Insuring your bike(s)

Who here has their bike(s) insured? Who are you with and how much do you pay?

I finally looked into it today after considering it for quite a while. I called the insurance company (wawanesa) who I have my apartment insurance thru and for every $100 of insured value, it costs $5. At first I didn’t think that was bad, until I figured out how much it would cost to insure a new bike per year. For a $3000 bike it would cost $150, that’s more then I pay for my apartment insurance.

I understand that there is a much higher risk of someone stealing my bike compared to someone breaking into my apartment and stealing my stuff or the building burning down, but it still seems quite expensive to insure the bike.

$150 is certainly a lot cheaper then forking out $3000+ for a new bike, but it still really makes me second guess paying the money for insurance.

I always figured it would be covered by my apartment insurance (which was wawanesa too), because it was most likely going to get stolen form inside my apartment if it was going to be stolen. Now I just assume it would be covered by my homeowner insurance, for the same reason. Of course you know what happens when you assume… I never lock bikes up outside which is a whole other ball of insurance wax i’m sure.

I have an additional rider on my insurance that reduces my deductible to something like 100.00 for bikes listed on the policy. Thus, I keep them updated on my bikes with serial numbers etc.

In my experience, I’ve put bikes stolen elsewhere (work) on my parent’s home insurance. Mind you that was a while ago, my understanding on my policy is that it would be same for me now.

It costs me in the vicinity of 75.00 per annum. Which is really good considering I have 11 bikes.

I’m not sure, but I think the deductible would be $50. I think if the bike was stolen from my apartment then I could claim it under my apartment insurance, but I was thinking the probability of that happening is fairly low. I am more concerned about when the bike is outside my apartment. Generally, I never let my bike out of my sight unless it is locked in my apartment, but the very odd time I may leave it on my roof racks for a few minutes, but the bike is locked to the rack with the built in lock, and I put a normal bike lock on it as well. I am more concerned about coming across some crazy person who really wants the bike while I am out riding.

Without a rider to specifically insure your bike for more, the amount covered under you homeowners policy is very little. Check with your insurer to make sure… you won’t get replacement value on a $3000 ride with just a regular homeowners policy.

Yikes really? Where are you riding?

Just put a small U lock on a 3 foot cable. goes in your pack easily and if you encounter said crazy person you can just smash them in the face with a heavey weight on the end of a cable.


Yikes really? Where are you riding?[/quote]

Same trails that most people ride around HRM. I’m just thinking that there are plenty of stupid/crazy people around I could eventually bump into one while out riding, having insurance would just be added piece of mind.

I just got apt insurance for my new place through it was recommended by the company that owns my building. Rates start at around $8 per month. With a $500 deductible, up to $2500 for a bike claim and up to $2000 for computer claims I’ll be paying just over $12 a month.

In the past Ive contacted my insurance provider, and their homeowner/tenant insurance,*whatever you have, covers any non motorized leisure equipment, so that would include even a boat if i would have had one. The coverage is based on the total coverage purchased, so if you purchase a higher amount of coverage it will cover a higher max amount. For example lets say the tenant insurance covers a $30000 replacement with a $1000 deductible, there may be a clause that states no one item may exceed 10% or something of that nature. so technically you would be covered for $3000, but you have to pay the $1000 deductible, bla bla bla. ( side note, should this have ever happened, you have the ability to extend your coverage eg. bike worth = $2500. accessories on bike = $500. upgraded wheel set = additional $300. upgraded saddle additional = $100. I am not saying lie, I am saying be sure to be VERY SPECIFIC.) been there done that :frowning:
That being said, I had asked if this covers my items when i have them outside of my dwelling? The answer was yes, even if i had the items locked in my car, they would be still covered by my “property insurance” I guess what i am saying is call your provider, ask them what costs you are covered for and how much more a year it will be to up that blanket coverage.
To my knoledge there is no specific “bicycle” insurance, its just property insurance *stuff you own. Same thing with a car, if someone steals your car, chances of you getting a new car and it not costing you anything is going to be extremely slim. That being said, you are not going to leave your bike on your car overnight, unless your sleeping in it :wink: