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Whether it's the TOUR-Transalp or the Ötztaler Cycle Marathon, the racing bikes on the starting grid are often almost indistinguishable from those of the pros - and not only attentive TOUR readers know that such top bikes can easily cost 10,000 euros or more. Owners of valuable racing bikes and gravel bikes in particular are therefore well advised to take out comprehensive insurance cover against theft (or other risks). Such special bicycle theft insurance with a comprehensive benefits package is now available from many providers.
If you want to be on the safe side, find out about fully comprehensive policies that also cover vandalism or wear and tear. More attractive than in the past is the option of insuring your racer through your household contents insurance; many insurers have also tuned their policies for the benefit of policyholders with attractive premiums. If you have already insured your bikes through your existing policy, you should definitely check the sum insured from time to time; the agreed bike values often do not correspond to the current or replacement value of the current fleet. A new purchase should therefore always be an opportunity to review the agreed sums insured.
Bicycle theft in figures
Current statistics show that bicycle theft is not just a scare tactic, as bicycles are becoming increasingly popular as stolen goods and are even attractive prey for organised crime. According to police crime statistics, around 264,000 bicycles were stolen in Germany in 2023. This figure includes both insured and uninsured bicycles.
However, it is assumed that many bicycle thefts are not reported, meaning that the number of unreported thefts is likely to be much higher. Experts estimate that the actual number of stolen bicycles could be around 600,000 per year. According to the German Insurance Association, the average compensation per bike is currently 1100 euros and rising.
Bicycle theft insurance: be sure to check old contracts
Firstly, it is advisable to check the cover provided by your existing insurance. A good bicycle theft insurance policy should cover the current value of the bike - including expensive accessories or components, such as a retrofitted higher-quality wheelset. This is the only way to compensate or at least minimise the financial loss in the event of damage.
Another important point is where and how the bike is parked or secured. In the locked private area of a communal cellar, for example, the bike does not need to be additionally secured - but it does in a freely accessible bike shed. Many insurance companies also require a lock of a certain security class or with a special seal of approval (e.g. VdS or Sold Secure). It is essential that these requirements are met, otherwise the bicycle theft insurance may not pay out. Conversely, insurers offer more favourable premiums if a lock with a higher security class is used. This saves money and increases the bike's protection against theft.
The scope of the insurance should also be checked carefully. In addition to theft, vandalism, accidents and damage caused by forces of nature can also be insured. It is therefore advisable to think carefully about which risks should be covered and whether the scope of insurance meets your individual needs. Possible restrictions should also be taken into account, such as the so-called night-time clause, which only covers bicycle theft between six in the morning and 10 pm. Although such clauses can reduce the premium, they significantly restrict the insurance cover or may render it worthless.
Bicycle theft insurance: the security class of the lock is crucial
In order to obtain insurance cover for your bicycle, you must purchase a recognised bicycle lock. The decisive factor here is the security class of the lock, according to the VdS or Sold Secure test seals. Insurers require at least level 5, which must be proven with proof of purchase. Insurance companies often offer more favourable premiums if a lock with a higher security class is used; the installation of a GPS trackers on the wheel can also reduce the premium.
Two examples: The Abus Yardo fingerprint locks and Bordo 6200 K (next picture) have security classes 8 and 13 and fulfil the requirements of the insurers.
Insurance benefits are improving
Another point that is often overlooked is the excess and the amount of the premium. Although a higher excess can reduce the monthly premium, it also means higher costs in the event of a claim. It is therefore important to carefully weigh up which excess is acceptable and how this affects the premium amount.
On the positive side, insurance benefits have improved on average over the past few years - and above all have become more individualised. For example, if you live in a city flat with a shared basement, the risk of theft is rated higher than if you live in your own home with a garage in the countryside. Anyone taking part in events abroad, at a training camp or having to store their bike in a hotel during a holiday tour also has a greater need for protection when it comes to bicycle theft insurance. For these cases, there are extensions that also cover theft abroad, for example.
Important: Study the small print regarding the requirements for securing the bike. For example, many insurance policies only pay out if the bike was properly secured, keyword: access to the garage or cellar in the hotel.
Bicycle theft insurance - checklist: The most important tips
Before taking out a new policy or changing providers, it is important to establish your individual circumstances and wishes. Five tips:
- Check the sum insured: Make sure that the insurance covers the value of your bike.
- Observe safety requirements: Pay attention to the requirements for the bike lock, define your living situation or travelling habits, keyword foreign protection.
- Scope of insurance: Check what damage is covered. Are components such as the saddle or bike computer included?
- Deductible and premium amount: Think about how high your excess should be. Policies without an excess are correspondingly more expensive.
- Compare providers: Check the insurance benefits carefully and prioritise your cover. Insurance brokers or comparison portals provide a quick initial overview.
Matthias Borchers
Editor
