bike insurance

Bike stolen – when does the insurance pay?

Even if your bicycle is insured against theft, you must handle it carefully and adhere to some rules so that the insurance pays in case of damage. In principle, insurance companies only provide if the bicycle was properly secured with a lock. Almost all bike insurances and also some household insurance contain explicit provisions regarding the lock. Depending on the policy, certain brands, lock types (usually ironing or folding locks) or a minimum lock value are specified. Be sure to keep the proof of purchase of your bicycle lock in order to prove the use of a suitable lock in case of doubt. Some insurances also require that the bike must always be connected to firmly anchored objects, such as in the ground anchored bike racks or lampposts.

If your bike is insured with the after-clock-clause bicycle insurance option, the insurance will be liable for theft between 10 pm and 6 am only if the bicycle is stolen or was still in use from locked bicycle cellars, garages, etc. “In use” does not mean that you literally have to be stolen away from the bike while driving. In order for an insurance company to be liable despite the night-time clause, you must be able to credibly claim that you did not permanently park your vehicle in public, but only temporarily and also intended to continue using it later.

If you have no opportunity to leave your bike in closed rooms or at home between 10pm and 6am, you should make sure that your policy does not include a night time clause. However, this is only offered by some household contents insurance. Special insurance for bicycles usually offer unrestricted theft protection around the clock.

What should I do in case of damage?

Check before the damage report on the basis of your contract documents, whether the insurance in the specific case of theft attacks. If it does not, for example because the wheel was not in use during the theft, you will have to pay for the damage yourself. Stay with the truth, false statements to the insurance are punishable and can lead to the exclusion from the insurance.

Before you can assert your claims against the insurance company, you must report the bike to the police as stolen or vandalized and report it to the police. This should be done as soon as possible after notice of the incident, ideally within 48 hours. For this you need the frame number of the bike and proof of ownership. This can be, for example, a cash register receipt or a use contract for used wheels. You will also need to present your identity card to the police. If your bike is coded, you should also specify the code. Many police departments are also grateful for photos of the stolen bike.

In general, any damage you wish to claim against your insurance company must be reported to the police. The police will give you a display confirmation or transaction ID that you will need for the insurance. However, if you have minor damage, you should think about whether the effort really pays – especially if your bicycle insurance provides for a deductible.

Also with the insurance you should report the damage immediately and submit the required documents as soon as possible. Most insurance companies have forms available for download on their website, which you can download and fill out conveniently at home. Frequently, damage reports can also be submitted directly online.

Is vandalism also assured?

Damage caused by vandalism, ie wanton damage to the bicycle by a third party, is generally not covered by the insurance of home contents insurance. Special bicycle insurance, however, often take over such damage. In some cases, however, protection against vandalism damage is a paid additional option.

How much is the additional insurance in the household contents insurance?

The cost of additional bicycle protection in the context of home contents insurance vary greatly. Decisive factors include the tariff zone, which results from the place of residence, and the amount of the maximum reimbursement. In the most favorable case, a bicycle up to a value of 500 euros can already be insured in a region with little risk of theft for an additional contribution of about 20 euros via the household policy.

What is the clearance rate for bicycle theft?

The enlightenment rate of indicated bicycle thefts in the past years was about 10 percent in the national average. Particularly in the three city states of Berlin, Bremen and Hamburg, the enlightenment rate is very low at 4.0, 6.2 and 4.4 percent, respectively. In Mannheim, there is little hope for those affected by the country’s worst reconnaissance rate of 2.7 percent to ever see their vehicle again.

Experts estimate that bicycle theft causes damage of at least 134 million euros annually. According to information from the German Insurance Association (GDV), around 275,000 bicycle thefts are regulated annually by the insurance industry. Usually, bicycle thefts are handled by home contents insurance or special bicycle insurance.

How long do I have to wait for claim settlement?

As a rule, insured persons are entitled to claim settlement if the bicycle theft has not been cleared up after three weeks. Good insurance companies usually process the documents within two to three weeks of receipt. So imagine that after the theft, it will take about six weeks for the damage to be regulated.

