Bicycle insurance – all you require to know

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

Or what if your bike was broken in an accident? Could you really afford a replacement?

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

Residence contents

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

Most insurers include bicycles, but you must study the terms and conditions very carefully. There is frequently what’s called a single item limit, which means the policy will insure person 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 may well decline your claim.

If your bike is particularly valuable, you may possibly therefore have to spend an added premium to buy additional cover.

Check as well 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 outside the railway station.

You also need to have to make confident that the policy covers accidental damage as it is not integrated as regular on all residence contents policies.

No claims

Insuring your bike on a property contents policy can function out less expensive than acquiring separate cycle insurance, but bear in thoughts that a claim could jeopardise your no claims discount and bump up your contents premium at renewal.

Serious cyclists

A lot more critical cyclists may possibly be better-off with specialist insurance coverage.

Levels of cover vary and you can frequently pick distinct choices according to your wants and pocket. But most cycle insurance coverage policies cover theft and accidental harm up to an agreed amount, typically about £10,000.

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

Cycle employ

A decent policy also covers bicycle hire if your wheels are out of action and you can typically add bicycle roadside recovery for an further premium.

New for old

Most cycle policies insure the bike on a new for old basis, which means the pay-out would cover the cost of a new bike, alternatively of the old bike’s marketplace value at the time of the claim.

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

Competitions and races

Cyclists who travel abroad should verify that the policy extends to their location as most supply UK, EU or worldwide cover. And if you are a competitive cyclist, you should confirm that your insurer is content to cover the occasion.

Public liability

Do not overlook public liability insurance coverage, which pays out if you harm another individual or their property. It’s not a legal requirement but it can come in handy.

What would occur, for instance, if you have been to damage the wing mirror or the pain2rk of an pricey automobile?

Safety alert

Whether or not you buy specialist cycle cover or add your bike to your residence contents policy, the bicycle should be kept safe.

It’s frequently a situation of the insurance 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.

Bear in mind to safe the wheels as properly as the frame to the stand, or a thief could make off with the wheels. Some insurers insist on a particular variety of bike lock.

But even if the firm is not fussy, it is a very good thought to invest in a robust D-lock or fat chain with a silver or gold Sold Secure rating.

Examine premiums

It is simple to locate a good deal on your bike insurance coverage with MoneySuperMarket’s cost comparison website. We can save you time and money, so you can invest a lot more on your bike than the insurance coverage policy.

And make sure you study Damian Burke’s 5 leading bike security guidelines

Bicycle insurance – all you require to know