Can a Stolen Bike Be Covered by Renters Insurance? What You Need to Know
In North America, 2 million bikes go missing each year, according to Project 529, the National Bike Registry, which translates to one bike being stolen every 30 seconds on average. In this article, we examine the theft protection that renters insurance can provide for your bike as well as some frequently asked questions regarding its coverage.
Is My Renters Insurance Going to Cover a Stolen Bike?
In general, the answer is yes. Theft of a bike is a covered claim under the personal property part of your homeowners or renters insurance. However, it might not be prudent for you to submit a claim based on the worth of your bike and your deductible. Remember that your insurance company can have a sub-limit for bikes of, say, $1,000. Therefore, if the value of your bike is higher, you may consider adding an insurance endorsement to your renters policy.
How Does Renters Insurance Cover Bike Theft?
Renters insurance carriers typically use the bike’s actual cash value to determine your compensation. In other words, your insurance provider compensates you according to the market worth of your bike. However, some insurers also offer replacement cost coverage, which means that once your claim is approved, you will get enough money to buy a new bike. Your bike should always be registered online with the National Bike Registry. The registry will provide a certificate and tamper-resistant label to identify your bike if it is stolen.
What If My Bike Is Stolen Away from Home?
Many insurance providers will pay for bicycle theft, even if the offender takes it from a public place. However, the amount of coverage provided for theft from a public place may be significantly less, say 10% of your personal property limit.
If your bike is stolen anywhere other than your rental property, check with your insurer to determine how much you can claim.
How Can I File a Claim?
Here are a few steps to consider when filing a claim:
Report the theft: Inform the local police that your bicycle was stolen. Mention the National Bike Registry if you registered your bike there. Contact your insurance agent with the police report and information about the theft, including the date, time, and place. If your bike was taken while it was within the building, notify your landlord.
Review your policy: Examine your policy, paying particular attention to your deductible, additional coverages, endorsements, and limitations.
Complete the documentation: Make a claim with your insurer if it makes sense. A claim can be submitted online, using a mobile app, in person, or over the phone. Complete the required paperwork and send it back to your agent as soon as possible. Make sure to give them the receipt, if you have one, for the amount you paid to buy the bike.
We Are Here to Help You Get the Right Coverage for Your Bike!
Renters insurance is an affordable option that protects you and your personal property. To get customized renters insurance in CA that suits your needs, contact us today at Jack Stone Insurance Agency. You can also get standalone motorcycle insurance for your prized insurance that fits your budget. Our experts are happy to audit your coverage requirements and answer any questions you have.