What financing is better to buy a bicycle?

What possibilities do I have to finance a bicycle?

If we do not have the money necessary to buy a bicycle in cash, there are several entities that can grant us financing to make the purchase and pay it in several installments. As with the prices and models of these two-wheeled vehicles, the methods to finance a bicycle are very varied. Let’s see which entities can grant us a small loan to buy the bike and what conditions each offers:

With private equity companies:

Before going to a bank, it is interesting to consult what conditions private lenders that operate through the Internet offer us. These companies can grant us the financing we need in a matter of minutes and, in addition, they will not oblige us to meet as many requirements as traditional banks. These are the main products that they market:

Mini online credits : these are products that allow us to get up to 1,000 euros in a matter of minutes and with a 100% online application process. They are products designed to solve unforeseen situations, since they have a higher price than the rest of the loans and are usually returned after one month.

Quick credits : we can access amounts of up to 5,000 euros, quickly and without having to waste time in paperwork. Generally, they will not require us to change banks and do not usually include commissions or linked products.

With conventional banking entities:

If we are new clients in a bank, the requirements to obtain financing tend to be stricter than in private companies. Generally, we will have to go through more filters, perform more paperwork and consequently, we will take more time to dispose of the money. However, if we are already customers and have a certain age, we can take advantage of the advantages to buy our bicycle.

Personal loans: they are financing products that use the client’s personal guarantee to grant them. They allow us to obtain large sums of money to pay for projects or private goods, but it will be necessary for us to be old clients and have a good track record in the entity to obtain financing.

Payroll Advances: these are quick loans granted by the bank and linked to our account. It is about advancing the amount we receive in one or several payrolls and, generally, we will have to return it within a period of 6 months.

Credit cards: they allow us to get immediate credit liquidity provided we have the card in advance. We have two options to return the money: first, the total payment with which we will have to return the entire amount in a single fee at the end of the month or the beginning of the following month. On the other hand, we can choose to reimburse the money in different installments, but we will have to pay interest between 12% and 29%, which will vary depending on the entity.

In addition to all of these financing channels, we can choose consumer loans for financial services from large branches . In some establishments they offer the option of requesting the exact capital to acquire products that they market. They will give us the good that we want and we will have to return the money in the term that we previously agreed. It is a financing model that can provide us with great facilities to buy a bicycle, since they often include offers and promotions.

Tips for buying a bicycle with cheap loans

When it comes to financing the purchase of a bicycle, if we think about hiring a personal loan and we do not know which one to opt for, it is advisable that we know several things beforehand and that we take into account the following tips:

We must always choose an amount that really corresponds to the amount we need . The more money we ask, the more we will have to repay, so it is best that we do a preliminary analysis to know exactly the amount we need.

Choose a repayment term according to the time we need to pay .

Ask for the APR , since this indicator measures both interest (TIN) and commissions and other linked products.

It is necessary to avoid financing the commissions , since paying them at the beginning will be cheaper than if we include them in the payment of the fees.

At the time of signing the contract of any agreement, be it a financial product or any other type of product, what we should read carefully is the contract. If we do not understand something, we have the right to ask and ask to be explained.

How do I know which bike suits me?

If we decide to buy a bicycle, the first thing we have to know is that there are many modalities for different needs and tastes. Also, it is important to know that we can find bicycles with prices ranging from 50 euros to 50,000 euros or more. Next, we present the fundamental categories of this means of transport:

Road bikes : they are light, usual for those who practice cycling, fast … They are designed to travel great distances and achieve great speed. They can be used to practice sports or to move around the city. However, they are not suitable for use in uneven terrain, for example, in the mountains. Its cost can vary a lot, but generally the average price is around 1,000 euros.

Mountain : as its name suggests, are designed to be used in land such as the mountain, the field … but are currently used for any purpose. We can find many models of this type of bicycle and a wide range of prices, although they are usually cheaper than road, the average price is around 500 euros.

BMX : these are bicycles created to perform acrobatics and because of their design, they are not very suitable for use as a means of transport. Its average price is around 300 euros.

Hybrid bicycle : they are the most used to move around the city. They have a design mix between road bikes and mountain bikes. They have a great advantage, they are very versatile and adapt to most terrains and situations. Like the BMX, they have an average price of 300 euros.

These are the 4 general models of bicycles that we can find, although if we look for something more specific there are also bikes against the clock, t-shirts, recumbent, children … Our decision will depend on the purpose we want to give and the budget we have.

Additional costs after buying the bicycle

When we decide to buy a bicycle, in addition to what we have to pay for them, it is important that we are aware that they are products that need some maintenance and that has a price. There are several parts of this vehicle that need to be adjusted and renewed every time depending on the use we make of it. These are the most common costs that we will have to cover:

  • Address settings
  • Control and adjustments of the braking system
  • Control and transmission settings
  • Wheel control and adjustments

The price we will pay for having our bike in perfect condition may vary depending on the model we have, the material we use and the workforce. On the other hand, it is recommended that in order to save as much money as possible, we acquire certain knowledge regarding this means of transport.

Bicycle theft: secure your bike

Why you should protect yourself against bicycle theft

You place your new mountain bike secured in the communal cellar of your apartment building with a bicycle lock. With many neighbors you have good contact. None of the co-tenants trust you enough criminal energy to grab your bike. And yet it happened: One morning you come down to the cellar and your bike was stolen.

Not necessarily one of your neighbors must be the brazen bicycle thief. Three-quarters of all burglaries take place in multi-family houses. Where many people come and go, the recklessness increases. The front door is opened or someone opens it, without asking with the electric door opener. In addition to the apartments on the ground floor, the basement rooms are particularly vulnerable to burglary.

This is especially true for valuable bicycles: These should be fully secured against theft of bicycles and if possible parked in a separate basement to which only you have access. Then also provides home contents insurance, if it comes to a bicycle theft.

Properly secured: How to properly lock and unlock your bike

If a bike is not or not properly secured, the likelihood that it will be stolen is significantly increased. According to the General German Cycling Club (ADFC), every fourth bike stolen in Germany in 2009 was not properly secured. Probably the easiest way to secure your bike is a bicycle lock. But which bike lock is the safest, are there alternatives and what else should you consider?

Which bicycle lock is the safest?

In bicycle theft, the time factor plays a crucial role. The longer the process takes, the higher the risk for the thieves to be discovered. For this reason, bicycle locks take a central role in the theft protection. Even if they do not provide complete security, they make it difficult. Basically, one differentiates between five different types of bicycle locks:

  • U-locks
    A padlock consists of a metal bracket which is connected to a closing body. It is usually made of very stable materials such as steel and offers a high level of safety. But padlocks are relatively heavy and inflexible.
  • Armored cables and chains
    Armored cable locks are encased in hardened steel. That makes them especially safe. Another advantage: Compared to U-locks, they are more flexible. Even more flexible are chain locks. The often thin chain links, however, offer a little less security.
  • Folding
    They consist of articulated rigid links and combine the flexibility of a chain lock with that of a padlock. They fold up like a folding rule and are easy to attach to the bike.
  • frame locks
    They are attached to the bicycle and prevent by a bolt in Speichenweg turning the wheel. Therefore, they are more likely to be regarded as an immobilizer. However, they do not adequately protect against a bicycle theft, but secure the rear wheel against theft.
  • Locks coil cable
    The thin spiral cables also do not provide sufficient resistance to theft. Although they are flexible, with a side cutter they can be easily cut through.

Test results show that padlocks are the safest. They offer thieves the greatest resistance due to their high stability. Made of high quality materials, they are relatively expensive, but the investment is worthwhile, especially if you own an expensive bike. As a rule of thumb: For a good bike theft protection five to ten percent of the wheel new price should be invested. If you buy a bike for 500 euros, you should be prepared to spend about 50 euros for a corresponding security lock. When buying a lock, pay attention to stable materials such as hardened special steel and massive locking systems. Quality-tested locks that are, for example, ADFC-certified or have the seal of approval from the Association of Non-Life Insurers (VdS) are considered safe. The latter offers on its website a directory of recognized bicycle locks (VDS RL 2597).

