Bicycle Insurance coverage, Defined – Lemonade Insurance coverage

Regardless of how previous you’re, getting a brand new bike makes you’re feeling like a child discovering independence for the primary time. Rushing down the road appears like flying, and a shiny new bike is healthier than absolutely anything.

Insuring your bike may give you that very same magical feeling. Okay, possibly not the day you get your coverage… however should you file a declare in your favourite pair of wheels, insurance coverage can get you again within the bike lane very quickly. And it seems bike theft is admittedly, actually widespread. (On that observe, right here’s a helpful information to stopping bike theft within the first place.)

bicycle insurance

Why is bike insurance coverage vital?

Simply ask Levi, a Claims Expertise Advocate at Lemonade. Levi estimates he handles 15 bike-related claims every month:

“Bikes are stolen on a regular basis as a result of they’re often left alone outdoors, and so they make their very own getaway automobile. Even costly locks are being defeated, so bike insurance coverage is your final line of protection.”

In keeping with the Nationwide Bike Registry, greater than 1.5 million bicycles are stolen yearly. Contemplating how possible you’re to have your bike stolen, insuring it looks as if a no brainer.

Final 12 months, greater than 3,400 bikes had been added to Lemonade insurance policies, and 1,300 bike-related claims had been filed (92% of those had been theft!). We crunched by means of the information and numbers, and it seems you’re at highest threat for bike theft in the summertime. We additionally filtered out your most burning questions on bicycle insurance coverage – and we’ve received solutions.

bike theft claims

Insuring your bike is vitaland it has by no means been simpler!

Right here’s what we’ll reply:

What’s the best way to insure a bike?
What types of loss/damages are covered?
Will adding Extra Coverage for my bike affect my premium?
Who’s covered?
What do I need to insure my bike?
How do I add Extra Coverage for my bike to my policy?


What’s the easiest way to insure a motorbike?

Nice information! Insuring a motorbike is less complicated than you’d count on, and there are a number of choices to be sure you’re getting the correct protection.

One fast observe for e-bike riders earlier than we begin. Sure varieties of e-bikes will be coated below your renters or owners coverage! Your e-bike is eligible if it’s pedal-assistwhich means that your legs are wanted to pedal the bike, and that the motor solely helps you alongside. Your e-bike is not eligible if it’s self-propelled (i.e. a motor does all of the be just right for you); or if it has an possibility to show a self-propelling operate on or off, in all probability utilizing some form of swap. In case your e-bike permits you to toggle right into a ‘full-throttle’ mode the place you don’t have to pedal with a view to transfer, then it’s not eligible. 

Okay! Now, there are three fast methods to insure your bike:

1. Lemonade Renters or Owners insurance coverage in your bike

For starters, your bike is absolutely insured with a typical renters or home insurance coverage coverage. These insurance policies embrace private property protection, aka contents insurance coverage, which protects your stuff, together with your bike. This protection recovers the price of your stolen or broken stuff, for a bunch of various eventualities. Extra particularly, it’s coated for the 16 named perils, or the dangerous stuff that may occur to you, listed in your coverage.

A primary coverage begins with $10,000 of private property protection, which you’ll tailor to suit your way of life. Your bike might be price means lower than that minimal threshold, however keep in mind that your private property additionally contains different excessive ticket gadgets, like your cellphone, laptop computer, jewellery, and Xbox. Calculate how a lot your stuff is price to be sure you have the correct of protection.

With Lemonade, your bike is roofed at dwelling, and in all places else. So if somebody steals your bike whereas it’s locked outdoors of Dealer Joe’s, you’re coated! If it wasn’t locked, that’d be thought-about negligence, and your insurer may not cowl you on this case.

Understand that if that you must make a declare on an merchandise, you’ll get the worth of that merchandise, minus your deductible. (What’s a deductible? It’s the quantity subtracted out of your declare within the occasion that one thing occurs to your stuff. When signing up for a renters or owners insurance coverage coverage, you’ll be requested to decide on a deductible. They usually vary from $250 to $2,500.)

velo insurance premium

However should you simply spent a ton on a brand new set of wheels, even a contribution of $250 can really feel like an excessive amount of. That’s why lots of our Lemonaders add Further Protection for his or her bicycles.

TL;DR, Further Protection, also referred to as scheduled private property, covers your bike for theft, injury, and unintentional loss, in addition to different ‘perils.’ Totally different firms may use totally different language to explain precisely what they cowl, so be certain that to learn by means of your coverage.

When you’ve got Further Protection, you’re coated for every little thing listed in your base coverage, plus further varieties of unintentional injury. The one issues we received’t insure with Further Protection can be regular put on and tear, injury from vermin, and nuclear fall out.

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