What To Do If Your Insured Bike Is Stolen? (2024)

FAQs

What To Do If Your Insured Bike Is Stolen? ›

Homeowners insurance protects your personal property, including bikes, from theft and damage by covered perils like fire, vandalism, and weather-related damage.

Homeowners insurance protects your personal property, including bikes, from theft and damage by covered perils like fire, vandalism, and weather-related damage.

If a buyer buys a documented stolen bike, police have the authority to seize the stolen property and return it to the owner, without any compensation to the buyer. The burden of proof is on the buyer to take necessary steps to ensure that they are buying a legitimate bike from a legitimate source.

Acquisitive: These thieves steal bicycles for financial gain and usually trade them for cash or goods. The bikes may also be sold in pieces for drugs or money. In Portland, Oregon, bike thieves are often drug addicts who provide stolen bicycles to drug dealers in exchange for drugs.

Determine whether you should file a claim.

Consider your deductible and the value of your bike. If your deductible is higher than your bike's worth, your insurance won't cover the cost to replace it.

Less than 5% of stolen bikes are returned to their owners, according to the study by 529 Garage. This is hardly surprising, when we consider that their study also found that only 1 in 5 bike thefts are reported to the police, and less than 20% of victims knew their bike serial number.

Report your bike stolen to the police

Make sure you report as much information about the bike as you can, including unique identifying features. The local police have a good handle on the area and may be able to trace your bike within minutes. It's not uncommon for the police to spot the thief riding your bike.

After having your bicycle stolen, the first and most important thing to do is call the police. To report the theft, contact your local police department's non-emergency line or go in person to the closest local police station. Inform them of the theft of your bicycle and provide them with the details you have.

How to check if a bike is stolen before buying? ›

The serial number is a unique identifier for every bike, usually found on the underside of the bottom bracket, the rear dropout, or the head tube. Before buying a used bike, ask the seller for the serial number and check it against online databases, such as Bike Index or Garage 529, to see if it's been reported stolen.

Amateur Bike Thieves

They usually sell their stolen goods on the streets or flea markets. Since they usually act on impulse and their plans aren't thought out, they end up selling stolen bikes for practically nothing. (Whether it's a $2,000 road bike or a $60 budget option.)

According to the National Bike Registry, “a four-year student bicyclist faces a 53% (1 in 2) chance of losing their bike to theft.” That may seem unreal, but when you think about it, it makes a lot of sense.

If it's locked, only lock-breakers can attempt it. Lock it through the frame to a solid, immovable object such as a bike stand or iron railings. Make sure the object is a closed loop, so the thief can't lift the bike over the top, and don't use anything flimsy or the thief will cut that instead of the lock.

Is a bicycle covered by home insurance? Contents insurance can cover your bike against theft or damage within your home. Check your policy to see if you need to add bike cover as an extra.

Additionally, because they are considered bicycles, they are not regulated under motor vehicle standards. Homeowners Coverage:For first-party physical damage, most homeowners/tenant policy carriers classify E-Bikes as motorized vehicles which are “EXCLUDED” on the policy for direct and indirect coverage.

Are dirt bikes covered by homeowners insurance? Your dirt bike is most likely not covered by your homeowners insurance policy, and neither is a motorcycle or ATV. Even if your dirt bike is stored inside your home, garage or shed on your property, it will most likely not be covered if it is damaged or stolen.

Not to worry, the two wheeler Own Damage insurance will cover the cost to repair or replace bike parts damaged due to the accident. In case your bike is damaged due to floods, earthquakes, cyclones, etc.