Bike Insurance

An optional Performance Bike Insurance Program covering the physical loss or damage to bikes during training and sanctioned events is available to Cycling BC members.

Perils included, but not limited to

  • “All Risks” of direct physical loss or damage to bikes scheduled, only while participating in sanctioned racing events (sanctioned by Cycling BC or an equivalent sport organization, including fondos) and while training.
  • Theft at home or a secured hotel is also covered, providing there were clear signs of forced entry. Coverage will not respond if theft occurred through an unlocked door or if, for example, the garage door was left open. A  police report must accompany the claim.
  • Policy Territory is for North America
  • The insurer will pay up to the Stated Amount Limit of Insurance as reported by the insured, or the cost to repair or replace, whichever is least.

Exclusions included, but not limited to

  • Accidental damage is not covered while in transit unless the bike is being transported by a recognized carrier, securely packaged in a hard shell container designed for bicycle transit;
  • Damage caused by wear and tear

 

Limit of Coverage 2021 Premium Jan 1-Dec 31 Deductible
$2,000 – $4,999 $130-$250 $1,000
$5,000 – $9,999 $250-$400 $2,500
$10,000 to $18,000 $400-$560 $5,000


Coverage expires at midnight on January 31st of the following year.

Cycling BC Bike Insurance Frequently Asked Questions (PDF).

Cycling BC Bike Insurance Summary (PDF)

For all coverage related enquiries, please contact Gallagher Insurance. at 604-608-6323 for more information.


About 2021 Premiums/Deductibles: The Cycling BC bike insurance program has only been in existence for two years and to the benefit of insured members, has paid out almost $100,000 in claims in that time. Unfortunately, the program has taken in less than $30,000 in premiums in those two years and as a result, along with all the general issues affecting insurance globally, we have had to make some changes to keep the program available for members. The insurance business in Canada is a for-profit enterprise and to improve the results insurers required a drastic change in underwriting. The renewal process took much longer than normal to have an insurance company be willing to provide coverage.

To keep the program alive with premiums at a manageable level, a large increase in deductibles was mandated by the insurers thus members will have to share a bigger cost of any loss to their bicycles. We know that the visceral reaction to this change is that the coverage is no longer worth the premium and that is of course up to you and your risk tolerance. What we can say is that the majority of claims have not been partial losses (with just a wheel or fork replaced) but total losses where the cost to replace damaged frames and components has exceeded the replacement cost of the bicycle.

Additionally, the program wording remains solid, and provides coverage for theft, along with damage to your bicycle while you are commuting, taking part in a club ride, or racing.  Many other policies will not provide coverage for damage during races or training rides, so we feel that the program can still be of benefit to members.  Hopefully, with losses stabilized, we will be able to return to lower deductibles at the next policy renewal.

The bike insurance program is available to current Cycling BC members only.

STEP 1:

Complete the online estimate request form.

Once we have received your estimate request, we will reply to you with a quote for the premium cost and deductible. Should you want to to proceed and confirm your coverage, you will need to complete the online application and pay for the premium.

STEP 2:

Along with our individualized quote, we will send you an application form. You will be required to provide your contact information, a valid Cycling BC membership number, and information about your bicycle, including but not limited to,

  • Bicycle Make
  • Bicycle Model
  • Serial #
  • Date Purchased
  • Original or Appraised Cost
  • Replacement cost today
  • Actual cash value today
  • Photographs of your bicycle and the serial number

STEP 3:

Upon receiving your application form, you will be sent an invoice (via quickbooks) which can be paid online using a credit card.

STEP 4:

Once the premium has been paid-in-full, Cycling BC will e-mail you a receipt and a confirmation of insurance letter.

Only until the steps above have been completed will the bike insurance policy be in effect. Policy expires at midnight on January 31st, 2022.

Bicycle Insurance Estimate Request

Once we have received your estimate request, we will reply to you with a quotation for the premium cost and deductible. Should you want to proceed and confirm your coverage, you will need to complete an online application and pay for the premium.
  • Membership number starting with 'BC' or 'PR'
  • Statement of Values

    Note 1 - The policy wording will be drawn to cover only property for which values are given
    Note 2 - Separate values are required on each separately rated bicycle.
  • Replacement cost for full bike