Bicycle insurance coverage – all you require to know

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

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

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

Residence contents

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

Most insurers contain bicycles, but you need to read the terms and situations meticulously. There is typically what’s known as a single item limit, which means the policy will insure person belongings only up to a particular 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 specifically useful, you may for that reason have to spend an additional premium to acquire additional cover.

Verify too that the bike is insured away from the residence. If not, you wouldn’t be able 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 damage as it’s not incorporated as standard on all house contents policies.

No claims

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

Serious cyclists

Much more serious cyclists may well be greater-off with specialist insurance coverage.

Levels of cover vary and you can often decide on various possibilities according to your requirements and pocket. But most cycle insurance coverage policies cover theft and accidental damage up to an agreed quantity, often about £10,000.

You can typically insure up to 3 bikes on the exact same policy, and cycling kit and accessories are normally 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 additional premium.

New for old

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

However, new for old cover normally 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 ought to check that the policy extends to their destination as most supply UK, EU or worldwide cover. And if you are a competitive cyclist, you should confirm that your insurer is pleased to cover the occasion.

Public liability

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

What would occur, for example, if you had been to damage the wing mirror or the pain2rk of an costly auto?

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 condition of the insurance that bikes are kept in a locked shed or garage when not in use. They must 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 specific sort of bike lock.

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

Evaluate premiums

It is simple to discover a good deal on your bike insurance with MoneySuperMarket’s cost comparison site. We can save you time and funds, so you can invest far more on your bike than the insurance policy.

And make sure you study Damian Burke’s 5 top bike safety guidelines

Bicycle insurance coverage – all you require to know