Is your bike covered under your home insurance?
Are you an avid cyclist? As soon as the snow melts, you think about taking your bike out? Whether you practise this sport for fun or you want to reduce your ecological footprint, your home insurance has got your bike covered. Let’s take a closer look.
What does this insurance cover?
Your bike, of course, including coverage against fire, theft and vandalism. Last night, neighbourhood troublemakers broke into your shed and took off with your bike. No worries! Your home insurance has got you covered, no matter how many bikes you have.
Was your bike damaged while in transit in a vehicle or on a rack? Your bike is covered while it’s in transit.
What’s more, in the event of a collision with another vehicle or a pedestrian, this insurance generally covers property. And if you cause damage to others while riding on a bike path or road, your civil liability is also included.
Do you need to insure your bike?
No, according to the law. But it can certainly come in handy.
Does it cover your bodily injuries?
No, only property damage. In Quebec, if you’re involved in a car accident, the Société de l’assurance automobile du Québec (SAAQ) may cover healthcare costs based on the situation. It’s best to have travel insurance when you’re outside your province of residence.
Bicycle insurance while travelling
Robin and Alycia are planning their bike tour in Spain. Before taking off, they check two very important details:
- Their home insurance, which includes bike coverage. This way, both are covered against theft and material damage during transit by plane or when they land.
- Their travel insurance, which must be inforce throughout the trip. If one of them is injured during their tour, healthcare costs would be covered.
You can never be too cautious!
What types of bikes are covered?
ALL types: fat bike, electric, mountain, road and tandem bikes. No matter your budget or type of bike, your home insurance covers your entire family's bikes. You should still check whether your insurance has a maximum coverage limit. For electric bikes, a maximum speed limit is indicated in the contract to cover damage.
Where can you ride safely?
Everywhere! Want to freewheel along the Gaspé Peninsula? Want to bring your bike along during a stay in the U.S.? No problem. Your bike is covered in your province of residence and elsewhere in the world. Certain contract limitations may apply.
A few tips to prevent bicycle theft
Even if you’ve got good coverage, these handy tips will help you reduce the risk of theft:
- Get a quality lock and use it in public places.
- Have your driver’s licence engraved on your bike. We’ll be able to locate you more easily if your stolen bike is recovered. Police stations lend this tool free of charge.
- Make a note of the unique serial number on the bottom of the bike pedal.
- Store your bike in the garage or shed under lock and key overnight.
- You should avoid leaving it on a bike rack unattended for any stretch of time.
- Register your bike on the 529 Garage website, a community bike recovery service. Use their sticker to deter thieves.
Don’t know whether your policy covers your bike? Contact your home insurance company to find out for sure and to know the maximum amount of coverage.