Is it worth getting bicycle insurance?
The British Transport Police just announced that they will be disbanding its dedicated bike theft squad and will be re-directing those resources for further combatting violent crimes. This sparked some reaction from locals who voted in an online poll, with 93% expressing that they could care is their bike was stolen, whether or not it was insured. With the increasing popularity of cycling as a sport and a means of transportation, they’ve become an easy target for thieves with an estimated 1.5 million stolen every year. There appears to be an underlying sentiment from bike owners that when one is stolen, it’s simply an opportunity to buy a new one. Is that a realistic approach or simply looking for a silver lining? Might be a silver lining if you’ve got insurance. Survey Says Last month we ran a poll on both our Instagram and our Facebook pages asking our followers if they had bike insurance. Only 20% of respondents voted that their bikes were insured. This response could be impacted by several factors: their home and content insurances would cover their loss, their bike is not valued high enough to constitute the insurance and it’s deductible or it’s fully and safely parked at home and at work. What’s not factored in is the protection provided if a cyclist were involved in an accident and the bike required repairs or was completely totalled. Additionally, there are policies that extend beyond just the bicycle to include spare parts, accessories and riding apparel. Like any insurance policy, it’s always imperative to read through the fine print, to ensure that you’re fully educated on of any potential issues that could void the policy. Such exemptions could include riding a bike under the influence of alcohol, how, where you use your bike, where you store the bike and what security measure you take when storing your bike. Surely, having a Steadyrack to store your bike would be looked at favourably. Educate Yourself If you are interested, of course selecting a policy, ranging from basic cover to something fully comprehensive is a very personal and individual choice, we do recommend that your selected policy covers these key areas: • Causing injury to another party (accident cover) • 3rd-party insurance for property damage • Personal injury While you’re at it, we suggest educating yourself on these additional indicators: • Will the policy will cover you for property damage to your bike (flood, fire or theft) • What is the dollar limits on your coverage (and will a claim impact your policy)? • What is the excess required to collect on a claim? • Does your policy only cover your bike if you’re riding it (as opposed to a friend, family member or neighbour) • Does your policy cover any extras? If you’ve invested a significant amount in your new bicycle or have multiple bikes it is really worthwhile taking the time to discuss all of this before your sign up and possibly make a claim, as you’ll then know exactly what to expect.