Bicycle insurance

Bicycle insurance

More and more insurance companies offer specializedbicycle insurance, which include various additional packages and services.Insurance can be purchased separately or as part of a general insurance policy that also covers other types of property.Bicycle insurance provides greater peace of mind to cyclists and is an important tool for financial protection and security of their transportation.Bicycle insurance, as a means of personal transportation, is increasingly used because as a means of transportation, the bicycle is exposed to the usual risks such as theft or damage. 

What does bike insurance cover?

Property insurance covers the following risks:

• Fire, lightning, explosion, implosion, impact from an aircraft or object falling from it;
• Storm, torrential rain, hail, gravity damage from natural accumulation of snow and ice;
• Flood;
• Landslide and collapse of earth layers, earthquake;
• Hit by a road vehicle;
• Malicious acts of third parties, vandalism;
• Burglary;
• Robbery.

On payment of an additional premium, the scope of the insurance can be extended by choosing one or both of the following coverages:

• General civil liability;
• An accident.

What the insurance does not cover

• Frost, discoloration, chemical reaction, staining, scratching, denting, any cosmetic changes;
• Mechanical, electrical failure or defect or malfunction in electronics, defective design, materials or workmanship;
• Transportation of the insured property by road vehicles, including attachments to them, rail vehicles, vessels and aircraft;
• Theft and burglary of individual parts, details, accessories and equipment, including batteries;
• Flat tires and/or damage to rims, unless they are the result of an insured event;
• Mobile phones attached in any way to the insured's bicycle, tricycle and/or scooter;
• Damages incurred during any type of racing and slaloms, practicing professional sports, descending steep mountain or forest tracks or paths, rocks, slopes, chutes, peaks, screes and other natural formations, freeride, extreme riding in an urban environment;
• Damages incurred during cleaning, repair or alterations to the insured property or additional equipment or accessories, as well as during their installation.

Coverage Limitations

• The Insurer accepts for insurance only bicycles, tricycles and/or scooters for which the Insured can present a document of ownership of the insured property;
• Bicycles, tricycles and scooters are accepted for insurance if no more than 7 years have passed since the date of their purchase in new condition;
• Renting out, providing the insured bicycles, tricycles and/or scooters for use by persons other than the Insured and persons living with him in the same household;
• Use for any type of business purpose or performance of official duties (commuting to and from work is covered).

The scope of bike insurance may vary depending on the selected offer.Basic covers include insurance against theft and cover for damage to the bike itself and its accessories.Insurance coverage may also include liability to third parties in the event of a road accident.When taking out bicycle insurance, compensation can be obtained in the event of theft by burglary or vandalism, as well as in cases where it is damaged by storms, natural disasters or fire.The insurance may also be valid when the bike is locked in the common areas of the block and disappears from there, or even if it is stolen from an address other than the permanent address of its owner.

The price of the different covers is flexible, but the main criterion for the size of the premium is the value of the bike.It is important to choose a plan that meets the individual needs of the bike owner, taking into account the value of the bike, location and frequency of use to ensure reliability and full coverage in all situations.

Bicycle insurance, despite its benefits, can have some limitations and drawbacks.Some of these include:

• Coverage limits depend on the type of cases or circumstances covered –for example, certain failures or problems that occur outside certain areas or situations.
• The premium can become very high if additional services or insurance coverage are included in it.
• Accident claim procedures may require specific documents and failure to meet these requirements may result in denial of coverage.

These limits should be carefully considered before a particular insurance policy is chosen to ensure that it reflects the individual needs and expectations of the bike owner.

The policy can be taken out online and combined withscooter insurance, as well asprescription glasses insurance.