What is bicycle insurance?
It protects the owner financially against theft, accidental damage and vandalism. Some policies also include legal liability cover. Depending on the insurer, they may offer ‘new for old’ replacements, meaning that you’ll get a brand new model should yours be stolen or damaged beyond repair.
Depending on the policy, bicycle insurance doesn’t usually cover damages arising from wear and tear, or things like wet or dry rot and frost damage. Some insurers will cover tyres and accessories, but read the terms and conditions as these may only be covered if they’re damaged at the same time as the bicycle itself.
Who needs bicycle insurance?
Ayone who can’t afford to replace their bicycle if something should happen to it. A quality bike can be a big investment - often in the thousands of pounds. And, sadly, thefts are common.
The average bike stolen is worth £377
According to data from bicycle insurer Protect Your Bubble, almost three in 10 (28%) cyclists have had bikes pinched – around one in seven (14%) in the past two years. The average bike stolen is worth £377, rising to £651 in London, while almost one in 10 (8%) bikes stolen in the UK are worth more than £1,000.
The scourge of cycle theft has got so bad that three in 10 cyclists now never leave their bikes unattended in public places, even when locked up, because they don’t feel it’s worth the risk.
Bicycle insurance tends to be bought by cyclists who’ve invested a decent amount in a bike, and those who rely on their bikes as their main form of transport.
Is my bicycle covered by home insurance?
Many people make the mistake of presuming their bike is fully covered by the contents of their home insurance policy but this isn’t always the case.
Most policies will only cover the bike if it is stolen from your home and, if you want to add your bike to the policy, you may need to pay extra. Every policy is different so it's always best to check the T&C's.
Be sure to lock your bike right
Most insurers will ask that you lock your bike with a certified lock to an immovable object. Get in the habit of locking your bike up properly even if you’re only leaving it for very short spells.
Questions to ask before you take out a policy
Does the insurer cover my bicycle where I plan to store it when not in use, and can I follow the necessary steps to make that storage location meet the insurer’s requirements?
- Are you covered whilst travelling abroad?
- Does the insurer offer a ‘new for old’ replacement?
- What is the excess cost if I claim?
- Does the insurer cover custom parts?
- Does the insurer cover electric bikes?
Thanks to Stephen Ebbett of specialist bicycle insurer, Protect Your Bubble, for sharing these tips. You can get a bicycle insurance quote here.