Bicycle Insurance Claims: Important Points to Consider to Ensure Your Theft Claim is Successful
In an interview with Katja Burck, host of the website, Saidi Sulilatu, the editor-in-chief of the financial advice platform "Finanztip," discussed the importance of secure and cost-effective bicycle insurance against theft. With cycling gaining popularity in Germany, and three-quarters of the population using a bicycle, the need for such insurance has become increasingly relevant.
Saidi Sulilatu emphasized that a good bicycle insurance should cover the bicycle against theft, especially when left unattended on the street at night. For less expensive bicycles, a basic contents insurance with bicycle theft coverage is often sufficient, typically covering up to around 1,200 euros. However, for more expensive bicycles or e-bikes, additional bicycle insurance is recommended.
The cost of bicycle insurance can vary based on the value of the bicycle. For instance, the cost of insuring a 3,000 euro bicycle could be around 100 euros per year, or more than 200 euros. It's crucial that the insurance pays the new value of the bicycle for a period of three years in case of theft.
Beyond theft coverage, comprehensive bicycle insurance should include additional protections such as accidental damage to the bike, loss or damage in transit, liability protection in case the rider causes injury or damage to third parties, and medical payments coverage if the rider is injured during a cycling accident.
Important considerations for bicycle owners to ensure insurance pays out in case of theft include always using approved, strong locks (preferably double-locking), keeping the bike locked in a secure location, retaining all keys or codes related to locking devices, removing the battery for e-bikes when leaving the bike unattended, providing proof of purchase and ownership documents when making a claim, and following any insurer-specific conditions such as promptly notifying the police and submitting a police report.
Insurers like Swapfiets offer "Full Theft Coverage" as an optional add-on that prevents additional surcharges if the bike is stolen, but coverage only applies when the bike is double-locked, the keys are in possession, and the battery is removed if applicable. Some insurers also allow theft coverage as part of home insurance add-ons or comprehensive bike insurance packages that may also cover fire, accidents, and natural disasters—offering broader protection beyond theft alone.
In summary, German bicycle theft insurance commonly requires strict security measures for coverage to apply, while additional coverages like accidental damage, liability, and transit loss should be considered for comprehensive protection. Owners must adhere to insurer rules and keep proper documentation to ensure claims are successfully paid.
- To protect their expensive personal-finance investments, bicycle owners should consider additional bicycle insurance for more than just theft coverage, as comprehensive insurance can include protections such as accidental damage, loss or damage in transit, liability protection, and medical payments coverage.
- When choosing a personal-finance solution for bicycle insurance, Germans may find it beneficial to look into insurance packages that offer coverage for fire, accidents, and natural disasters, as these can provide broader protection beyond just theft.
