Bicycle insurance coverage – all you need to have to know

Far more than half a million bicycles are stolen every single year, and one of them could very easily be yours.

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

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

Property contents

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

Most insurers include bicycles, but you ought to study the terms and conditions meticulously. There is often what’s called a single item limit, which means the policy will insure individual belongings only up to a particular value, 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 useful, you might as a result have to spend an added premium to get added cover.

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

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

No claims

Insuring your bike on a home contents policy can operate out less costly 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.

Severe cyclists

More severe cyclists may well be far better-off with specialist insurance coverage.

Levels of cover differ and you can usually choose various alternatives according to your needs and pocket. But most cycle insurance coverage policies cover theft and accidental harm up to an agreed quantity, usually about £10,000.

You can typically insure up to 3 bikes on the same policy, and cycling kit and accessories are generally incorporated.

Cycle hire

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

New for old

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

Even so, new for old cover typically 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 need to verify that the policy extends to their location as most offer UK, EU or worldwide cover. And if you are a competitive cyclist, you ought to confirm that your insurer is happy to cover the event.

Public liability

Do not neglect public liability insurance coverage, which pays out if you harm an additional particular person or their property. It’s not a legal requirement but it can come in handy.

What would come about, for instance, if you had been to damage the wing mirror or the pain2rk of an high-priced vehicle?

Safety alert

No matter whether you purchase specialist cycle cover or add your bike to your home contents policy, the bicycle should be kept safe.

It’s typically 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 nicely as the frame to the stand, or a thief could make off with the wheels. Some insurers insist on a specific kind of bike lock.

But even if the firm isn’t fussy, it’s a good idea to invest in a powerful D-lock or fat chain with a silver or gold Sold Secure rating.

Examine premiums

It’s straightforward to find a good deal on your bike insurance with MoneySuperMarket’s price comparison website. We can save you time and income, so you can invest more on your bike than the insurance policy.

And make certain you study Damian Burke’s 5 top bike security ideas

Bicycle insurance coverage – all you need to have to know