Whether you’re an avid rider or a novice buying your first set of wheels, your bike is essential to you. It may also be worth a bit of cash or a valuable hand-me-down from a family member. Either way, it’s yours, and you want to protect it. If you find yourself in the unfortunate situation of being in a collision or having your bicycle stolen, it is a good idea to have insurance. Here are the answers to some common questions about bicycle insurance in Ontario that riders should be aware of.
Common Questions About Bicycle Insurance
Should I file a claim for my stolen bicycle under my homeowners’ policy?
Filing a claim on your homeowner’s insurance for your bicycle will often lead to a rise in your insurance premium. Oftentimes, homeowners’ policies have a relatively high deductible. Filing a claim under your home insurance may be possible, as bicycles are typically covered as personal property. However, deductibles and coverage limits mean it may not always be the most cost-effective option, especially for high-value bikes. Keep this insurance policy for bigger items and home-related incidents! Instead, opt for bicycle insurance!
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Is it worthwhile to consider bicycle insurance in Ontario?
Bicycle insurance covers the bike for its original purchase value. Replacement cost coverage is offered by some bicycle insurance policies, meaning a similar model can be used to replace your bike rather than its depreciated value, depending on the policy. Bicycle insurers understand that if you need to replace your bike after theft, you don’t want a bike that’s significantly lower in value than your trusty old bike. You want a bike that has a similar level of value. This can be especially helpful for those with pricier wheels.
Who is liable if I hit a pedestrian with my bike?
Liability for bicycle accidents is typically covered under a home or auto insurance policy. For example, if you hit a pedestrian while biking, they might decide to sue you. In this case, your home policy should extend and help cover the cost of your legal fees.
Is your bicycle covered under your home insurance?
Yes. Typically, your bicycle is covered by your home, condo, or tenant insurance as personal property, and the same process would apply if it were damaged or stolen.
What is third-party liability?
This covers your legal liability, including defence costs. If you injure others or damage their property, they can sue you.
Who has the right-of-way at an intersection?
If you’re a cyclist in a bike lane, green means go. However, if you’re a car turning right, you must yield to all the bikes coming through. Drivers have to yield to both cycle tracks and bike lanes.
What’s a bike lane?
Bike lanes that are physically separated from traffic. These are designed to help cyclists travel on the roads safely without interfering with traffic. Barriers, curbs, or elevation differences generally create these lanes. In major cities, bike lanes are popular, and riding a bike and using public transportation are popular modes of transportation.
What side of the road should you bike on in Ontario?
Cyclists are to ride on the right-hand side of the road. A pedestrian is someone walking on a highway or road without sidewalks. This means you should walk on the left-hand side of the road, facing traffic.
Can cyclists take up a whole lane in Ontario?
In Ontario, there is a requirement to maintain a one-metre distance between the car and the bike to improve safety for both. Under the Highway Traffic Act, cyclists can use the entire lane, even if physically using only a part of it.
The Highway Traffic Act outlines rules for cyclists and other road users to travel safely and predictably on city streets. The City of Toronto has bylaws that regulate the safe use of different cycling infrastructure throughout the city. Click here to learn more about safe cycling travel on city streets.
How much does bicycle insurance in Ontario cost?
In Ontario, bicycle insurance typically costs between $100 and $500 annually. Insurance can cost around 3-4% of the bike’s value per year, depending on the level of protection you require. It can be more expensive if you opt for a race. A special article should be added to ensure that your bike is covered at its replacement cost. Otherwise, you can look into insurance with companies that specialize in bicycle insurance.
What is the BFC Program?
The Bicycle Friendly Communities (BFC) program recognizes communities that are great places to cycle as great places to live. What makes an individual community bicycle-friendly will vary from place to place. The BFC application form and judging process take that into account. A bicycle-friendly community will take a comprehensive approach that incorporates all ‘4 Es’ – Engineering, Education, Encouragement, and Evaluation/Planning.
Is Bike Insurance Right for You?
To many people, a bicycle can be just as important as a vehicle. So, why not protect it as you would any other vehicle? Whether it’s a hobby or your primary means of transportation, having insurance is crucial to ensuring it stays safe and sound. It is always important to consult a qualified professional before investing in insurance coverage. If you have any questions regarding bicycles and insurance, or would like to request a quote, please get in touch with us at isure today.
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