The maximum reimbursement for a bike insurance claim depends on the total insured sum specified in the policy. For policies purchased before July 31, 2024, reimbursement for theft claims requires buying a replacement bike of similar type and cost with proof of purchase. For policies purchased after July 31, 2024, buying a replacement bike is not required, and reimbursement is based on the retail cost of the insured bike and accessories or repairs needed for damage claims.
How is the maximum reimbursement for a bike insurance claim determined?
The maximum reimbursement is based on the total insured sum specified when purchasing your bike insurance policy. This sum includes the cost of your bike plus any locks and accessories you want to insure.
What is the total insured sum?
The total insured sum is the combined value of your bike, lock, and accessories entered at the time you purchase the insurance. It sets the maximum limit for any reimbursement you can receive in a claim.
How does the claim process differ for policies purchased before July 31, 2024?
For policies purchased before July 31, 2024, to receive reimbursement for a theft claim, you must purchase a replacement bike. The replacement bike should be similar in price, type, and quality to your original bike. The replacement must be the same type as the insured bike (regular bike or e-bike) and must be bought new from an official bike specialist retailer (not general retailers).
You need to submit a receipt for the replacement bike with your claim. If the replacement bike costs less than your original total insured sum, you will be reimbursed for the replacement cost. If it costs more, reimbursement will be capped at your total insured sum, and you must cover the difference.
How does the claim process differ for policies purchased after July 31, 2024?
For policies purchased after July 31, 2024, purchasing a replacement bike is not required for theft claims. You can receive coverage up to your maximum insured sum based on the retail cost of your insured bike and accessories. For damage claims, the insurance reimburses the full cost of necessary repairs.
What documentation is required when making a bike insurance claim?
You must submit documentation, such as receipts for any replacement bike or repair costs, with your claim. See FAQs for more details.