Bicycle insurance
Bicycles, both conventional and electric, are well covered with us, because after the first year the value of the bicycle only depreciates by 10% annually from the purchase price. Depreciation stops when the value has reached 30% of the original purchase price.
There is no need to carry the bicycle with you everywhere. Keep it in locked storage or use a secure bicycle lock.
We recommend bicycle insurance if you have a bicycle worth ISK 200,000 or more.
The deductible is always ISK 50,000 regardless of the value of the bicycle.
The premium you pay per year is based on the value of the bicycle in that year after depreciation and not the original purchase price.
If you have home insurance, you get a 50% discount on the premium.
If you or your spouse have home insurance policy that includes leisure time accident insurance, it covers damage that occurs during training and competition in cycling without additional charge.
The bicycle insurance covers all sudden, external events which are not specifically excluded.
The insurance is valid in Iceland and during travelling for up to 92 days, plus the time it takes to transport the bicycle between countries.
The insurance covers
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All damage to a bicycle due to sudden, external events unless otherwise expressly stated.
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Theft of a bicycle that has been reported to the police where the bicycle is not found within 14 days of the theft.
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Damage due to falling rocks, landslides, avalanches from mountain slopes, mud or water floods, and lightning.
The insurance does not cover
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Bicycle wear and tear due to use, e.g. corrosion, rust and other normal wear and tear.
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Damage to the bicycle due to scratches, dents or damage if it does not impair its usefulness.
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Damage due to failure, incorrect assembly or defect.
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Theft if the bicycle was not kept in locked storage or locked to a fixed object.
Please note that the information about the insurance is not exhaustive. More detailed information can be found in the insurance terms.
In case of a discrepancy between this information and the insurance terms, the insurance terms apply.
Insurance terms and other information
The insurance terms is your contract with VÍS. It is important to thoroughly read the terms and understand what is covered and what is not, before purchasing the insurance.
We point out that the information document contains a brief summary of the main aspects of the insurance. Further information about the insurance can be found in the insurance terms.
Insurance terms and information document
If you have bicycle insurance
you may also be interested in the following insurances.
Family and home contents insurance
What we all have in common is that we can encounter unexpected events in life that cause damage to possessions or accidents to people. Therefore, it is important that you have appropriate coverage for your family and your belongings.
Property insurance
Buying a property is usually the biggest investment we make in our life. It is therefore important that we make sure that the property is properly insured to minimize the financial consequences of property damage.
Life and health insurance
No one expects to lose their health or get into a serious accident, but the fact is that it can happen to all of us. With life and health insurance, you reduce the financial consequences of damage to your health
Travel insurance
Are you planning a trip? Whether you are travelling for pleasure, study, work or other reasons, we recommend that you check whether you have travel insurance that suits you.
Animal insurance
Animals need insurance just like any other family member. We have extensive experience in insuring animals and offer several types of animal insurance for horses, dogs and cats that you can combine according to your needs.