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Home insurance companies that have the best coverage for bikes?

June 21, 2019, 4:17 p.m.
Posts: 544
Joined: Feb. 24, 2017

banks can own insurance companies, but not sell it through bank branches. it's the law. (besides creditor insurance). even CU that have life insurance businesses have to sell their insurance through an office often in the same building as the branch, but accessed through a different door. it's a weird industry.

June 25, 2019, 3:44 p.m.
Posts: 7
Joined: Dec. 20, 2017

Cycling BC Insurance program!!!!

Originally meant for racers as it covers damage or loss while racing and training as well as the usual stuff. But I don't see why anyone else wouldn't buy it as well. There are a few different levels depending on the value of your bike. Mine covers up to $10k, is $60 a year (when purchased between Oct 1st & Dec 31st, $85 otherwise) plus $60 a year if you didn't plan on being a Cycling BC member, which you need if you enter any events. And deductible is $500.

Covers:

- “All Risks” of direct physical loss or damage to bikes scheduled, only while participating in sanctioned racing events (sanctioned by Cycling BC or an equivalent sport organization, including fondos) and while training.

- Theft at home or a secured hotel is also covered, providing there were clear signs of forced entry. Coverage will not respond if theft occurred through an unlocked door or if, for example, the garage door was left open. A police report must accompany the claim.

- Policy Territory is Worldwide

Link to get your insurance - https://cyclingbc.net/membership/insurance/bike-insurance/


 Last edited by: IslandLife on June 25, 2019, 3:49 p.m., edited 2 times in total.
June 26, 2019, 2:32 p.m.
Posts: 1464
Joined: Aug. 6, 2009

I'm with TD/Meloche through my Alumni association. My bike coverage is $2,000.

I switched to TD a few years ago, and the savings were substantial, for equivalent coverage, compared to my previous policy through my professional association.  It's been going up about $40/year.


 Last edited by: PaulB on June 26, 2019, 2:35 p.m., edited 1 time in total.
June 27, 2019, 12:58 p.m.
Posts: 1460
Joined: July 11, 2014

Posted by: IslandLife

Cycling BC Insurance program!!!!

Originally meant for racers as it covers damage or loss while racing and training as well as the usual stuff. But I don't see why anyone else wouldn't buy it as well. There are a few different levels depending on the value of your bike. Mine covers up to $10k, is $60 a year (when purchased between Oct 1st & Dec 31st, $85 otherwise) plus $60 a year if you didn't plan on being a Cycling BC member, which you need if you enter any events. And deductible is $500.

Covers:

- “All Risks” of direct physical loss or damage to bikes scheduled, only while participating in sanctioned racing events (sanctioned by Cycling BC or an equivalent sport organization, including fondos) and while training.

- Theft at home or a secured hotel is also covered, providing there were clear signs of forced entry. Coverage will not respond if theft occurred through an unlocked door or if, for example, the garage door was left open. A police report must accompany the claim.

- Policy Territory is Worldwide

Link to get your insurance - https://cyclingbc.net/membership/insurance/bike-insurance/

What about theft from bikes on a vehicle though? Or if you drive your bike on your roof rack into a parkade, or back over your bike because you didn't put it on the rack (friend did this). Homeowners through TD/BCAA cover all of those.

June 27, 2019, 4:25 p.m.
Posts: 7
Joined: Dec. 20, 2017

Posted by: grambo

Posted by: IslandLife

Cycling BC Insurance program!!!!

Originally meant for racers as it covers damage or loss while racing and training as well as the usual stuff. But I don't see why anyone else wouldn't buy it as well. There are a few different levels depending on the value of your bike. Mine covers up to $10k, is $60 a year (when purchased between Oct 1st & Dec 31st, $85 otherwise) plus $60 a year if you didn't plan on being a Cycling BC member, which you need if you enter any events. And deductible is $500.

Covers:

- “All Risks” of direct physical loss or damage to bikes scheduled, only while participating in sanctioned racing events (sanctioned by Cycling BC or an equivalent sport organization, including fondos) and while training.

- Theft at home or a secured hotel is also covered, providing there were clear signs of forced entry. Coverage will not respond if theft occurred through an unlocked door or if, for example, the garage door was left open. A police report must accompany the claim.

- Policy Territory is Worldwide

Link to get your insurance - https://cyclingbc.net/membership/insurance/bike-insurance/

What about theft from bikes on a vehicle though? Or if you drive your bike on your roof rack into a parkade, or back over your bike because you didn't put it on the rack (friend did this). Homeowners through TD/BCAA cover all of those.

Those were just the highlights... the full policy covers theft from a locked car or rack etc. But no, it does not cover if you run your bike into a parkade or garage or run over your own bike, haha, that would suck. Guess you'd have to compare against the cost of the policy, deductibles and such vs the risk of doing something like that. I use a hitch mounted tray rack... so I should be ok for parkades etc.  I use BCAA for my home insurance and to add enough insurance to cover my bike cost quite a bit more than the $65 Cycling BC insurance.


 Last edited by: IslandLife on June 27, 2019, 4:35 p.m., edited 3 times in total.
June 27, 2019, 4:57 p.m.
Posts: 1058
Joined: Nov. 23, 2002

the big caveat with the cycling bc program is this:

"Note: the premium paid is for 1 bicycle. If you wish to insure multiple bicycles in one household, an application must be completed for each bicycle."

so if you have more than one bike to insure the premiums could add up. I'm also guessing you'd have to pay the deductible on each one in the event of a theft from one's home.

July 3, 2019, 7:02 a.m.
Posts: 87
Joined: Dec. 6, 2017

I phone TD insurance for a quote and it's $30 cheaper than my current policy with the same coverage for 1 year. My current policy is $1000 per bike, TD is $6000 per bike. Wawanesa insurance has an unlimited amount but is $266 more per year. I'll be switching to TD.

Thanks again for the feedback on insurance.

July 3, 2019, 8:19 a.m.
Posts: 2
Joined: March 28, 2017

My house insurance was up for renewal and I compared my current provider (Westland) with TD and BCAA and found BCAA to be the cheapest even after scheduling my bikes for their full replacement value.

July 3, 2019, 11:15 a.m.
Posts: 1460
Joined: July 11, 2014

How much was each bike to schedule (and what value scheduled at?). I'm just using BCAA default of $2k per bike plus an extra blanket $3,000 for a total of $5k per bike and I think it costs me $60ish a year with a $500 deductible. I'm about to get a new bike that is more than 5k though so I need to up this when I renew in August.

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