Statistics highlighted by the British Crime Survey for 2005/2006 show that more then 400,000 bikes are stolen every year in the UK. The National Bike Registry estimates that figure to be 1.5 million in the US, yet many people do not bother to take out cycle insurance. Some people assume that their bike will be covered by a home insurance policy but often this is an optional extra and bicycles over a certain value have to be specified on the policy and an additional insurance premium paid.
This article looks at why it’s a good idea to take out cycle insurance, especially for keen cyclists who like to take their bikes abroad on holiday.
Why Take Out Cycling Insurance?
There are several reasons for considering specialist cycle insurance apart from covering the cost of a replacement bicycle:
- Many bikes, especially those used for commuting, are stolen away from the home and will not be covered by a standard home contents policy.
- Bikes transported on a car rack may not be covered against theft, especially if left unattended while popping into a service station for fuel or a bite to eat.
- Expensive bikes, particularly top-end mountain bikes, are often stolen to order either inside or outside the home. While the best high quality locks can prevent theft, a specific mountain bike insurance policy gives additional peace of mind.
- Some policies offer liability coverage against potentially expensive third party claims in the event of an accident.
Get a Quote for Bicycle Insurance
The internet has made it very easy to get a cycle insurance quote in the UK. Decide on the type of insurance required from simple theft based on where you live in the UK to overseas travel and even liability insurance in the event of a bike accident.
Insurance cover policy options from bike insurance companies like Cycleguard are usually flexible and can be adapted to suit each cyclist’s personal circumstances. To get a quote simply enter postcode details and the value of the bike(s) that need to be insured, then add any optional extras like worldwide cover or liability insurance.
Tips for Comparing Bicycle Insurance Quotes
As with any type of insurance, it’s worth getting at least three quotes to compare prices between different bicycle insurance providers, then use the following tips to compare policy features:
- Excess – What is the value of the insurance policy excess? Some policies have a high value for top-end bikes.
- Security requirements – Does the policy require the bike to be secured with an approved cycle lock? The additional cost of a high quality lock may make a cheaper policy more expensive.
- Payment methods – Can savings be made by making an annual payment or is it better to pay monthly?
- Travel overseas – Does the policy cover overseas travel and if not, what is the extra payment required?
- Personal liability insurance – Some policies automatically include bicycle accident liability insurance. Read the small print carefully as recreational cyclists or mountain bikers may not need liability in case of a road accident, so this should be an option.
Insuring a Bike
With the basic cost of bicycle insurance being around 10% of the bike’s value, it is worth protecting a bike against theft or damage, especially if planning to take a bike abroad. Like all insurance, the value is only ever seen in the event of a claim, but with the growing number of bikes stolen every year as cycling increases in popularity, a specialist cycle insurance policy offers additional peace of mind.
Related Articles:
Also of interest may be
Adventure Travel Insurance for Cycling Holidays
Best Bicycle Security Tips to Stop Bicycle Theft
Theft Prevention Tips for Bicycle Owners and
Personal Liability Cycle Insurance
Helen Smeaton - Helen Smeaton runs a cycling and hiking business and is also a freelance writer and web designer. Read her profile for more information
