Even if you are the proud owner of your home and have a comprehensive homeowners policy your bike may not be covered to the extent that you might think. In fact, the coverage that you have under your homeowners policy will likely be very limited – you should always check the smallprint! Most homeowners policies will cover bicycles for theft from your home for a limited amount. If that limited amount is $500 and your $3,000 bicycle is stolen from your home, you will only be able to claim up to $500 less the deductible.
What Homeowners carriers don't tell you
- If your bicycle is stolen when your out and about it will probably not be covered at all
- If you damage your bike while riding, the chances of recovering anything through your homeowners insurance is very slim
- If you damage your bike while racing, you have close to no chance of having coverage
- If you can make a claim on the limited coverage you may have, your premiums could go up
You may have a great renters insurance policy that provides the right coverage for your normal household gear but your bike may not be adequately protected. Most renters policies offer limited coverage for specialist items like bicycles and will cover bikes for theft from your home up to a limited value. Like a homeowners policy, if that limited amount is $500 and your $4,000 bicycle is stolen from your home, you will only be able to claim up to $500 less the deductible, leaving you at least $3,500 out of pocket!
What Renters carriers don't tell you
- Your renters premium will most likely increase if you can file a claim
- Do you race? If so, you have almost no chance of having protection for crashes, liability or medical
- Protection for accidental damage while riding your bike is unlikely to be offered
- It’s more likely that your bike will get stolen when out and about rather than at home – most renters policies won’t offer your coverage for outside the home.
Specialist Bicycle Insurance
A specialist bicycle insurance policy will always be best. Our bicycle insurance policy provides coverage for the specific risks that cyclists face every day.
Why is Chain Reaction Cycles Insurance best for your bike?
- You’ll get protection for your expensive bike/s, for theft from home, for theft away from home, for crash damage even while racing and traveling, for medical expenses, third party liability and much more.
- If you breakdown you even have the option to be picked up by one of our crew and taken to a destination of your choice within 35 miles if you are stranded next to the road.
- Guess what, we won’t raise your premiums if you claim.