Bicycle Insurance

If you have a bicycle that is worth more than the compensation you would receive under Home Insurance or Family Protection, then we recommend insuring it with Bicycle Insurance.

In Bicycle Insurance, the insured amount is chosen to cover the total value of the bike. When selecting the insurance amount, you should consider both the value of the bike itself and the accessories you have purchased for it.

Note that for compensation to be paid for a bike stolen outdoors, it must have been securely locked to a fixed object. The insurance also covers bicycles with an electric motor up to 5 kW.

In our Home Insurance, each bicycle is insured for 3% of the contents value, up to a maximum of ISK 600,000.*
Example: If the contents value is ISK 15,000,000, then each bicycle in the household is insured up to ISK 450,000. If any family member in this case owns a bicycle worth more than ISK 450,000, we would recommend purchasing Bicycle Insurance for that bike.

*Please note this amount may change according to the index.

The premium for Bicycle Insurance depends on the value of the bike. Our advisors can prepare an offer tailored to the value of your bike.

Bicycle Insurance is valid anywhere in the world, with no time limit on how long it applies abroad.

However, this does not apply to all insurances, so make sure to review your insurance terms. For example, in Home Insurance, Third Party Liability Insurance only applies for travel abroad for three months or less, and Travel Protection applies for up to 92 consecutive days of travel abroad.

The amount of compensation depends on the age of the bike at the time of damage. Used items are worth less than new ones. Therefore, we pay lower compensation for older bicycles than for a new one.

This is known as depreciation, where the value of insured items decreases. In Bicycle Insurance, depreciation for bicycles is among the best on the market, and compensation is paid based on the original purchase price minus 7% annual depreciation, capped at 70% when the bike is 10 years old.

The deductible for Bicycle Insurance is ISK 35,200*, which is deducted from the compensation.

*Please note this amount may change according to the index.