Bicycle Theft In Canada: Your Bike’s Gone, Now What?
A friend of mine recently had his bike stolen. Understandably, he was upset and unfortunately, this happens all too often, particularly in Toronto. After getting over his initial frustration, my friend turned his attention to investing in an upgraded bike. Based on his criteria, it was clear that this new bike could cost him thousands of dollars. While the investment in a new bike was exciting, he was posed with an interesting problem: How could he protect his new asset? The risk of bike theft is always high, but especially so with a higher end bike.
Obviously, as an insurance professional (and good friend!), I suggested he insure it. Under most home, condo, or tenants insurance policies, there will be a special limit associated with bikes. This means that the policy will only pay out claims for bikes up to a maximum dollar amount, typically around $2500. An important caveat, though, is that these claims are also subject to the policy deductible. Most property policy deductibles are $1000 or higher these days so that severely limits the amount covered in the event of a claim.
Insurance Tip: Avoid an unpleasant surprise and check with your property insurance broker to see if you have a limit of coverage for bikes under your policy.
Property Insurance Floaters, AKA Riders and Endorsements
Another, and arguably better option would be to schedule the bike on its own floater. A floater is a separate policy or addition to a policy that covers an item(s) to an agreed limit. Likely, the deductible on a floater will be small or even $0. The additional premium for a floater is generally based upon the replacement cost of the bike, so you can be confident that you can replace the bike should it be stolen again.
Ultimately, my friend scheduled his new ride on his property insurance policy. While he did have to pay a small amount in additional premium, he says the peace of mind is well worth it. And that’s really what insurance is for; protection and peace of mind.
Bike Theft In Canada
- 2000 – That’s how many bike thefts in Vancouver is estimated to happen every year according to Vancouver Police. And in the summer, 9 bikes are stolen every day.
- 2000 – Bike thefts in Montreal, also ring in to the tune of about 2000 per year.
- 3456 – The number of bike thefts in Toronto in 2012
Protect yourself and check out the following resources:
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