Nearest broker: Searching for a broker nearby…
Nearest broker: , Edmonton, AB Phone: 780.755.0110 5020 Lac St Anne Trail N, Onoway, AB, T0E 1V0 Phone: 780.967.2282 , Edmonton, AB Phone: 825.467.5631 206 Pembina Rd, Sherwood Park, AB, T8H 0L8 Phone: 780-732-8616 10060 Jasper Ave, Edmonton, AB, T5J 3R8 Phone: 780-435-3632 , Calgary, AB Phone: 403-532-4882 322 Avenue C S, Saskatoon, SK, S7M 1N4 Phone: 639-398-4170 5317 50 Ave, Taber, AB, T1G 1V3 Phone: 403-223-2377 110a McLeod Ave, Spruce Grove, AB, T7X 2H8 Phone: 780-571-1144 496 Marquis Rd, Prince Albert, SK, S6V 8B3 Phone: 306-970-8080 335 Hwy Avenue N, Picture Butte, AB, T0K 1V0 Phone: 403-732-6023 2201 Box Springs Blvd NW, Medicine Hat, AB, T1C 0C8 Phone: 403-487-5132 550 Wt Hill Blvd S, Lethbridge, AB, T1J 4Z8 Phone: 403-394-1123 734 13 St N, Lethbridge, AB, T1H 2T1 Phone: 403-328-9114 5 St SE, High River, AB Phone: 403-652-4104 9904 103 St, Fort Saskatchewan, AB, T8L 2C9 Phone: 780-998-0881 201-4271 23 Ave NW, Edmonton, AB, T6L 5Z8 Phone: 780-466-2136 3908 97 St NW, Edmonton, AB, T6E 6N2 Phone: 780-465-6900 8170 50 St NW, Edmonton, AB, T6B 1E6 Phone: 780-469-9378 52 Ave, Drayton Valley, AB Phone: 780-621-1707 1331 Macleod Trail SE, Calgary, AB, T2G 0K3 Phone: 403-278-1050 1331 Macleod Trail SE, Calgary, AB, T2G 1E1 Phone: 403-255-2252 234-7 Westwinds Crescent NE, Calgary, AB, T3J 5H2 Phone: 403-775-2100 , Calgary, AB, T3K 0S8 Phone: 403-719-9995 5114 2 St, Boyle, AB, T0A 0M0 Phone: 780-689-3946 50 Ave, Bonnyville, AB Phone: 780-826-3147 12931 20 Ave, , AB, T0K 0E0 Phone: 403-562-2191 2903 Kingsview Blvd SE, Airdrie, AB, T4A 0C4 Phone: 403-945-8885

Bicycle Insurance: What You Need to Know

Home Insurance

By Joanne Lemna | June 23, 2017

While many people have bicycles, some are serious cyclists with expensive bikes, equipment and accessories. Whether you ride bikes for fun or are a competitor, you may be wondering if insurance can cover your bicycle if it’s stolen, damaged or destroyed. Does your home insurance cover your bicycle or do you need separate insurance?

In this article, we’ll discuss bicycle insurance including your options under your home insurance and when you may want additional coverage.

Are My Bicycles Covered Under My Home Insurance Policy?

Yes, bicycles are covered by your home insurance policy as they’re a personal belonging. They’ll be covered for the same perils as your other belongings such as theft and fire. However, it’s important to be aware that this coverage may not be adequate if you have many bikes or they’re more valuable. There are a few things to check:

  • Single Item Limit – This is the maximum amount that will be paid out in a covered claim for a single item. If your bicycle is valued over this limit, you may want to look into additional coverage.
  • Policy Limit – This is the maximum amount that will be paid out in total for a covered claim. If you have very valuable bikes, you need to ensure your policy limit is high enough to cover your home and all of your personal belongings including the bicycles. You may need additional coverage.

Making a claim on your home insurance for a bicycle theft may also not be the best option. Depending on the value of the bike, it may be close to the deductible (the amount you pay before your insurance kicks in) and this type of claim may result in your home insurance premiums increasing.

Should I Look into Additional Insurance Coverage For My Bicycle?

If your bike is valuable (more than $1500) you should look into additional insurance coverage for your bicycle. You may also want to get additional coverage if you travel with your bike. There is an endorsement available on your home insurance policy known as a property floater or sports equipment floater. This allows you to add specific coverage to your home insurance policy to protect more valuable assets that may otherwise be underinsured given the limits of your single item limit or policy wordings.

This floater endorsement on your home insurance policy simply ensures the bicycle is insured to its proper value. You may need to provide a receipt or valuation to prove your bike’s worth.

Discuss your bicycles with your insurance broker to see if you’re adequately covered or if you require additional coverage.

Get A Quote From A-WIN

Get the best insurance deals and stay on budget.

Get A Quote

Life Events - It's Time to Reassess Your Insurance

Whether it’s heading off to university or deciding to start your own business,...

Download

Rogers Insurance and CapriCMW merge to become Acera Insurance.

A-WIN Insurance is part of the Rogers Insurance Group.

Click to learn more about how this merger will impact A-WIN Insurance. Our branches will remain independently owned and operated.