Today bicycles can be very expensive and if you are an avid cycler whether for leisure or competition, protecting your investment is a wise decision.Competition bikes can cost upwards of $10,000 so ensuring your bike is properly insured should be top of mind.Here are some great tips on how the CSIB Pedal Power policy works.
WHO- Cyclists, Triathletes, duathletes, mountain bikers and any one who owns a high valued bicycle.
WHAT- Your bike is covered for all perils which includes collision or upset, fire and theft and has a $500 deductible.CSIB Pedal Power also includes third party liability, enhanced accident benefits, and with the competitive events extension, will cover the bike while in use in a competition.
WHERE- Your bikewould be coveredanywhere you can legally ride in Canada or the continental United States.
WHY- It is a good idea to consider insuring your bicycle separately from your home insurance. Here are some great reasons for purchasing the CSIB Pedal Power Policy.
* Your deductible applies on all losses whether it’s under your home policy or the Pedal Power policy.The advantage of having a separate policy for a high valued bike is you are not claiming against your home policy and possibly losing discounts or increased premiums.
* The limit of coverage under a homeowner’s policy for a bike is usually fairly low and additional coverage will be needed.Scheduling the bike on your home policy may not provide you the coverage you require.Please check with your Homeowners Insurance Broker.
* Most homeowners policy have an exclusion that your bike is not covered while in use.So while you are riding the bike, if you have a collision your bike would not be covered under your homeowner’s policy.Under the CSIB Pedal Power you would be insured with the Competitive Event Extension endorsement while participating in a cycling event or just out for a leisurely Sunday afternoon ride.
* Protecting your bicycle from theft is the best way to avoid making a claim. While your bike is in the transition area of a race or stolen from your home always ensure your bicycle is stored in a safe place and locked properly.
The above is a summary of coverage only.
All policy conditions and exclusions would apply.Pedal Power Insurance is offered by CSIB through Oasis and certain Underwriters at Lloyd’s of London.