Eco-friendly, good for your health, economical… The bicycle has accumulated good points in recent years and has established itself as one of the favorite means of transport of the French in recent years. Good news for manufacturers, repairers, accessory sellers, but also for insurers.
Because, like any means of transport, the daily practice of cycling presents its share of risks. So, although it is not imposed by law, more and more cyclists today resolve to take out bicycle insurance. A beneficial decision in many respects, provided you make the right choices.
What are the benefits of bicycle insurance?
Above all, it is important to specify that French law does not require the subscription of insurance for a classic bicycle. On the other hand, for an electric bicycle, insurance is compulsory when its maximum speed exceeds 25 km/h.
But in either case, insuring your bike is both very useful and beneficial in many ways.
An ideal cover in case of theft
Unfortunately, the strong enthusiasm for cycling is accompanied by a sharp increase in cases of theft of these two-wheelers. Difficult to trace and with a low level of security, they are indeed among the preferred targets of thieves.
Every day, more than 1,000 bicycles are stolen in France; a number that is constantly changing. In 2021 alone, more than 400,000 bicycles were stolen on French territory. For those who were not insured, these thefts sometimes represent a substantial financial loss, especially for electric bikes.
On the other hand, for those who have done the right thing, the damage is greatly reduced. Indeed, subscribing to a bicycle insurance allows you to benefit, andn case of theft, compensation covering all or part of the purchase price of the machine.
Moreover, in addition to the cover against this risk, some insurers offer additional services to improve the safety of your bike. This is the case, for example, of Sharelock, which offers a network of connected padlocks in Île-de-France, Nice and Meaux. Much more effective than a conventional padlock, this technological device is very effective against conventional break-ins.
Better coverage than home insurance
Most home insurance policies also include protection for your bike. But in reality, this coverage is only valid when the machine is inside your home. In other words, if you get it stolen outside, it’s not covered.
In addition, home insurance includes hourly conditions. It is not valid only from 11 p.m. to 7 a.m.. Any loss or theft occurring outside these hours is therefore not covered.
As a result, it is best to take out bicycle insurance specific to be well covered.
Coverage of repair costs
Bicycles are among the machines that suffer the most damage during their use. Fall, flat tire, engine malfunction (electric model), cyclists are not immune to glitches, some of which can be costly.
Depending on the formula to which you subscribe, your insurer may cover some or all of the repairs in order to allow you to quickly regain use of your bike.
Coverage in the event of an accident
In addition to the risk of having your bike stolen and sustaining damage, it is possible that during your ride, you may be responsible for an accident.
In this case, the civil liability guarantee, the minimum guarantee of insurance policies, covers the bodily injury or material damage that you cause to others. What will save you from hurting your finances?.
In addition, in the event of a dispute before a court, the insurer takes care of the formalities as well as certain representation costs. This will allow you to defend yourself without fear of financial implications.
In the event of a breakdown or puncture, or if your bike ride goes wrong, you are not alone. Your insurer can provide assistance 24 hours a day, 7 days a week. The majority of companies also offer a direct line with advisers available to answer any questions you may have in the event of a problem with your bike.
What insurance should you choose for your bike?
Faced with the risk of theft and aware of the many advantages offered by bicycle insurance, many cyclists subscribe to it as soon as they buy their machine. However, this approach requires making some important choices in order to benefit from ideal coverage.
Choose your warranties wisely
The list of guarantees is the main criterion to take into account when choosing a bicycle insurance. As a general rule, insurers offer:
There civil liability guarantee. It covers you for any damage caused to a third party by negligence or imprudence;
There bodily injury cover. It covers bodily injury suffered following an accident;
There theft and attempted theft coverage ;
There material damage and breakage warranty ;
Repatriation assistance and medical expenses. If you regularly drive abroad, this guarantee may be useful to you.
Also check the exclusions provided for each guarantee. This will save you from unpleasant surprises in the event of a disaster.
The price of the bike and your place of residence
The price of your bike and your place of residence have an impact on the amount of the premium to be paid to the insurer. Indeed, the more expensive your bike, the higher the premium to be paid.
Also, some companies charge more for bicycle insurance in larger cities due to the high risk of theft. However, you can find a profitable offer by turning to a 100% digital player like Sharelock.
The amount of compensation
Finally, check the compensation that the insurer must pay you in the event of a claim. Compare the amounts offered by several insurers in order to choose the best offer. Also consider repayment terms. For example, at Sharelock, it is 48 hours in the event of theft, vandalism or breakage of your bike, from the receipt of the supporting documents. This is clearly one of the shortest times offered in this field.