What does the insurance cover in the event of damage?

Do you need an extra insurance for your beloved bike or does the household insurance cover it? Find out here!

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Generally, Home Contents Insurance does not automatically cover your bike. Exceptions exist in the case of burglary and robbery. You also have the option of extending the scope of your Home Contents Insurance. For a slightly higher premium, you can insure all bicycles in your household against simple theft.

What does Home Contents Insurance pay in the event of burglary or robbery?

If your bicycle is in your home, a locked basement room, or in the locked garage, it takes a burglary to steal it. If a bicycle is stolen in the course of a burglary, the Home Contents Insurance will replace the bicycle up to a certain maximum amount. 

When does a robbery occur? 

Since Home Contents Insurance also covers robbery in addition to burglary, it will reimburse you for the cost of your bike if it is taken from you as a result of robbery. Robbery is when someone takes your bike away from you by force or under threat of force. For example, if someone threatens you with a knife to steal your bike, it is robbery. The same applies if someone hits you and then takes your bike. In these types of burglary cases, Home Contents Insurance will replace the bike. 

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Other damages to the bike

Since your bike (and the bikes of the other members of your household) are part of your Home Contents Insurance, you are also covered for damage caused in other ways. With Home Contents Insurance, you protect yourself against damage caused by the following events:

  • Fire
  • Explosion
  • Lightning strike
  • Implosion
  • Deflagration
  • Overvoltage
  • Burglary
  • Vandalism
  • Robbery
  • Line water damage

If a fire, explosion, or other such event destroys your bicycle, you will receive compensation from the Home Contents Insurance. If a repair is possible, Home Contents Insurance will pay for the resulting costs. If, for example, your cellar is under water due to a burst pipe; parts of your bike are damaged but it can be fixed with a simple repair.  

Reimbursement may depend on the sum insured

The maximum replacement value that will be reimbursed for your bike depends on the sum insured in the Home Contents Insurance. You determine the sum insured when you take out Home Contents Insurance. It should correspond to the value of everything in your home, garage, and basement. Since it is difficult to estimate this value, insurers recommend a lump sum per square meter of living space. In this case, they usually waive the underinsurance clause. At Luko, this is an amount of 650 euros per square meter. 

Some insurers reimburse a bicycle in Home Contents Insurance in the event of burglary or robbery. They cover 1 - 5% of the sum insured. For example, if the sum insured under your Home Contents Insurance is 40,000 euros, you will receive a maximum of 400 to 2,000 euros for the bicycle stolen as a result of burglary or robbery. By the way, Luko does not have this limit. We cover the replacement value of your bicycle and your pedelec. Luko basic Home Contents Insurance also reimburses the costs for destroyed or burgled bike trailers up to 500 Euros. If you choose the Plus tariff, the reimbursement amount is up to 1,000 euros and in the Premium tariff there is no reimbursement limit. 

If thieves do not steal your bike during a break-in, but only damage it, this is considered vandalism. Home Contents Insurance also covers this and pays the repair costs.

Insurance coverage even without your own Home Contents protection

Don't have your own Home Contents Insurance because you still live with your parents? In this case, your parents' Home Contents Insurance will cover your damages. Maybe you live in a shared flat? Then make sure that the Home Contents Insurance covers the property of all flat-share members. In this case, the main tenant of the apartment takes out the Home Contents Insurance policy and specifies all flat-sharing members as flatmates. 

Your Home Contents Insurance also covers borrowed bikes

The Home Contents Insurance coverage or that of your parents also applies to a borrowed bicycle. Maybe you have a bike in your basement that you borrowed from friends for a bike tour. Then, of all things, there is a break-in in your cellar and the borrowed bike is stolen. This is also insured; your Home Contents Insurance will reimburse your friends for the replacement value of the bike. 

Special feature for old insurance contracts

Until about 20 years ago, Home Contents Insurance also included protection for bicycles in the event of simple theft. If your bike is stolen in front of a store or at the train station, Home Contents Insurance with a contract from that time also covers it. If you still live with your parents and they have such an old Home Contents  Insurance, it is worth taking a look at the policy. 

Home Contents Insurance with bicycle as additional protection

As mentioned above, you can choose an add-on to the Home Contents Insurance to cover the bicycles in your household. This insures the bicycles of all your housemates against theft. It is important that you are all registered in the apartment. This is especially true for shared apartments. 

With the bike add-on, you get the insurance benefit even if your bike is stolen outside your local pub or anywhere else. Even if someone steals only parts of the bike, the insurance will pay the replacement. 

It doesn't matter when the theft occurs. The bicycle add-on is valid around the clock and around the world. As part of the external insurance, Luko will also pay for a bicycle theft while on vacation. This applies to stays of up to three months.  

With the bike add-on, you choose the sum insured yourself. It should correspond to the value of your bike. Home Contents Insurance with bicycle add-on is available with sums insured between 500 and 5,000 euros. 

Do you want even more protection for your bike?

Is your bike is more expensive than 5.000 Euro? For bicycles with a value of up to 10,000 euros, you can take out special Bicycle Insurance with Luko. As sum insured, you choose the new price of your bike. This way, even your most expensive bike is insured against theft worldwide and around the clock. The bicycle insurance also covers the theft of permanently attached bicycle parts. A child's seat or panniers are not included, as thieves can simply remove them from the bike. 

In case of theft within the first three years after the purchase of your new bike, the bicycle insurance pays you the new price. The reimbursement is reduced in the following years according to the reduction in value as follows:

  • in the fourth year to 85 percent
  • 70 percent in the fifth year
  • 55 percent in the sixth year
  • after the seventh year to 40 percent

Luko's Bike Insurance will reimburse you for the value of your bike even if it is stolen from a locked vehicle or from a bike rack. 

An important condition for reimbursement: a good lock

Insurance will only cover your loss due to bicycle theft if your bicycle is locked. Even in your apartment or basement, you must protect it from theft or burglary with a lock. A plug-in lock or rim lock permanently mounted on the bicycle is not sufficient as a security measure. You need a separate bike lock to protect your bike from theft. Otherwise, you will be considered to have committed gross negligence and will receive a maximum of ten percent of the replacement value of your bike.