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Liability insurance

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Old 05-16-18, 09:22 AM
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salcedo
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Liability insurance

Do any of you have any?

I became curious about it and tried to do some research online. I couldn't even find a major company providing liability insurance for cyclists in Ontario.
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Old 05-16-18, 09:27 AM
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MoAlpha
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I carry an "umbrella" policy for personal liability. It's not expensive and anyone with significant assets needs one.
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Old 05-16-18, 09:35 AM
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prathmann
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Our Homeowners insurance covers liability for most possibilities other than motor vehicle crashes or intentional acts. It does cover liability for bicycling crashes. But insurance policies differ by country and state/province.
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Old 05-16-18, 12:30 PM
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Stormsedge
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An "umbrella" policy is the way to go.
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Old 05-16-18, 02:47 PM
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I think the risk is so low...that a normal person would be just wasting money.

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Old 05-16-18, 04:07 PM
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The League of American Bicyclists offers its members (bike clubs only?) a national insurance program that is really good and very inexpensive. You can read more about it here: https://appsrv4.amerspec.com/dbweb/f?p=144:2::::::

I have no idea whether they would accept individuals but it might be worth contacting them.
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Old 05-16-18, 04:18 PM
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Oneder
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Best insurance policy, don't speed on the sidewalk or mup.
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Old 05-16-18, 04:30 PM
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Originally Posted by mtb_addict View Post
I think the risk is so low...that a normal person would be just wasting money.
The risk is indeed low which is why it's normally included at no extra cost as part of either homeowners or renters insurance. If you have either of these check with your agent to see if you're already covered and to what amount. An umbrella policy would extend the coverage limits but usually requires that you already have auto and home coverage from the same company with high limits.
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Old 05-26-18, 11:20 AM
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Has anyone mentioned an umbrella policy?
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Old 05-26-18, 09:31 PM
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Salcedo

per website:

Ontario Cycling Association Insurance and
Cycling Canada National Insurance Program – Bicycle Insurance


Coverage for bicycles is available, which includes all perils for physical damage, theft of your bicycle, crashing your bicycle (even while racing) and accidental damage, up to values of $25,000!



Coverage Benefits
  • Territorial Limit Canada and the USA
  • Bikes at home, events and in a transition area at a race / event are not excluded
  • purchase price up to 2 years (“new for old”)
  • includes theft, vandalism, crash, and storm damage
  • No exclusion on loaning to a family member
For more details and information Click HERE


Premium:
$2,500 bike values is $88.00 a year / Competition coverage endorsement is $188.00 a year
$5,000 bike value is $175.00 a year / Competition coverage endorsement is $375.00 a year
$10,000 bike value is $350.00 a year / Competition coverage endorsement is $750 a year

All bikes are subject to Deductible is 5% of the insured value, subject to a minimum of $250 and a maximum of $500.

How to apply:
  • Confirmed 2015 member of an affiliated Cycling Canada province in good standing. Proof of membership is required in order to purchase this coverage
  • Contact Peter Fetherston at [email protected] or (905) 886-5630 Ext 1428 for application and submit with payment.
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Old 05-31-18, 04:05 PM
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Originally Posted by MoAlpha View Post
I carry an "umbrella" policy for personal liability. It's not expensive and anyone with significant assets needs one.
This is the best and cheapest way to go. It really is quite cheap.
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Old 06-01-18, 07:13 AM
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jefnvk
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Dunno if it is the same thing as an umbrella policy, but homeowners covers me for liability for anything but auto incidents. Had it with renters too.
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Old 06-01-18, 07:52 AM
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Originally Posted by jefnvk View Post
Dunno if it is the same thing as an umbrella policy, but homeowners covers me for liability for anything but auto incidents. Had it with renters too.
An umbrella policy kicks in when that coverage is exhausted. If your home and auto liability don't cover the total value of your assets and a few years of future earnings, you are living dangerously.
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Old 06-01-18, 01:28 PM
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dipy911
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Auto policy covers my bicycle riding as long as I don't drink and bike.
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Old 06-01-18, 02:12 PM
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Skipjacks
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One safety tip about liability insurance...

When you have an incident, don't mention that you have liability insurance. When you have insurance, you have a well financed payment opportunity for the other person's lawyer to go after. With insurance they will often take the lawsuit route because they know you have means to pay.

If they don't know you have the insurance they may not try to sue you for damages as lawyers will often say "Even if we win we may not be able to collect"

See if you can settle up first, then file the liability claim to cover your losses. Keep the liability carrier involved and let them advise you the best way to do that, but don't get up from an accident and say "It's cool, my insurance will cover this for you." When you do that it tends to cause contusions and trauma and other hard to pinpoint/diagnose medial ailments.
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Old 06-04-18, 03:46 AM
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Chris0516
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It is hard to find.
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Old 06-07-18, 02:52 PM
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blue192
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I too live in Ontario and you can get insurance for your bike with your homeowner's/tenant's policy. I did this with my electric bike.
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