Got Bike Theft concern? Protect your bicycle with bike theft insurance.
Is bicycle theft an issue in the United States?
According to the New York Times, Bike Thefts Are Up 27% in Pandemic N.Y.C.: 'Sleep With It Next to You'
For those who own a bike in New York, the most frequent place to store that bike is inside their home or apartment (53%), according to the NYC DEPARTMENT OF TRANSPORTATION CITYWIDE MOBILITY SURVEY 2018. Of note, 26% of all NYC residents say they have had a bike stolen from them or a household member.
As reported by BIKE INDEX | The non-profit bike registry, "According to the FBI, over 157k bicycles were reported stolen in the U.S. in 2019 (3.1% of all larceny thefts). The FBI values these bikes and their stolen parts around $350 million a year, but this value only accounts for those bikes reported stolen. It's unclear exactly how many bike thefts occur without being reported to police, but anecdotal evidence and our own experience show that it's a common occurrence."
Note: Per the FBI statistics, the average bike price of each stolen bicycle in the United States in 2019 was $2,229.
Cycling Industry News online reported on August 28, 2019, that Bicycle theft surpasses 2 million a year in the USA. Equivalent to a bicycle theft every 30 seconds in the United States. The bike theft data has doubled since the early 2000s, and stolen bikes account for more than twice as many stolen motor vehicles annually in the United States.
A November 12, 2022, New York Times article The Bike Thieves of Burlington, Vermont reported bike theft has long been a problem in Burlington, a city of about 45,000 residents. Still, it seemed to intensify over the summer and into the fall. The university warned students returning to campus that about 220 bikes, valued at $267,000, had been stolen in and around the city since June.
Note: Per the New York Times article, the average bike price of each stolen bicycle in Burlington, Vermont, was $1,213.
Does homeowners insurance cover bicycle theft?
Bicycles may have some protection under a homeowner's or renter's policy. Still, typically a homeowners policy will not cover a bike if it is stolen from anywhere, but the insured's home. Notably, many insurance experts advise us to consider today's homeowner's insurance as "catastrophic loss protection." This insight is because homeowner's policies often have high deductibles, multiple claims can lead to cancellation or non-renewal, lower limits on certain individual items, and a claim can cause your premium to jump significantly. Therefore, if you have a bicycle or eBike, a standalone bike insurance policy is an intelligent alternative for bike theft protection.
Today's bicycles and eBikes need a standalone insurance coverage policy to provide cyclists with protection. The BikeInsure plan covers both bicycles and eBikes. In addition, it provides reimbursement for repairs to your bicycle or eBike and listed accessories due to accidents when riding. Coverage continues during the transit of the bicycle or eBike. The BikeInsure plan extends to a stolen bike or eBike when optional theft protection is selected.
Furthermore, bikes cost a lot of money, and you want to protect your investment. BikeInsure is a cost-effective, standalone insurance solution for your bike. The BikeInsure smart alternative provides the protection you need without compromising your homeowner's insurance.
Why BikeInsure? If a loss covered by the BikeInsure plan is also covered by other insurance, the BikeInsure coverage is primary.
Top 7 Bike Theft Cities of 2022?
- Philadelphia, PA
- Chicago, IL
- New York City, NY
- San Francisco, CA
- Tucson, AZ
- Portland, OR
- Denver, CO
4 best ways to combat bicycle theft:
1. Lock your bicycle.
Bicycle.com published "The 17 Best Bike Locks for Security in Every Scenario."
2. Keep your bicycle in a safe place.
The Trek Madone bike with Campagnolo Super Record 11 Groupset, Zipp Firecrest 303 Wheelset, and Fizik Saddle is insured by BikeInsure. When it is not being used, it is kept on the top shelf of an inside bedroom closet.
3. Register the bike.
4. Sign up for a standalone bike insurance policy.