Bicycle insurance – all you need to know

A lot more than half a million bicycles are stolen every single year, and one of them could effortlessly be yours.

Or what if your bike was damaged in an accident? Could you actually afford a replacement?

Some of the leading high efficiency bikes can set you back thousands of pounds, so insurance is a need to-have.

Property contents

Some cyclists select to cover their bike on their house contents policy – and it is a valid alternative.

Most insurers consist of bicycles, but you must read the terms and situations cautiously. There is often what’s known as a single item limit, which indicates the policy will insure individual belongings only up to a specific worth, which could be as low as £1,000.

And if your bike is stolen when it is left unlocked in your garden, the insurer might decline your claim.

If your bike is specifically beneficial, you may well therefore have to spend an extra premium to get further cover.

Verify also that the bike is insured away from the house. If not, you wouldn’t be capable to claim if, for example, it was stolen from outdoors the railway station.

You also require to make sure that the policy covers accidental damage as it’s not included as regular on all residence contents policies.

No claims

Insuring your bike on a residence contents policy can perform out cheaper than getting separate cycle insurance, but bear in mind that a claim could jeopardise your no claims discount and bump up your contents premium at renewal.

Severe cyclists

Far more critical cyclists may possibly be greater-off with specialist insurance.

Levels of cover vary and you can often decide on diverse options according to your requirements and pocket. But most cycle insurance coverage policies cover theft and accidental harm up to an agreed amount, usually about £10,000.

You can normally insure up to 3 bikes on the very same policy, and cycling kit and accessories are usually incorporated.

Cycle employ

A decent policy also covers bicycle employ if your wheels are out of action and you can normally add bicycle roadside recovery for an added premium.

New for old

Most cycle policies insure the bike on a new for old basis, which means the spend-out would cover the expense of a new bike, rather of the old bike’s market value at the time of the claim.

Nevertheless, new for old cover usually only applies to cycles up to 3 years old. If your bike is any older, the payout will take into account any depreciation in value.

Competitions and races

Cyclists who travel abroad must check that the policy extends to their destination as most offer UK, EU or worldwide cover. And if you are a competitive cyclist, you ought to confirm that your insurer is satisfied to cover the event.

Public liability

Don’t neglect public liability insurance, which pays out if you damage another individual or their house. It’s not a legal requirement but it can come in handy.

What would take place, for instance, if you were to harm the wing mirror or the pain2rk of an high-priced automobile?

Security alert

Regardless of whether you purchase specialist cycle cover or add your bike to your house contents policy, the bicycle should be kept safe.

It’s often a condition of the insurance coverage that bikes are kept in a locked shed or garage when not in use. They ought to also be locked to an immovable bike stand when you are out and about.

Keep in mind to secure the wheels as properly as the frame to the stand, or a thief could make off with the wheels. Some insurers insist on a certain kind of bike lock.

But even if the firm is not fussy, it is a excellent idea to invest in a sturdy D-lock or fat chain with a silver or gold Sold Safe rating.

Evaluate premiums

It’s easy to find a very good deal on your bike insurance coverage with MoneySuperMarket’s cost comparison internet site. We can save you time and cash, so you can spend much more on your bike than the insurance coverage policy.

And make positive you read Damian Burke’s 5 best bike security ideas

Bicycle insurance – all you need to know