e-bike insurance in Vancouver, BC, Canada?
- Thread starter GaleL
- Start date
I insure it on my homeowners policy on vancouver island. Which leaves a deductible of $1000.00 to be paid on a loss.
Thank you, Scona! But my condo insurance company won't insure an e-bike. I live in an "equity condo." My insurance company is one of only two insurance companies in Vancouver that insure equity condos, so I can't switch. Specialized e-bike insurers offer better insurance for e-bikes than home insurance companies do.
Comfortably Numb
Well-Known Member
Pardon my ignorance. What is an 'equity condo'?
Thanks. CN
Thanks. CN
Most of the condos in New York City are "equity" co-ops. Vancouver, BC, Canada has only about a dozen. A condo is a private residence in a multi-unit structure that includes ownership of commonly used property. A co-op owner pays market value for an interest or share in the entire building, which is a corporation, and a contract or lease that allows the owner to occupy a unit. While a condo owner owns a unit, a co-op owner does not own the unit.
Or, from the following article, "When you buy a co-op apartment, you don’t actually own the physical space, like you would with a condominium (or a suburban home!). Instead, you become a shareholder in a corporation that is made up of everyone who lives in the building. To people outside of NYC, the idea may sound pretty out-there. But it’s hugely popular, and it has a lot of advantages — especially in the midst of a pandemic." Most of the huge, older, very expensive condos in New York City are equity co-ops. You have to be interviewed by the Board. I read that the board of one huge luxury equity condo turned down Cher's application.
Buying a Co-Op in NYC: A Guide for First-Time Buyers
Co-op apartments are common in NYC. What does the term mean, and what's the process of buying one? Find out on the StreetEasy blog.
streeteasy.com
It's not surprising that it's extremely difficult to get a mortgage to buy shares instead of actual property, eh? To get a mortgage on an equity condo, you need a large down payment. Only two insurance companies and two banks in Vancouver deal with equity condos. The insurance is quite easy and cheaper than strata condo insurance.
Now you know!
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EpicTwiglet
Member
For an alternative and to totally not answer the question, I recommend these rather than insurance.
www.juicedbikes.com
I park mine in a garage in a quiet neighborhood overnight, and leave it in very busy areas when shopping or whatever. These options are not available for everyone of course.
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Juiced Bikes Horn/Alarm
The ultimate safety & security accessory for your new e-bike. Warn smartphone-distracted drivers that you are coming and sound the alarm when someone tries to take your bike. Our proprietary horn and alarm are actually the same type used on motorcycles, with all the electronics self-contained...
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I park mine in a garage in a quiet neighborhood overnight, and leave it in very busy areas when shopping or whatever. These options are not available for everyone of course.
Deacon Blues
Well-Known Member
In Vancouver it's not if, but when your bike will be stolen.
Law
Active Member
Is this a recent thing like Seattle ? Always thought of your city to be crime free. Or is it the junkies?
Captain Slow
Well-Known Member
What about owning a folding electric bike? Would you be allowed to carry a folding bike into your unit?
soyabean
Active Member
- Region
- Canada
Since you are here in the forums, it looks like you are real passionate about owning an ebike.
You'll need to decide if keeping your property is worth all the problems you need to dance with said ebike.
This is akin to a pet lover that's living in a place that doesn't allow pets. You can fight all you want, you'll continue to put up with it if you have no intention to relocate.
Keeping on topic, I called my home insurance broker. The ebike is covered as a personal belonging. It may have been because I own a detached home with a heated garage, making theft of my bikes unlikely. Every day that I hear more and more "condo rules" reassures me that I will never sell my house.
"This is akin to a pet lover that's living in a place that doesn't allow pets." No, it's not. My condo building has a separate building made of concrete that is the bicycle bunker. All the residents with e-bikes and bicycles store them in that locked bunker. I follow my building's rules and bylaws.
Well, I sold the family home, where I kept my bicycle in the shed which was part of its basement. I live in West Vancouver, BC, which is the city with the highest per capita income in Canada. It's not crime-free, but close to it. It has a large police force with largely nothing to do. The police station is 2 blocks away from my building. I am very passionate about owning an e-bike. I also love ordinary bicycles, but I am recovering from hip replacement surgery and want something easier at this point in time, so that I can get some exercise and enjoy the outdoors. Vancouver is a city of bike trails, along beaches, up mountains, on sea walls. They are everywhere. The last mayor went a bit crazy with the bike lane thing, converting lanes on bridges and in the heart of our busy downtown into bike lanes and infuriating a lot of car drivers. Have you ever looked into real estate in the city of Vancouver or West Vancouver? The prices are the highest in Canada! A minimum of $1.6 million for a rundown slum.
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Yes, probably! A resident of this building owns a folding electric bike, which he keeps in his suite. BUT... my condo building has a separate concrete bicycle bunker at the far end of its parking lot - locked, of course! The residents keep their bicycles in it - some are very expensive e-bikes. There has never been a theft. The police station is 2 blocks away, and West Vancouver, BC, is not known for its crime. Rather, it's known for its lack of it. Thieves break into houses here; they don't steal bicycles.
Condos suck. But I have a gorgeous view, and I'm only 3 blocks from a beautiful beach. We have an indoor pool, an outdoor pool, a sauna, a whirlpool, an exercise room, a party and movie room, and it was built in the 1960s and considered THE luxury condo building at that time. Having said that, I prefer swimming in the ocean. Condo insurance is different from household insurance. NOT THE SAME. I've had both, by the way.
It's the "homeless," drug addicts, and bums who take transit to commit crimes all over Vancouver.
True - if you live downtown. Downtown is full of addicts and low-lifes. Vancouver's city councils have been attempting to gentrify downtown's historic Gastown area, which is where a friend lives. He has had 2 e-bikes stolen within 3 months. He recently sold his 3rd and bought a motorcycle. Vancouver just recently got rid of the "homeless" tent city - 300 people - which was in a park just east of downtown. Most of those "homeless" drug addicts and low-lifes and thieves are now housed thanks to our local government.
soyabean
Active Member
- Region
- Canada
Then it appears you have decided to endure and put up with your "condo problems".
If you can't get insurance for an ebike that is stolen from a condo locker, you may want to budget yourself for a regular replacement of ebikes when the theft occurs.
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