Bicycle theft and home insurance: are you covered?

Is bicycle theft always covered by our home insurance? Or do we need a specific one? In recent years, bikes (especially high-end ones) have become a target for thieves, and there may be doubts about whether they are covered by our home insurance policies.

The fine print of insurance policies

After all, and beyond the sentimental value, it is likely to be the most expensive item (or one of them) that we keep in our own home. But the truth is that there is no clear and uniform answer to that question. Most policies include a maximum insured amount for the contents of the home. You will have to review the contract to find out what it is.

If the value of your bike represents a very high percentage of that amount, you may need to speak to the company to increase it. However, it is very likely that they will raise the premium at that time.

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By the way, two important things to be prepared for. The first is to keep the bike receipt where the serial number appears and, also, in case it gets lost, take a photo to have on your phone. This way, you can report its theft and, therefore, claim compensation.

The second is to lock it to a fixed element with an approved lock. Yes, even inside the house, and especially if it is in a more accessible place, like a balcony or a storage room. This way, they cannot give you any excuses, because it is assumed that you have taken all necessary security measures to prevent theft.

Does home insurance cover bicycle theft in the storage room?

Expanding on this last point... do you leave your bike in the storage room or in the garage? Well, this is yet another issue that requires careful consideration. In principle, both are part of your home, and therefore you must confirm that they have indeed been included in the contract formalized with the insurance company.

In the policy, there is usually a specific section for theft of items in storage rooms, and again, a maximum amount to be insured is specified. There are exceptions, but in most cases, it is around 1,500 euros. Not much, so if your bike is more expensive, perhaps it is most appropriate to take out a specific insurance for it.

Also because, sometimes, the insurer requires specific requirements for the compensation to be effective. Such as the door of your garage or storage room being of a particular type.

In any case, since bicycle insurance usually does not exceed 100 euros per year, it is always advisable for those medium to high-value models. Not only will it protect you against theft in your home, but also against those that occur outside. And, depending on what you negotiate with the company, damages and accidents in which you may be involved may also be covered.

And the numbers are not to be taken lightly. According to the 2019 Bicycle Barometer, almost 1 in 5 Spaniards have had their bike stolen at least once. In fact, some studies estimate that one of these incidents occurs every 5 minutes in Europe (300 per day), while others raise the figure to 100 daily in Spain alone.