Some of the listed lock types are also available as alarm locks. Originally designed to protect against motorcycle theft, they are also useful for bicycles. If someone attempts to break the lock or remove the wheel from its pitch, they will beep loudly.

Where and how is the bike safe?

Often bikes are locked with secure locks, but not connected. The thief can simply carry them away and break the bicycle lock in a safe place in peace. For this reason, you should attach your bike with a high-quality lock to a fixed object , for example, to parking facilities, traffic signs or fences. Prerequisite: The item should be high enough so that the bike can not be easily lifted over it.

ADFC checklist for bicycle theft protection

  • Complete instead of just off
    Even if you leave the bike unobserved for just a moment, you should at least attach the frame, if possible also the front and rear wheels to a firmly anchored object.
  • Search the public
    Do not park your bike in lonely, dark places and poorly visible streets. The risk of bicycle theft is higher here.
  • Secure the bike at home too
    The safest place to park your bike is in a closed cellar room that only you use, or in special, lockable bicycle boxes.
  • Make your bike unique
    Special features make your bike unique and protect against theft to some extent. Since they are not a clear proof of ownership, they should only be used as an additional identifier.
  • Have your bike coded
    The coding has two main advantages: A coded bike can be easily and quickly identified as your property and has a deterrent effect on the thief in advance, as the bike is so difficult to sell.
  • Write down all features
    Write down all the essential features such as the frame number and make of your bike in a bicycle passport. This is available from bicycle dealers, insurance companies and the police.
  • Do not let it get you through
    Do not always secure your bike in the same place. Do not let long periods of time in one place, because they give bike thieves useful information about when he can steal the wheel where undisturbed. It is recommended to change the location at regular intervals.

The so-called EIN coding (owner identification number) is particularly effective against bicycle theft. This is a personalized label that allows a reliable conclusion to the owner. The sealed and labeled code engraved in the seat tube is composed of the official number plate of the circle, the municipality key, the street number, the house number, the initials and the year.

Example Code: SB0000560050DM15

  • A code generator

License number Saarbrucken SB
Community / place Saarbrucken 00
road Halberg road 00560
House number 50 050
initials Dirk Mustermann DM
year 2015 15

High-tech bicycle theft protection

To protect your bike from theft, you can use not only the mechanical but also an electronic theft protection. A bicycle alarm app works much like alarm locks. The system consists of two parts: a transmitter attached to the bicycle and a receiver carried by the owner. If your bike is moved or removed from its place, you will receive an alarm signal. This can also be transferred to the smartphone via app. If the security system is equipped with a GPS transmitter, you can also locate your bike over it.

Correctly insured: household insurance or bicycle theft insurance?

In order to protect your bike from theft, the mechanical and, if necessary, the electronic fuse come first. Since these can not prevent bicycle theft one hundred percent, it is also worthwhile to insure the bike. Basically there are two possibilities for this:

  • A household insurance
  • A special bicycle insurance

Additional insurance against bicycle theft goes quickly into the money. Anyone who does not want to pay several hundred euros a year for this can also expand his home insurance.

Home insurance and bicycle theft

With a household insurance you insure your home, utility, consumer and installation items against damage caused by fire, burglary and vandalism, robbery, tap water, storm and hail . As a rule, the objects are insured at the replacement value. Although bicycles are also included in the household contents, they are subject to separate conditions. You can find general information on home contents insurance in the guidebook article “What is home contents insurance?”.

What are the advantages of home contents insurance for bicycle theft?

Household insurance already covers insurance cover for bicycle theft. If your bike is in places listed in the insurance policy, the insurance will cover the case of bicycle theft. In addition to the apartment, these include garages in the immediate vicinity, shared bicycle storage facilities and private cellars. Prerequisite is: Only authorized persons can enter the rooms and the bicycle is secured.

