Bicycle theft insurance covers the bicycle owner for the instance that the bicycle is stolen and not recovered. A bicycle theft insurance policy will pay the bicycle owner the bicycle insured value less any deductible and hopefully this is enough money to replace the bike.
The premium to insure a bicycle is pennies on the dollar compared to the cost to replace a stolen bike. A fair annual premium for bicycle insurance is any amount that is less than 10% of the bike value.
According to a report from the US National Crime Victim Survey the number of annual incidents of bicycle theft was estimated at 1.3 million (just under 2.5 bike theft incidents per minute).
Most bicycles are stolen from the bicycle owners home, mostly from the garage, and at time of the theft the bicycles were unlocked. Even inside your home or campus dorm always keep the bicycle locked securely. Give the thief a reason to move on to a less protected bicycle.
Afternoon and evenings and the most common times for bicycle thefts. Apparently bike thieves don’t like to wake up early.
College campus bicycle theft is rampant in the US and students should take extra care with their bikes if they want to be riding tomorrow. Very few campus stolen bikes are ever recovered. Students are always rushing around campus and sometimes don’t take the care necessary to secure their bike when running late for a class and unlocked bikes are an easy pick for a bike thief.
Don’t leave your bike in plain view inside your car. You are only a broken window away from not having a bike anymore. Cover the bike and even lock the bike to a seat frame with a sturdy chain or hefty cable. A locking system buys you time and sends the thief on to an easier target.
The benefit to owning a bicycle insurance policy is the piece of mind knowing that if your beloved bicycle ever goes missing you will have the resources to replace the bike within a short time.