment on my stolen bike three or four years years after it was stolen from the staff parking at the quinpool shop. It was nice to get it back.

I also saw one of Rob’s bikes at the police auction. His insurance took care of his loss on that so he didn’t want it back.

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Policy we have through TD doesn’t put a limit on the bike or numbers but has a 1k$ deductible… so if you lose a cheaper bike you are out of luck… however the premium is so much less than specifying the values of the bikes… think it was 30-40% of our premium just for specifying the bikes values… which did t seem worth it… N

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Most times bikes could be covered under your content issue with your house or apartment. There is a cap on that though at around $500 I believe it is. Obviously majority of us here have bikes worth more than that figure, however it’s still worth noting that content insurance covers the contents of your insured property whether on the property or not (stolen from the back of your vehicle for instance).

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That’s what not having insurance on your bicycles is called.

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So my intent was to bring it to the attention of those who don’t know, that our possessions are usually covered under the content insurance of our residence, even if the item was stolen outside of where we live. As in a bike, off our vehicle, provided its under X amount of value.

But can take it the way you did also, sure :neutral_face:

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Understood. It is a fact many people don’t know about, as flawed as it is.

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Oh yeah, don’t get me going on insurance companies ha. Can of worms as they say.

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Something that you should be aware of is whether you have actual cost value VS replacement cost.

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So do people have specific insurance policies for their bikes? Doug, is that what you mean by the Wawanesa coverage you mentioned or is it within their content insurance for the house?
Mine have been “covered” under my house policy but, like Nick mentioned, to cover a reasonable value for the bike, the premium was silly high.
I am upgrading soon so would be interested in what others have for coverage.

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I have a replacement cost rider on my main trail bike and standard ‘sporting goods’ coverage on my other bikes ($1k?) as they’re not worth as much.

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Mine is not specific. It’s just better for having sporting goods. Between the whitewater, rock and ice climbing, camping and bicycles, it’s a shit ton of gear to insure so our broker in Dieppe found a good solution that didn’t involve having a rider. Back here in Halifax, I find the brokers a PITA.

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