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Do you need bike insurance?

There's a lot to consider

December 15, 2021
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Everyone knows how important your bike is to you. It’s your pride and joy, your beloved, your best friend! It may also be worth a bit of cash, and you’ve spent your hard earned money on it.

Furthermore, in the unfortunate incident of a collision or crash, it may a good idea to be insured. It’s a complicated question however, if you need, or don’t need it. However, more and more experts are suggesting it’s a good idea.

Bikes on display at the MEC Toronto store

According to lawyer Joel Zanatta, “The question is a complicated one. There are a huge variety of insurance products on the market. Before you purchase an insurance policy it is important to establish exactly what you are trying to insure and why.”

Insurance Overview

There are three primary types of insurance available for cyclists are. There is theft and damage coverage, first party personal injury coverage, third party liability coverage. Although all three coverages are important, the amount of coverage that you need depends heavily on your personal circumstances.

First party personal injury coverage will protect you if you are involved in a crash, and third party liability covers you for claims that are made against you if you yourself cause a crash.

Isn’t home insurance sufficient?

Although if you have basic home or rental insurance, you’ll have third party liability and partial coverage for your bike, you may discover that such policies have quite low limits, coupled with a large deductible.

“If you rely on a standard home insurance policy you may find that if your bike is stolen you are vastly underinsured,” Zannata explains. “If you have an expensive bike you should either specifically register your bike with your insurance company or contact a broker company. You may want to consider additional coverage through a professional broker with knowledge of bike related risks.”