My Bike Was Robbed – Should I Make a Claim on my Home Insurance?
Caeva O'Callaghan | August 6th, 2020
Having your bicycle stolen is a frightening and frustrating experience, but claiming on your home insurance might not be the best idea.
It really depends on the value of your bike. If your bike is more expensive, making a claim will be worth it. However, you’ll need to weigh up the consequences of losing your no claims discount.
Discovering someone stole your bike is not a fun experience. In this article, we’ll answer the following questions:
- Is my bike covered by my home insurance?
- Will my insurance pay if somebody robs my bike?
- What do I do if someone steals my bike?
If your bicycle was stolen from inside your home then your household contents insurance may cover it. However, that will be down to your individual policy details and you will need to check with your insurer to find out if you have cover.
Bikes and home insurance
Not all home insurance providers will automatically cover your bike as part of your contents policy. You should always check with your insurance provider before you buy cover to make sure they’ll cover everything you need.
A number of cyclists may be at risk if they assume their home insurance policy provides protection against theft or damage. In many cases, this may not be true. But, you can often add it as an optional extra.
In order to get cover for your bike with most home insurance companies, you will need to add ‘pedal cycle’ cover to your policy. For example, AIG offers pedal cycle cover as an add-on to their standard home insurance policy with a policy excess of €75.
How expensive is your bike?
Bikes can be expensive to replace, especially if you have more than one in your home or an expensive model. Top-of-the-range bikes can easily cost well over €1,000.
This means that while it’s possible to cover your bike under your contents insurance policy, there will be some limitations. Most contents insurance policies will limit the amount of cover you can get for expensive items such as high-value bikes. This means you might not get back the full cost if you ever had to make a claim.
If you cycle for sport or take part in competitive cycling events, your contents insurance policy is unlikely to cover any loss or damage that occurs while you participate. If you’re lucky enough that your home insurance policy includes pedal cover, this will only apply while the bike is in your home.
In this case, it’s better to seek out specialist bike insurance. If you’re a member of Cycling Ireland, for example, they can provide bike insurance cover including personal accident and third party liability.
Specialist bike insurance is perfect if you have an expensive racing bike. But, if you have a standard bike that won’t cost thousands to replace, you’re better off getting cover under your contents policy.
Making a claim
There is often a limit to how much your insurer will pay out for the loss or accidental damage for a single bike, and this will be specified in your policy documents.
It also matters where you store your bike. The maximum Axa will pay for contents in the open, for example, is €750.
If your bike is unique or expensive, it counts as a “theft attractive good”. In this case we recommend that you insure is specifically for all risks cover. This will cover your ride for theft as well as accidental damage.
If you need your bike for commuting, it’s worth getting a replacement as quickly as possible. But, as with all contents, it might be better value for money to preserve your no claims discount.
If you are unsure of whether to include your bike in your home insurance talk to us in QuoteMe.ie
If you are thinking of putting your bike(s) on your of home insurance why not pick up the phone and call and talk to our home insurance experts today. We can guide you through choosing a policy that suits your needs. We are available for calls between 8.30am and 5.30pm each weekday on 0818 224433 or 042 9359051.