Extended insurance protection for bicycles

In the case of home contents insurance, you can often secure your bike against theft in additional cases with additional modules. This is particularly worthwhile if you can not keep your bike in lockable basements or the apartment. If you extend the insurance coverage, this also applies outside the place of insurance . Thus, your bike is also insured if you put it off, for example, in front of a shop in the city. How comprehensive insurance coverage is depends on the insurer.

In some insurance, the so-called night time clause applies. This states that the additional insurance cover for bicycle theft applies only between 6 and 22 o’clock, unless the wheel is used during this period.

Bicycles of all persons living in the household are insured

A particular advantage of home contents insurance: The household effects of all persons living in the household are insured. Thus, not only is the policyholder’s bike insured against theft, but also the wheels of other family members .

Cover your bike comprehensively with home contents insurance

In the case of home contents insurance by CosmosDirekt, the insurance cover also covers damages due to theft outside the place of insurance, if the bicycle was demonstrably secured by a lock at the time of the theft – and this around the clock. In basic protection, bicycles are insured up to one percent and in comfort protection up to two percent of the maximum compensation for home contents insurance. With a sum insured of 50,000 euros, a bicycle is thus insured up to a value of 500 euros or 1,000 euros against theft.

What are the disadvantages of home contents insurance for bicycle theft?

Insurance cover is only valid under certain conditions

The insurance cover in the context of home contents insurance applies to bicycle theft only under certain conditions. As already mentioned, it is important that the bicycle is always adequately mechanically secured and stored in premises accessible only to a small group of people.

For example, if you park your bike in the courtyard of your apartment block and do not secure it in addition, the insurance company will not cover the damage incurred if the bike is stolen. So that you do not have to worry about the costs for a new bike, you should inform yourself about the insurance conditions of your home contents insurance regarding bicycle theft.

Bicycle theft is subject to compensation limits

Even if home contents insurance offers basic protection against theft, bicycles are not insured for replacement value, in contrast to the majority of other household goods. Most of them are covered by a certain part of the sum insured.

Whether the compensation limit of usually one percent of the sum insured is a disadvantage, depends primarily on the total value of your bike. For older or used models, the insurance usually covers the total value in case of theft. However, if you own a higher-quality bike, it is advisable to determine from the purchase price and the sum insured, whether an extension of the household insurance is worthwhile. For example, changing your tariffs will allow you to raise your maximum compensation from one to two percent. With a sum insured of 50,000 euros, this is quite noticeable. The hedge would increase from 500 to 1,000 euros.

Additional cost factor

The conclusion of a household insurance is associated with additional costs. Remember, however, that with the insurance you not only cover your bike, but also all your household contents and that of your family. Calculated over the month, the additional financial burden is comparatively low:

For a 70 square meter apartment in Saarbrücken you can fully insure your property from less than 50 euros per year – including the protection against bicycle theft. Converted to the month that is less than five euros.

When is a special bike insurance worthwhile?

For particularly high-quality and expensive wheels, it may be worthwhile to conclude a special bicycle insurance against theft. This is usually offered in two different tariff variants:

  • Partial coverage rate
    The basic protection usually includes a bicycle theft protection and is comparable to the benefits of home contents insurance.
  • Comprehensive tariff
    The more powerful tariff does not only apply to bicycle theft, the insurance also includes a repair protection and also covers other damage costs, which are due for example to vandalism or falls.

The costs for a bicycle partial or comprehensive insurance are not insignificant. To insure a bicycle with a value of 2,000 euros full insurance, the insurance costs more than 200 euros per year.

Your bike was stolen? This is how you behave properly

If your bike was stolen, you should first keep calm. It is important that you act quickly and thoughtfully. This increases the chance that the bicycle theft is cleared up and do not jeopardize your insurance coverage unnecessarily. Proceed as follows:

  1. Contact the police
    You should immediately report a bicycle theft and report it to the police. You need a detailed description of the bike and all stolen components. Coding speeds up the investigation enormously and also increases the chances of success.
  2. Contact your insurance company
    After informing the police, you should report the bicycle theft to your insurance company. Do this as soon as possible, otherwise there is a risk that the insurer will cut or even deny benefits.
  3. Be mobile
    There are several websites that can assist in the private search for a stolen bike. In addition, you can keep an eye on the surrounding area as well as the relevant location such as the station area. The thief may have used your bike for a short distance and then dropped it off.

