A number of myths have made people neglect the important benefits of getting their bicycles insured:
You cannot rely on just locking your bicycle because the manner at which bicycle thieves now operate are more sophisticated. Even the best bicycle locks out there could still get picked by any prepared bicycle thief. You may get unlucky at any time.
The good thing bicycle insurance does is if you lock your bicycle and it gets stolen, the insurance company immediately refunds the full value.
This is far from the truth. Not all home owner policy covers your bicycle or any of your cycling equipment. You should never assume that your bicycle is covered by home insurance. Also, home owner policy does not cover your bicycle if it gets stolen or damaged while you are away from home or if you are not the one using it. The chances that this won’t happen for as long as you own your bicycle is almost impossible.
Another widely spread myth is that all bicycle insurance are expensive. Getting a bicycle insurance should rather be seen as an investment than an expense. The average amount of an electric bike is between €1,000 – €8,000 and this is nowhere when compared to small monthly fee in investment to get your bike insured.
Bicycle insurance also comes with special services like 24/7 assistance in case your electric bikes battery ran faster than expected or you had a punctured tire. Also, if you get involved in any form of trouble on the road, the bicycle insurance companies would come and render on spot repair services or take you and your bicycle home if necessary. It is nowhere near expensive when compared to the cost of not having any coverage at all and the special services included.
Even if you are a casual cyclist, triathlete or just bike lover your bicycle is still vulnerable to theft, damage or loss then insure your bicycle. The same level of importance a professional cyclist places on getting his bicycle insured is what you should do as well.
If your bicycle gets lost, stolen or damaged you would get a full refund (minus deductible) without any hassles as long as you follow the conditions and guidelines stated by the insurance. A good insurance company enables you file your claim in 5 minutes and processes it as soon as it is received. Also make sure they have a proven track record.