Is bike insurance worth it? A bicycle is often insured against theft in your household contents insurance. However, the conditions for insurance coverage are usually stricter than with bicycle insurance. The price varies depending on the value of the bike - and is usually only worthwhile for very expensive bikes that are often left outside.

Bicycle insurance: who needs that?

A typical utensil of school and student life is the bicycle. The more expensive it is, the more painful a loss is. Every year around 230,000 bicycles are stolen in Germany. However, the police only solve around nine percent of thefts. Reason enough to insure an expensive bike.

Cheap bicycle insurance providers usually only insure against theft. If you're willing to spend more money, you'll also get more protection for your bike - even in the event of accident damage or vandalism. All in all, special bike insurance is actually only worthwhile if the bike is very expensive, is always left outside at night or you don't have household contents insurance that includes the bike.

Insuring a bike costs

How expensive bike insurance is usually depends on where you live and the value of the bike. If you live in an area that is dangerous for bicycles, the contributions are higher. For a bike that is worth around 500 euros, you will have to estimate insurance costs of between 50 and around 140 euros per year. With a value of 1,500 euros, depending on the insurance coverage, it can even be from 80 to over 500 euros. In many cases, students travel cheaper with household contents insurance if the bicycle protection available there is sufficient - it then also replaces furniture and clothes, for example if there is a break-in.

But be careful: pay attention to the insurance conditions

You can only leave it outside at night if you are out riding your bike in the evening. Otherwise, many home contents insurance companies won't give you any money in the event of damage. Things are different with special bike insurance: you can leave your bike in front of your door as often and for as long as you want. In both cases, however, it must be locked or (even better) chained to a non-movable object such as a lantern or fence. A good lock - insurers often specify which one should be used - is the first prerequisite for compensation. And often this prevents any damage from occurring at all.

Source: Checked4You

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