With more than 300,000 bikes stolen in Germany every year, bicycle insurance can be very useful, but how to choose it?! Below we explain what you need to take into account when making your comparison.
In order to reduce the risk of fraud, the insurer may apply a deductible and/or depreciation of your bicycle in the event of a claim.
The deductible, also called the excess, is generally quite easy to understand, for example when a 10% deductible is applied to a €3,000 bike, if your bike is stolen you will be reimbursed €2,700 (i.e. €3,000 - €300).
The English deductible is a kind of beneficial deductible for the customer which is applied to material damage. If the amount of damage is below the English deductible, you pay for your material damage. If the amount of damage is higher than the English deductible, you pay nothing and the insurer pays for the full repair.
Depreciation can in some cases be much less transparent for the customer and can be applied in addition to a deductible. In Germany, in most cases the insurer applies a depreciation of the value of your bike of 1% per month from the 13th month, but it starts from the date of purchase of your bike, which means that if your bike is stolen after 18 months, you will have to pay the equivalent of an 18% excess!
At Qover-me, we have decided in Germany to not apply any deductible and any depreciation in case of theft. That means that if your claim is eligible we will refund you the full amount of your bike.
In case of material damage we apply a small fix amount of 35€ deductible.
Let's take a concrete case:
You bought a new electric bike for €3,000 and you get it stolen after 2 years.
- With an insurer who applies a depreciation from the 13th month of 1%, you will be reimbursed €2,280.
- With Qover-me, you will be reimbursed €3,000.
Check the exclusions, many insurance companies exclude from their guarantee the theft of the bike during the night. At Qover-me, your bike is covered 24 hours a day, 7 days a week, so you can make room in your cellar and park your bike outside, respecting the locking measures.
Some insurances force you to take the best lock on the market which is often heavy and expensive. At Qover-me, we require a lock that is either approved by VdS (class A+ or B+) or FUB or Sold Secure Silver (or Gold) approved or ART Category 2 (or higher) approved, you can already find some starting at 45 €.
Do not hesitate to ask your bike dealer for advice, he will be happy to help you.
If you use your bicycle for professional use, be careful, as most insurances exclude professional use. With Qover-me, you can be sure that you are covered even when you are on the road on business.
Be careful also to look at the exclusions according to the type of your bike, we have already observed that some competitors don't hesitate to change their conditions if you have a mountain bike or a racing bike, which is not always clear on the website, but nevertheless well detailed in the general conditions.
In general, if you cover your contents, it covers the theft of your bike when it is stolen from your home and in certain circumstances, but it probably does not cover the theft of your bike if you go out for a drink in the city. Check the different exclusions carefully.
And finally the premium. The premium is the amount you will pay each year to insure your bike. ⚠️ Be careful, a low premium often hides exclusions, so read the general terms and conditions carefully before taking out the insurance.
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