Insurance: Are you covered?
Comprehensive Commuter Cycling Insurance PLUS HUB Cycling Members Discount
HUB Cycling has partnered with Pedal Power Insurance to offer unique coverage for people who cycle for regular commuting and other daily purposes. Other specialized insurers only offer coverage for competitive cycling. Pedal Power offers insurance for those of us who just use our bikes to get around.
HUB Cycling is pleased to present Pedal Power’s commuter cyclist insurance application page, which allows you to request a quote for any and all insurance elements you need.
We are especially pleased that Pedal Power is providing a 15% discount to confirmed HUB Cycling members. Indicate on the application that you are a current HUB Cycling member. HUB Cycling will confirm your status with Pedal Power so you receive the discount.
HUB Cycling has collected the following information to help you understand and assess your situation.
Insurance for City Cyclists: Theft / Loss, Injury and Liability Coverage
Many city / commuter cyclists don’t know what insurance they need (or may already have) to cover theft, injury, and liability.
We are pleased to have entered into a partnership with Pedal Power Insurance to inform our networks about their policy options covering theft, injury and liability, and to provide a policy discount on Pedal Power insurance to verified HUB Cycling members.
Coverage Descriptions and Options
As cyclists, we do our best to keep ourselves safe on the roads, and keep our valued machines from being damaged or stolen. But have you ever thought about what would happen if your bike were stolen, or if you were to get in a collision or even cause one? Insurance to cover these three events (theft/loss, collision/injury, and liability) can support you.
1. Theft and Loss
Standard homeowner’s or tenant’s insurance policies typically cover bike theft/loss up to $1000-$5000*, and this protection extends to when you’re travelling. However, standard policies may not cover the full value of your bike (depending on what it’s worth) and may have a high deductible (up to $1000) for claims. For around $5 per $100 of value of your bike per year, you can add special coverage for your bike (an endorsement) to your homeowner’s or tenant’s insurance. This can cover the full value of your bike, and have a zero or low deductible in the case you need to make a claim.
2. Collision and Injury
For bike injury-related healthcare costs that extend beyond what’s covered by your Medical Services Plan, a couple of insurance policies may apply in supporting your return to health. If you’re hurt in a collision where a driver is at fault, the driver’s auto insurance will cover medical costs including dental care and physiotherapy, as well as general damages for pain and suffering, and wage loss. Of note, holding a valid BC driver’s license can support you with $1M in the case that at-fault drivers are underinsured, and this protection can be bumped up to $2M for an additional $25/year. Extended benefits packages (e.g. Pacific Blue Cross), or mortgage insurance generally provide “accidental death and disability” coverage which provide pay-outs for different amounts depending on your injury.
In the case you are deemed at fault for a collision, you may need third-party liability insurance to cover damages. Standard homeowner’s/ tenant’s insurance contracts cover around $2M in third-party liability. Not all contracts cover you though - it’s important to check the wording in your policy to determine what specific liability coverage you have.
Your cycling insurance ‘checklist’: Ensuring your coverage is complete.
We recommend taking these three steps to get to ‘the bottom’ of what you’re covered for and what additional insurance you might benefit from:
1. Review the table to get a sense of which insurance plans you already have that might give you coverage (check marks indicate the types of insurance may apply)
2. Review the language in your plans to get a better sense of what’s covered in the policy
3. Talk to the providers of your existing plans to get some more clarity the parts that seem tricky to interpret
4. Stay safe on the roads and enjoy your ride! See our safety courses and resources for more info on how to keep cycling enjoyable and safe.
The HUB Cycling team thanks our committed volunteer Paul McArthur for all his work researching and developing this information package for Metro Vancouver cyclists.
* We’ve added estimates in the article for guidance, but depending on the provider, insurance policies can range significantly in what they cover. We recommend reviewing the language of your policy with your provider to figure out what, how much, and under what conditions your insurance extends to cover you and your bike.
A printable version of chart and information can be found here.