Properly securing appropriate bike insurance coverage.
High-tech electric scooters are pushing traditional bicycles into a costly zone. But how can you best insure a road bike, e-bike, cargo bike, and so on?
Whether they have an electric motor or not, bicycles are on the rise. And they can get pretty pricey, especially with a motor. But how can you properly insure your bicycle? This can be done through a household insurance policy or a separate bike insurance policy. When is it best?
In general, according to the consumer guide "Finanztip": If the bike isn't too costly and helmet protection isn't a major concern, the insurance is most economically through a household policy. "Finanztip" examined a total of 33 providers in a bike insurance review. A separate bike insurance policy is worth it from around a value of approximately 1,200 Euro. This then pays out based on the policy terms even in the event of accidents or external influences, similar to a car insurance policy.
When household insurance coverage is sufficient
With a household insurance policy, the bike is usually insured in the house or a closed cellar against theft and damage. This means, for example, in case of a burglary or a fire. With a bike rider clause, the protection also applies on the road or outside. The insurance then pays out if the bike was locked to the street and stolen.
Sometimes this clause is already included in the policy, otherwise it must be added. It depends on the individual contract. But the range is large: According to "Finanztip," the wheels are insured free of charge up to a certain amount by some providers - others want more than double the amount.
Be aware of the insurance policy limit - not every amount will be replaced
Important: In most household insurance policies, the bike coverage is usually limited to one percent of the insurance sum. If this sum for the household is, for example, 60,000 Euro, then a maximum of 600 Euro will be paid out for the bike - regardless of how expensive it was. With a simple formula, insured persons can calculate for their contract what the maximum amount is for them and check whether this amount is sufficient or the bike is underinsured:
Insurance sum household insurance x Maximum percentage for bike theft (percentage) = Maximum compensation.
Example: 52,000 Euro x 1 % = 520 Euro.
What standalone bike insurance offers
A separate bike insurance policy is worth it from around a value of approximately 1,200 Euro, according to "Finanztest." The exact scope of benefits depends on the provider and the policy. Many offer comprehensive coverage and insure not only theft and loss but also the repair of damage caused by accidents, falls, or bad weather, and even roadside assistance.
For 21 examples (variation of bike type, postal code area, condition, pre-existing damage), "Finanztip" determined the costs of good insurance coverage. The result: For road bikes, e-bikes, or city bikes (value between 800 and 1,900 Euro), the costs are similar, around 55 Euro per year. For a significantly more expensive cargo bike (5,000 Euro), the insurance cost in the test was more than double (over 122 Euro per year).
Good bike insurance should at least cover the following points:
- Theft protection without a night-time clause, including partial theft and theft of accessories/luggage up to 1000 Euro per damage event and 300 Euro per part
- Compensation up to the insurance sum (new value compensation) up to the age of 3 years
- Additional insured damages: Vandalism, elemental damages, operational errors
- Wear and tear insured up to 3 years
- Self-participation maximum of 50 Euro
Read also:
- Despite the rise of electric scooters leading to higher costs for traditional bicycles, proper insurance coverage is essential to protect against theft and damage, such as in the event of a burglary or a fire.
- Conversely, household insurance policies may not provide sufficient coverage for expensive bicycles, with many policies limiting the payout for bicycle theft to one percent of the overall insurance sum.
- In such cases, a standalone bike insurance policy may be necessary, offering comprehensive coverage for theft, accidents, falls, bad weather, and even roadside assistance.
- However, the cost of standalone bike insurance can vary significantly based on factors like bike type, value, and location, so it is essential to shop around for the best policy to suit individual needs and budgets.
