Ontario man's $4,000 e-bike gets stolen, but insurance only covers $1,000

Bicycle thefts soar in the summer months and now many bikes, especially e-bikes, can easily cost $1,000 or more.

If you have an expensive bicycle and believe you’re covered by your home or tenant insurance policy, you may need to pay extra to make sure you are in case it’s stolen.

"If you see my stolen e-bike, call the police as it might be mine,” said Ross Derry, of Oshawa, Ont.

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Derry, 88, started cycling when he was 55 years old and fell in love with it, taking trips several times a week of 30 to 40 kilometres at a time.

When he got into his 80s, he decided to get an e-bike to help him up hills.

"The e-bike is a massive help for the seniors on hills. You lose your urge to climb hills even if you can,” Derry said.

Derry said he was looking forward to another summer of cycling, but his Opus Connect Electric bike, which he paid $4,000 for, was recently stolen.

The e-bike was in his apartment complex's garage, locked onto a bike rack attached to his car, when it was taken.

“I thought with two locks on it there would be no way they would get it – but they did,” he said.

Derry had tenant insurance so he knew his bike was covered, but he was shocked to find out even though he paid $4,000 for his e-bike his coverage was limited to $1,000.

"If I had read the policy and seen I needed extra insurance I may have gotten replacement insurance instead of getting $1,000 for a $4,000 bike,” he said.

It's not just bikes, most insurance polices have limitations on collectibles, artwork and jewelry unless you pay an additional premium known as a rider.

"It's like a mini-insurance policy inside your bigger insurance policy covering one specific item,” said Anne Marie Thomas with the Insurance Bureau of Canada.

Thomas said many people don't realize there are also limitations for cash you have in your home in the event of a robbery or a fire.

"Typically the limit is between $500 to $1,500 that it will cover for cash, so if you're a cash keeper, it's best to keep it in a safety deposit box instead of your home,” she said.

Amid the ongoing problem of bicycle theft, if you have an expensive one you're advised to check your policy.

Meanwhile, Derry said he's not sure if he'll buy another e-bike or if his cycling days are over.

”If it's not safe in the garage, I’ll have to bring it up every time I use it,” said Derry.

Even if you pay additional insurance to cover an expensive bike, artwork or diamond ring there may still be deductibles you have to pay and every policy is different so you have to check yours to know exactly what kind of coverage you have.