Bicycle Insurance in Canada
If cars are not your style, but bicycles are your choice of transportation, you may be wondering if there's any way you can protect your bike, like you would with car insurance. Whether you're curious about bicycle insurance or ways to prevent bicycle theft, we'll discuss some coverage options and provide you with some tips to help keep your bike safe.
Insurance coverage for your bicycle
If you're someone with home insurance (or condo/tenant insurance), you may be surprised to learn that your bicycle is actually covered under your home insurance policy. Home insurance doesn't just protect your home itself from damage and repairs — it also protects the possessions in and temporarily away from your home, including your bicycle. When choosing the contents coverage limit of your home insurance policy, you should ensure that your contents limit is sufficient to protect all your belongings (including your bike) in the case of a total loss. Keep in mind that the coverage available for your personal belongings can vary depending on the type of loss, specifically for certain items like your bicycle.
But what if you're someone with an expensive specialty bicycle? If your current contents limit included with your home insurance policy isn't sufficient to cover the unexpected loss of your specialty bike, you'll want to consider purchasing extra protection. As a TD Insurance customer, here are some options to consider:
- Personal Valuables Coverage: Ideal for those who want to further increase the amount of insurance for one or more specific items of high value (such as a specialty bicycle) that may otherwise exceed your policy limits for certain losses including theft.
- Enhanced Home Coverage: Ideal for those who want higher coverage limits for a range of specialty items (which can include a bicycle, among other high-value items in your home) for certain losses including theft. It also includes added policy benefits not included in a basic home insurance policy which can provide even more protection for your home, your belongings and your loved ones.
With any claim made through your property insurance policy, it's important to consider your chosen deductible. A lower deductible will typically result in an increased premium but there'll be less to pay out of pocket when filing a claim. On the other hand, a higher deductible will typically result in a lower premium, but you'll be expected to pay more up-front costs if filing a claim. Choose a deductible based on what you can afford and what makes sense for your situation.
How to keep your bike safe from theft
Now that we've gone through some coverage options, let's talk about what you can do to keep your bicycle safe — on or off your property. Check out these tips to help protect your bike:
- When parking your bicycle, select a secure, well-lit area. Bring your bike indoors whenever possible.
- Lock your bike. Whenever you are not riding your bike, it should be locked, even when it’s in your garage.
- Make sure that your bike is locked to a solid fixture. Wood can be cut through very easily. Be sure that the entire fixture cannot be lifted and taken away with your bike.
- Avoid older bike racks that only hold the bottom of your wheel in place.
- Try to fill the space inside of your lock as much as possible. This makes it hard for thieves to insert tools to pry open the lock.
- Be sure to lock up both wheels, as well as the frame.
- Don’t make it convenient to steal your bike. If possible, use two different types of locks at the same time (e.g. a cable lock and a U-lock). It stands two reasons: Most thieves want to make a quick getaway. They may not have the time or the tools to break two kinds of locks in a short time.
- Secure any "quick release" or easily removable items by locking them or taking them with you. While these features are very convenient for cycling, they also make it convenient for a theft.
Register your bike
Let’s face it — no locking system is perfect. Every time a new anti-theft device enters the market, thieves find a way to beat it. If you want to make sure your bike can be returned to you if it’s recovered after being stolen, register it with your local police department. Or better yet, list it with a national bicycle registration system available through the store where you bought your bicycle.
What if your bike is stolen?
It happens, but in the unfortunate event your bicycle is stolen, you can start a claim through the TD Insurance app. But keep in mind that if you do proceed with your claim, you'll have to pay your agreed upon deductible first.
Unsure whether you should start a claim? Here's something to consider: the cost of your deductible versus the cost of replacing your bicycle. For example, if the cost of replacing your bike costs less than your deductible, choosing to replace it out of pocket would be the better option.
Whether you're considering adjusting your deductible, increasing your contents limit, or exploring additional coverage options, you can review and manage your TD Insurance policy online by logging in to MyInsurance. Or, if you're new to TD Insurance and looking for a home insurance policy that'll extend coverage to your bike, you can get a quote in minutes.