Knowledge about insurance has increased notably in the last decade. In this sense, we know that home insurance covers theft in the street. But, if it happens to our bicycle, what happens? We will see what bike insurance covers in these cases.
Can my homeowner’s insurance cover my bike?
The insurance of our house can give us certain coverages on the bicycle, but we are going to see that they are less than we can think. Hence the appearance of bike insurance.
When the bicycle is at home
For example, if we keep our bikes at home or even in our storage room, home insurance may cover them.
However, in the storage room , the homeowner’s insurance may require that they be anchored from the frame to the wall to be covered.
The problem is that we may find that we have a good bike, and there is some kind of sub-limit, but we may not be able to cover it. sublimit on the coverage. Example: I have a bicycle worth €2,000, but it only covers me up to €1,000 in storage room.
When we have the bike on the street
Here there are many more restrictions, since if we have the bicycle anchored either in a community garage, in the park or in the street, home insurance will not cover it.
They could cover us if it is stolen with force when we are next to it, but probably with limitations similar to those we have seen with the storage room.
What would bicycle insurance protect me from?
Let’s see that there are 4 important coverages that bicycle insurance can provide us with:
- Travel assistance: if we usually go out with the bike, it is good that if we have an accident we can be picked up. It would be similar to the towing service in the car insurance (and they would also pick us and our bike up).
- Legal Defense and Civil Liability: these are two coverages that are linked, since they protect us whether we cause damage to a third party with the bike, or they cause it to us and we want to make a claim. This way we can have a lawyer to defend us.
- Bicycle accident coverage: to cover medical expenses and insure a capital sum in case of serious accidents. It is usually required to ride with a helmet.
- Damage to the bike due to an accident or even theft.
The latter is the most requested coverage by cyclists and the one that can be the most differential when we have a high-value bicycle.
Which companies have the best bike insurance?
We have compared the various bicycle insurances offered on the market and there are, in our opinion, two products that stand out above the rest:
- Bike insurance MapfreInsurance: a very complete product, which does not cause any problems despite the age of the bike.
- AXA Bicycle InsuranceAXA: good rates and a very complete product.
Between them there is some difference to take into account if the bike is used for certain tests, especially.
If you want more information to insure your bike, we are at your disposal. PIB Group Iberia will help you find the bike insurance that best suits your needs.
