Several thousand bicycles are stolen every year in Canada, and even more are damaged in accidents. That’s a huge issue if your bike is your primary mode of transportation, and especially if you have invested a lot of money in it.

The only way to protect your investment from thieves, accidents and other unexpected events is to properly insure it. But keep in mind that most home insurance policies only offer limited coverage, so you may not receive the replacement value you’re looking for. Also, talk to us about your deductible and what you can expect to pay out of pocket.

How bike insurance works

You have two options for insuring your bike:

Insure your bike under your home insurance. Home insurance covers all personal property; you just need to make sure you have enough coverage for your bike and all your other items. Your policy should cover your bike, up to the amount stated in the policy. It will help whether your bike is stolen from inside your house or outside your workplace.

The policy should pay for damage, too. As long as you are locking up your bike and taking other precautions to keep it safe, your insurance should cover you.

Purchase scheduled personal property insurance. This type of insurance is extra coverage for your bike. It can help replace your bike if it is damaged or stolen, even if the damage is minor. It can also cover you if you cause a bike crash.

Scheduled personal property coverage is not subject to your deductible, so you’ll get the full coverage to repair or replace your bike.

Insurance for professional bikes

If you use your bike for work, your home insurance won’t cover it. That’s because it isn’t considered “personal property” if it’s part of your profession.

In that case, you’d need bike insurance. This type of insurance covers your bike if it is stolen or damaged. But, like auto insurance, it also covers you in an emergency. For instance, it might cover medical care for an injury you sustain while biking.

Bike insurance covers other related losses

All types of bike insurance cover your bike and bike accessories, such as your lock, helmet, lights, and reflectors. In the case of theft or damage, you can get money to replace these items, too.

To get the most out of your bike insurance, keep all receipts for the bike so you can prove its value. This means receipts for the bike itself and all other accessories or costs.

If you have an expensive bike and use it often, protect it with bike insurance. Whether it is a theft, an open car door or a wreck on the trail, you’ll have what you need to get back on the road. Talk to us about getting the right coverage for you.