Where can I find insurance for a bicycle at the end of the lease?

4 years ago, thanks to a cafeteria plan, Isabelle acquired a speed pedelec worth 4,590 euros. It is an electric bicycle whose pedal assistance can reach up to 45 km/h.

This leasing contract will soon come to an end and Isabelle has the possibility of definitively acquiring this bike for 270 euros. This is her intention, but above all, she wants to be sure that she can have insurance against theft, since almost 100,000 bicycles are stolen every year in Belgium.

Obstacles

At the beginning of his research, she ran into two obstacles. The type of bike – for example, Yuzzu does “not yet” provide speed pedelecs – and the age of it. Axa and P&V offer no Theft warranty for bicycles older than one year. At Ethias, this concerns bicycles over two years old, while Baloise only insures new bicycles.

Solutions

Undeterred, Isabelle continued her tour of the market to find a company willing to offer her theft coverage. And phew, it exists!

This is particularly the case at AG Insurance. “We regularly receive requests to insure second-hand bikes that still have a fairly high value and are more than two years old,” said Laurence Gijs, its spokesperson. And under certain conditions, this insurer can respond favorably.



“We regularly receive requests to insure second-hand bikes that still have a fairly high value and are more than two years old.

Laurence Gijs

AG Insurance spokesperson

Insurance can be based on a “second-hand” invoice issued by a professional reseller officially approved by the brand of the bike. “It is assumed at this point that the invoice gives a correct current value.

When a customer buy a bike from a private individualthe insurance can then rely on an expertise carried out at a bicycle dealer of the brand concerned. “The bicycle seller can make an assessment of the value of the bicycle and record it in an official document that he gives to the customer. Insurance can be purchased on the basis of this value.”

As part of an insurance that follows a leasing“we could offer bicycle insurance using the original invoice for the bicycle (since it is a takeover of an existing insurance contract), but since the bicycle is more than 4 years old in the stated case, it will not be interesting for the customer to insure on the basis of the value in the original invoice. The depreciation is high because the date of the original invoice is taken as the starting point and the premium is therefore too high compared to the value that is actually paid in the event of a claim.

“In order to obtain insurance on the basis of a correct value, we therefore recommend having the the value by a professional seller of this brand of bike.”

Note that if you stipulate well to the insurance companies that the bike was already insured for a theft guarantee with an insurer previous or with the leasing company, it is possible to derogate from the rule which provides that a bicycle more than one or two years old cannot be insured against theft.

This is the case among others with Axa, Belfius, KBC or Yuzzu. “If it is a trade-in of a bicycle insured elsewhere, even if it is already a few years old, our conditions of acceptance for theft cover are more flexible, subject to proof that the bike was well insured until the date of recovery and that it is in good condition“, specifies Belfius.

Prices

For a bicycle of value of 1,000 euroscount 48 euros on an annual basis for theft and material damage insurance at AG Insurancefor example, 82 euros for a value of 2,500 euro, and 132 euros for a value of 4,000 euros. At the house of BelfiusIsabelle should be fine for 155 euros. But this rate may vary depending on where you live.

If needed, you can also add a blanket Assistance (15 euros at AG Insurance) and coverage Accident (42 euros). Finally, “note that there is no specific deadline to respect for the subscription a Top Vélo (the name of our insurance) after the end of the lease“, concludes Laurence Gijs.

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