Bike Insurance In Ontario

Ontario summers are made for riding bikes. Whether you are cruising a trail along the escarpment or using it as an efficient way to travel across the busy city of Toronto, owning a bike is an asset you want to protect. You may be asking, what if my bike is stolen, or even worse, if you, unfortunately, got into an accident?

Since the pandemic was declared last year, retail demand for bicycles has soared; some bicycle dealers are telling clients they will have to wait until next year for their model of choice.

With bicycles so popular, thieves are seeking out valuable models, especially in the downtown core.

As a result, nearly 4,000 bicycles were stolen in 2020, including an increasing number in or beside condominium apartments and rental housing. The 2020 total is roughly three times higher than 2014.

Different types of coverages

Your Merit broker will help you determine the right amount of coverage you need based on your budget, your bicycle, and existing policies.

For your average commuter bike, most people already have some coverage through their home, condo, or tenant insurance. However, if you own a high-end bicycle, which can range up to $10,000, you will need more specific coverage to meet your needs. In the same way home and tenant insurance offer “endorsements” for specialty items like jewelry or art, the same applies to bikes. You have the option to increase the limit on your content insurance by adding the endorsement and paying a little extra per month. Your home insurance will also cover theft, fire, and physical damage to the bike.

What about e-bikes?

E-bikes (electronic bikes) and motorized bicycles are becoming increasingly popular. Ontario legalized the use of e-bikes on the road but they have different laws than a traditional bike and motorcycle. Like a pedal bike, e-bikes do not require a driver’s license. But the driver must be over 16 years of age and ride with the proper head protection. Many riders may think that their e-bike is covered by their personal homeowner’s or renter’s insurance policy, like a bicycle. However, many policies will exclude an e-bike, because it has a motor.

When seeking coverage for your e-bike, there are several potential options. Damage to the e-bike and third-party liability coverage may be available under an umbrella policy. Alternatively, an existing automobile policy may be extended to cover the e-bike, or a new motorcycle policy could be purchased. These latter options would also include accident benefits coverage, which can offer some assistance if you are injured in an accident.

What about liability claims or if there is an accident?

Bike accidents can be very complicated and involve multiple parties. If a cyclist on a pedal bike hits a pedestrian or gets into an accident with no motor vehicles involved, regardless of who is at fault, a home insurance policy will likely cover the liability costs associated with the accident.

If a motor vehicle is involved, all cyclists in Ontario involved in car accidents have access to accident insurance benefits, even if the accident was their fault.

Talk to a Merit Insurance Broker

Although your home insurance can cover your basic needs for a regular road bike, the language of each policy can differ from insurer to insurer. It’s important to read your policy thoroughly with your broker and ask specific questions about your coverage.

We’ve got all the answers from Merit Insurance brokers to help you get on the right path with bike insurance.