Important tips for protection against bicycle theft

The Police leaflet contains important information on effective securing and identification of the bicycle. Recommendations are given on the selection of the bicycle lock, the keeping of a bicycle passport, the coding or other marking of a bicycle and the securing of individual bicycle parts. In addition, a bicycle pass, which can be cut out, included.

Conclusion: A double protection against bicycle theft can be worthwhile

Whether used, middle class or luxury bike – you should always disconnect and connect your bike sufficiently. With a corresponding fuse thieves make their project more difficult, and this also has a preventive deterrent effect. In order to avoid being left at the cost of a bicycle theft in case of doubt, insurance is also recommended. For conventional bicycles, an expansion of household insurance is usually sufficient. Special comprehensive insurance for bicycles only pay off for particularly expensive and high-quality wheels.

The 3 best loans to finance a car or a motorbike

Although the Spanish automobile market is growing, the level of sales is still below the European average. In Spain, the sales ratio is 15 vehicles per 1,000 inhabitants, while in the rest of the continent 35-40 cars per 1,000 inhabitants are sold. However, now it is one of the best times to buy a vehicle : the entities offer large loans to finance a car or a motorcycle that we can get without being clients and without having to contract linked insurances.

What are the most advantageous car and motorcycle loans?

Car loans have also been affected by the price war that credit institutions have been facing over the past months. Now it is possible to finance a car or a motorcycle at a low interest and without the need to contract linked products. Here are some examples of the best opportunities to finance a car:

Lender Amount Term Interest I’m interested
Cofidis New Automobile Project Credit € 4,000 – € 15,000 1 to 6 years 6.86% APR Apply for
Cofidis Motorcycle Project Credit € 4,000 – € 15,000 1 to 6 years 9.33% APR Apply for
Orange Loan of ING Direct € 6,000 – € 40,000 1 to 7 years 7.18% APR Apply for

Requirements to finance a car or motorbike

The car loans that we have seen can be requested without being customers of those entities and without having to contract linked products. To lend us the money we need to finance a car, we must meet the following conditions:

Be of legal age and reside in Spain . Depending on the lender and the vehicle we want to buy (car or motorcycle), the minimum age can be 25 or even 35 years.

Have a sufficient source of income to return the credit . Generally, they will ask us to be self-employed or employees with good remuneration or to be pensioners with a sufficient pension.

Have a good credit history . They will not accept our request if they detect that we have had problems returning other loans or if we are registered in delinquent registers

Have a good socio-economic situation . The entities will take into account aspects such as the type of employment contract (indefinite, part-time …), our marital status or the number of people we have in charge.

Keys to finance a car without paying more

Before hiring a car loan we must take into account several keys that will allow us to get the money we need to finance our car or motorcycle without paying more:

Set a budget : we must be realistic and not ask for more money than we can return. Also, if we have savings, it is advisable to use a part to finance the car. In this way, the amount of the credit that we request will be lower and we will not have to pay so much in interest.

Be careful with the deadline : although it is tempting to choose a long term to reimburse comfortably the car credit, it will always be cheaper to pay somewhat higher fees for a shorter period of time.

Choose the car loan with fewer links : linked products such as life insurance, auto insurance or payment protection can increase the price of the loan. Before hiring a loan to finance a car, we must assess whether we pay for these linked insurances or if it is better to request a loan with slightly higher interest, but without linked products.

Have other expenses : the price of the car credit is not the only expense that we must take into account when we buy a new vehicle. Acquiring and maintaining a car or a motorcycle also entails other costs, such as registration tax, road tax, insurance fees and other expenses such as gasoline, tolls, etc.