Regardless of your age, getting a new bike makes you seem like a young person discovering independence for the first time. Speeding down the road seems like flying, and a shiny new bike is better than anything else.
Guarantee your bike can give you the same magical feeling. Well, it might not be the day you get your policy… but if you make an insurance claim for your favorite set of wheels, insurance can get you back on track quickly. And finally bicycle robberies are really common. (With that in mind, here’s a handy overview of preventing bike theft in the first place.)
“Bikes are taken constantly because they are usually stopped outside, and they make their own travel vehicle. Also expensive locks are breaking down, so bike insurance is your last resort.”
According to the Nationwide Bike Computer’s windows computer system registry, more than 1.5 million bicycles are taken each year. Considering how likely you are to pick up your bike, guaranteeing it looks like a no-brainer.
Great information! Securing a bike is easier than you might expect, and there are several options to ensure you get the right protection.
One thing to keep in mind for e-bike riders before we get started. Certain types of e-bikes may be covered under your tenant’s or landlord’s plan! Your e-bike qualifies if it is pedal-assist, meaning the legs have to pedal the bike, which is only assisted by your electric motor. Your e-bike is ineligible if it is self-propelled (i.e. the electric motor assists you); or if it has the option of turning the self-propelling function on or off, perhaps using a switch of some sort. If your e-bike allows you to switch to a ‘full-throttle’ setting where you don’t have to pedal to move, then it’s not eligible.
Okay! Currently, there are 3 quick ways to guarantee your bike:
For starters, your bike is fully covered under standard renter or home insurance coverage. This plan consists of individual property coverage, also known as component insurance, which covers your belongings, including your bicycle. This coverage recovers the cost of your stolen or damaged item, for many different situations. More specifically, it is protected from the 16 so-called dangers, or bad things that can happen to you, which are listed in your plan.
The basic plan starts with $10,000 individual property coverage, which you can adapt to shape your lifestyle. Your bike may be worth a lot less than that threshold, but remember that individual property also includes a variety of other high-ticket items, such as your phone, laptop computer, jewelry, and your Xbox. Determine how much your item is worth to make sure you have the right type of coverage.
Keep in mind that if you need to get an insurance claim on a product, you’ll get the value of that item, less your insurance deduction. (What is an insurance deduction? This is the amount that is deducted from your claim if something happens to your belongings. When you sign up for renter’s or homeowner’s insurance coverage, you will be asked to choose an insurance deduction. Usually it ranges from $250 to $2,500. )
TL;DR, Extra Coverage, also known as scheduled individual property, protects your bike from accidental theft, damage and loss, as well as various other ‘dangers’. Different companies may use different languages to describe exactly what they cover, so be sure to read your plans.
If you do have Extra Coverage, you’re covered for everything listed on your base plan, plus any additional types of accidental damage. The only things we won’t guarantee with Extra Coverage are normal damage, pest damage and nuclear fallout.
Best scheduling component? If you file an insurance claim and get approved, you don’t have to pay any insurance deductions! Usually, regulated goods are paid for in 3 ways:
If a bicycle is included in your daily routine, knowing that it is covered for almost anything will provide great reassurance. But if you’re also using it expertly, you might need something that goes beyond Extra Coverage.
That’s because only your personal items are protected under Extra Coverage. While you can’t schedule individual property coverage for the points you use for your business, your basic plan can cover items you use for the professional factor up to a certain amount, for the ‘stated peril’. So if you are a professional cyclist, one person delivery service, or among the kids of ‘Stranger Points’ Extra Coverage can’t help you here.
If this is true, go ahead and look into velo insurance (velo is French for bicycle… this seems to be getting more and more elegant).
Helicopter airlifting will never be necessary on your morning commute, but if you do get into an accident while driving a top-tier race, your homeowner’s insurance won’t be able to help. That’s where specialty bike insurance will definitely come in.
These plans will cover you for theft, damage, and more, but they will also cover the costs of emergencies on the bike course, as well as clinical costs arising from bicycle-related accidents.
