Step-by-step Guide to Understanding Bicycle Insurance

In this article, we’d like to help you understand why it is important to insure your bicycle against theft, vandalism, or road accidents. Bike insurances are getting increasingly popular in countries with long-established cycling and bicycle commuting traditions such as The Netherlands, Belgium, Germany, and France.

Bike Insurance Scope of Coverage

Theft

The first and most obvious reason to insure your bike is theft. In 2019, thirty thousand bicycles were reported stolen in Belgium alone, which means that the actual number of bike thefts was much higher.

Vandalism

Your bike insurance gets you covered in case your two-wheeled buddy gets vandalized. Even if you lock your bicycle up with a grade-5 locking system, you may still find it without a seat post, saddle, or even a wheel.

Road assistance

For every bike commuter or a cycling enthusiast, their insurance also guarantees 24/7 road assistance. Whenever your electric bike’s battery gets suddenly depleted, or a tire gets punctured, you can rest assured you aren’t going to have to push your bike to the nearest repair shop.

Bicycle Insurance Exclusions

Having looked at the events covered by a standard bicycle insurance policy, let us now pay attention to some important exclusions.

Riding under the influence

You should know that riding your bicycle under the influence of alcohol, controlled substances, or some prescription drugs may lead to road accidents that are not covered by your bike insurance.

3rd-party liability

It is important to understand that your bicycle insurance does not extend to third-party liability. In case of a road accident, insurers like Qover only cover the damages to your own bike but not to a third party.

Parts stolen separately from the bicycle

In most cases, bike insurers do not pay for batteries, saddles, or wheels stollen separately from the bicycle. They only pay for removable parts if they get damaged in an act of vandalism.

Bicycles without an approved locking system

When you sign up for bike insurance, you should always lock it to a fixed object with an approved locking system Grade 2 or higher. Bike thefts that have occurred as a result of negligence on the part of the owner are not covered by the insurer.

If you are a pro or a courier

If you use your bicycle for monetary purposes, your machine is not covered by standard bicycle insurance. At Qover-me your bike is also insured if you are using your bike for pro usage.

Cosmetic damages

The standard bike insurance typically does not cover cosmetic damages such as scratches on your bicycle’s frame or rims, damages to the saddle’s cover, etc.

Who is bike insurance for?

If you live in Belgium or the Netherlands, bike insurance is probably an important item of your family budget already. Having your bike insured against theft, damage or natural disaster is always a good idea, especially for active women in their mid-thirties, who use their bicycles for commuting.

In most cases, she is a big-city girl who hates getting crammed in public transport and who wants to have her two-wheeled companion insured directly.

Elderly people from the rich suburbs who take their bikes out for a weekend ride with friends should also think of buying insurance. Repairing your bike on the road can be a real challenge if you are over sixty.

How much does bicycle insurance cost?

The cost of your bicycle insurance depends on the price of your bicycle. For instance, if you have a city bike for about EUR 300, Belgium-based insurer Qover-me offers two plans. The basic one costs only EUR 5.43 per month. It covers your bicycle against theft and includes 24/7 road assistance. The second plan costs EUR 7.06 per month. It also offers 24/7 road assistance but covers your bike against material damage as well as theft.

Conclusion

We hope that our post has helped you better understand the concept of bicycle insurance. When choosing a bicycle insurer, the most important thing is to pick up one that provides fast and easy claim procession.

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