If you own a bike, you’ll already appreciate the many benefits that come with cycling. From losing weight to saving money on travel, plus the positive effect cycling has on the environment. However, you may be wondering if you’re covered insurance-wise?
Whether you commute to work on a bicycle, trail mountains in your spare time, or take a casual spin at the weekend, this guide will help you protect your two wheels...
Bicycle insurance is a specific type of insurance you can get to cover the cost of replacing or repairing your bike if it is stolen or damaged. Bike insurance also helps protect you financially if you are injured while cycling or cause/are involved in an accident or collision with another person or vehicle.
Strictly speaking, bike insurance isn’t essential or a legal requirement if you’re just cycling on roads or public areas. Your bike may also be covered under your general home insurance or contents insurance policy. However, it’s worth bearing in mind that this only covers you for things like theft or accidents within your home.
As you will be travelling away from home on your bike, it may be worth looking into a specialist policy that offers tailored protection for cycling. Bikes can be expensive to repair or replace, so having a specific bicycle insurance policy could help cover these costs.
While bicycle insurance isn’t a legal requirement for most, it’s worth noting that if you plan to use your bicycle for competition or races, you may need insurance. Check with the organisers beforehand to ensure you’re covered in time for any upcoming events.
If you’re wondering if your standard contents insurance is enough to cover your bicycle, the answer is yes, to some extent. As we discussed above, you are covered for theft or accidental damage that occurs at home under most contents insurance policies.
However, it’s worth checking your documents to check if your bike is definitely included. There may also be a single value limit on how much your home insurance provider will cover your bike for.
If your bike is worth £500 for example, and your insurer only covers £250, you will need to cover the extra £250 yourself, should you need to make a claim. If your bicycle is worth more than the single value limit, it’s worth looking into a separate, specialist bike insurance policy to ensure you’re covered.
Bike insurance offers specific protection for your bicycle and yourself as a cyclist. You can also opt for extra cover if you’re planning to use your bike for a race or competition.
Your policy will often offer cover and add-on options for things like:
The average cost of a single bicycle insurance policy is around £50 for a bicycle worth £1,000 in the UK (2021.) Specialist insurers are more likely to tailor your policy to suit your personal needs and use, rather than offer a general level of cover. As such, bicycle insurance quotes tend to cost more than a standard contents insurance policy.
It all depends how you use your bike - if it is in a professional capacity, it is likely to cost more, as you may be seen as more of a risk. If you use it on the weekends or cycle as a casual hobby, it will probably cost less. Factors such as the type of bike and price you paid for it will also come into play when running a quote.
There are various bicycles you can purchase extra insurance for. These include:
If your bike is self-built or customised, you can also purchase insurance to cover your bicycle’s unique details and specification.
Similar to contents insurance, there are generally two types of cover available for your bike:
If you’re commuting to work via bicycle or run a business relating to cycling, you are covered when you buy a specialist bike policy. Just make sure you make it clear what you intend to use your bike for to get an accurate quote.
It’s also worth checking if your company has a cycle-to-work scheme, as they may include bike insurance within their terms.
Yes, you can choose to add multiple people to your policy as extra add-ons such as family cover. However, it’s worth noting that the minimum age for specialist bicycle insurance is 16. In terms of adding multiple bikes, check with your insurer. Some may include this as an extra option, whereas others may require you to take out a separate policy per bike.
In certain cases, insurers fail to pay out if your bike isn’t secure at the time it is stolen. Ways to prevent this include:
In general, it’s worth weighing up aspects such as the value of your bike, how often you use it, the excess you'd need to pay if you need to make a claim, plus how long you plan to keep the bike for. Regardless of the above, it’s ultimately your decision. If your bike is valuable to you, it’s definitely worth knowing you have the best protection available.
If you’ve decided to buy bike insurance, here are some of the ways you can purchase it:
Check out comparison sites and run multiple quotes with and without extras to compare and get the best price to suit your needs. This will give you a starting point if you fancy haggling with companies.
Most home insurance providers offer contents insurance for cheap and mid-range bikes within their general policies, so it’s worth getting in touch with your current insurance company to see if they offer additional bicycle insurance.
If you’re already a customer, they may give you a better quote. This is where it pays to get a quote elsewhere to see if they will match it.
If you’re looking for the ultimate protection and know exactly what cover you need, it can pay to go to a specialist insurance company. These aren’t always featured on comparison sites, but sometimes they offer a better price for going to them directly.
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