Home is where the bike is
Taking out insurance could be worthwhile if you often leave your (valuable) bike outside. But if you park your bike inside your home, it is covered by your household insurance in the case of theft.
Bike insurance is still in its early days
The small number of bikes that are insured (and thus the small number of claims), the sharp fluctuations in risk, and the absence of detailed statistics make it hard to evaluate risk and determining premiums. Therefore, be prepared for large mark-ups and high premiums from insurers.
Another drawback: for the moment you can only take out insurance cover for new bikes and for a maximum period of 5 years (at the end of which, your bike will no longer be insured). So it is best to invest in a good bike lock and to learn how to secure your bike properly.
If you want to take out insurance, be aware that the insurer generally requires that you:
- use an approved bike lock (the insurer will provide a list of options);
- provide proof that you were using the lock when the hypothetical theft took place (by sending them the two keys matching the lock);
- make a report of the theft to the police.