Since this is a specific option, it certainly isn’t for every cyclist—and FYI, velo insurance like this isn’t something we provide at Lemonade. But it’s an option out there if you’re a bigger bibiker that needs the next level of protection.
A standard tenant or landlord plan is probably all you need to secure your bike. But if you’d rather double up on which insurance is right for you, contrast your options:
Yes of course. Insurance prices can vary significantly, depending on where you live and the amount of coverage you need – so including a bicycle for your plan will increase what you pay each month. (Btw, this is a behind-the-scenes look at renters insurance pricing.)
With Extra Coverage, your bike is protected wherever, and whoever rides it. If you didn’t select Extra Coverage but want to share your bike with bae, you’ve also got the option.
Once you’re married, you’re considered related, so both of you are immediately covered under renter’s or landlord’s insurance coverage.
Including your partner for your plan is easy, and won’t cost you a penny! They will be considered “So-called Guaranteed”, i.e. insurance that promotes a person who is implicitly included in the policyholder’s plan.
If you are dealing with a lot of other people who share your bike with you, include them for your insurance coverage as ‘additional cover’. Because if something happens while inside their stuff, it will only be protected if they are in your plans.
If you only insure your bike with a basic renter’s or homeowner’s plan, you won’t need any paperwork to get coverage, but you will need to provide one if you end up filing an insurance claim.
So in the event of misfortune strikes, we recommend keeping an electronic copy of the invoice in your inbox, or in the shadow of your choice. Remember your device too. You probably have a basket, phone owner, bell, and if you haven’t bought a good safe – make sure you have one!
If your bike is lost, you’ll end up stating more than just the bike itself. If you do have Extra Coverage, you must cover the cost of any devices that are fully installed for your bike. Don’t worry, things like your headgear or safety cover are still covered under your basic plan.
If you want to include Extra Coverage for your bike, have the following documents ready:
Includes Extra Coverage for bikes for your simple Lemonade plan. Make sure you download and install the Lemonade app. This will take you a minute, so just follow these steps:
- When you get the Lemonade plan, tap ‘Activate Extra Coverage’. If you currently have a plan, open the Lemonade app and tap the Extra Coverage switch under ‘Add-Ons’
- Open the email you received from Maya, and click ‘Add Extra Coverage’
- Follow the flow, and submit photos:
- Your bike was handled the day you shipped it
- Your bike with invoice
If you don’t have an invoice, we can also approve screenshots and link to the seller selling the same item, along with the serial number and model number of your bike.
- Our Financing Group will get back to you, and notify you of the conditions of your request via email! Btw, you can keep adding more items later.
A couple to keep in mind here:
Lemonade offers short term Extra Coverage of 2 weeks when you get all the documents purchased, or if you need to email someone to request an invoice.
For short-term protection, be sure to answer ‘Yes’ when AI Maya asks if you really have anything of value. After that, select which items you want to guarantee under Extra Coverage in the Lemonade app.
Give your bike an estimate of the value, and Lemonade will immediately give you a short-term Extra Coverage! (In the unlikely event of an insurance claim, you will still need to show that the claim exists, at what value, that you had when you purchased the plan.)
This will give you time to submit the required information and for our Financing group to review it. Remember, this short term Extra Cover will last for 2 weeks, so try to submit your information. If you can’t, you can still add your own Extra Cover after it expires.
Here’s an overview of everything you need to know about Extra Coverage. Have further questions about Extra Coverage? Open your Lemonade app, and ask AI Maya. Or send an email to [email protected], and our CX group will contact you shortly.
If your bike was taken, would you ever see it again? If you register your bike with Bike Index, it is possible to recover! This free non-profit bicycle computer windows computer registry has helped recover countless stolen over $9 bikes.
It’s very easy to register your bike on bikeindex.org, it just consists of a serial number and a pair of bike images that make it easy to define as your own. This way, if your bike is actually taken, your registration allows local authorities and classifieds to contact us if they find your ride.
A good bike guard can only help you so far when it comes to preventing bike theft. The fact is, bikes are stolen… a lot. Profit? That’s why it’s important to guarantee your bike. The right coverage can make a bad day that much better.