Do cyclists require insurance?
Is insurance necessary for riding a bicycle on the road?
Can bicycle insurance provide protection against theft?
In brief, it is not a legal obligation, but it may be a prudent decision.
Considering purchasing insurance for bicycles is highly recommended if you wish to safeguard your bike against theft and accidental damage. Additionally, it can provide coverage for various eventualities if you frequently engage in traveling and racing.
This comprehensive guide is the ultimate resource for selecting the finest bicycle insurance available on the internet. It will assist in making an educated choice regarding the type of coverage that may be needed.
To swiftly obtain a quote, please visit our insurance comparison tool, developed in collaboration with QuoteZone, by clicking here. In a matter of seconds, you can receive a cycling insurance quote.
In this guide, we will provide a comprehensive overview of the different options available for specialized bicycle insurance, addressing the primary concerns shared by bicycle owners:
What are the various choices for insuring a bicycle?
Bicycle insurance incorporating your home contents insurance policy
Insuring your bike through your home insurance is the preferred method for ensuring the safety and security of your bike. As evidenced by a survey conducted by BikeRadar in April 2016, a significant majority, 75 percent, of bike owners choose to insure their bikes through their home insurance policy.
The appeal of doing so is obvious; incorporating your bike within your home insurance keeps everything neatly bundled into one comprehensive package and is one less thing to consider when it comes to renewal. The convenience and simplicity of this approach holds great value for those seeking a hassle-free policy that adequately covers the basics or for individuals looking to insure a budget-friendly bike.
However, it is important to recognize that insuring your bike under your home insurance policy has its drawbacks, especially for avid cyclists. This is where specialized bicycle insurance comes into play.
Specialist bicycle insurance
Specialist insurance policies for bicycles are specifically tailored to cater to the needs of more dedicated cyclists. These policies offer coverage for various scenarios that are not typically provided by standard home insurance. Here are the main areas covered by specialist insurance, which are not included in home insurance:
- Protection for families and households with multiple bikes
- Insurance for kit damage during racing events
- Compensation for lost race fees if unable to participate
- Additional coverage for bike accessories
- Protection for cycle clothing
- Ranging from minor to major personal accident coverage
- Public liability coverage in case you cause an injury to someone else
- Emergency roadside assistance
We will now dive deeper into each of these areas, highlighting the key points you should be aware of, and comparing the advantages of specialized bicycle insurance with general insurance products.
What type of bicycle insurance cover do I need?
Bicycle theft insurance
Having your bike stolen is undeniably a distressing experience. In a survey conducted by BikeRadar, the majority of respondents expressed their primary interest in bicycle theft insurance.
This preference is well-founded. With a staggering 276,000 bikes stolen in the UK during 2017 (as reported by the Office for National Statistics), it is evident that bicycles are highly sought-after targets for thieves.
Bicycle theft insurance provides you with the means to recover the cost of a new bike in the unfortunate event of theft. Many insurers now offer the option to replace your stolen bike with a brand new one.
Given the steep competition in the market, coverage for bicycle theft insurance has improved significantly, providing consumers with numerous policy options to choose from. It is crucial to thoroughly compare and explore these options to ensure you select the most suitable policy for your needs.
Ensuring Your Bike is Properly Covered
While it is essential to carry out your due diligence when choosing an insurance provider, it is worth noting that market leaders now have an impressive claims payout rate of up to 95 percent.
If you plan to insure your bike through your home insurance, the first step is to verify its coverage under your current policy.
Most policies include basic bicycle cover under the umbrella of “personal belongings.” However, it is important to be aware that some policies impose a maximum claim limit, which may not align with the value of your beloved bike. In fact, certain policies set these limits as low as £350.
Fortunately, there are providers that allow you to increase the maximum value of your personal belongings. To determine the appropriate level for this limit, it is advisable to have a direct conversation with your provider. Ideally, the best policies offer coverage of up to £15,000.
It is worth mentioning that opting for specialist coverage, along with the associated benefits it brings, may offer a more cost-effective solution when compared to increasing your premium.
Home insurance policies often have specific requirements regarding the storage of bicycles. Most policies only cover bikes when stored indoors or suitably secured in a garage or shed. For cyclists who enjoy riding outdoors, this limitation can be quite inconvenient.
However, there are home insurance providers that allow coverage to be extended beyond the home environment. For instance, both M&S Bank and Hiscox Insurance provide the option of adding ‘away from home’ coverage for an extra premium.
It is crucial to carefully review the policy details and ensure that your insurance covers your bike while it is in use. Some insurers only provide coverage for accidental damage or theft when the bike is stationary or being stored.
The same advice should be taken into consideration when opting for specialist cover. Additionally, make sure to familiarize yourself with the rules regarding bike storage in a car, particularly overnight. Certain home insurance policies stipulate that bikes must be kept hidden from sight, as failure to do so may invalidate your cover.
Insuring Multiple Bikes
If you happen to own more than one bike, it’s a wise decision to explore different options. This is because certain insurance providers offer substantial discounts – sometimes up to 60 percent – for additional bikes.
Seeking Home Insurance Coverage
A word of caution: while it may be apparent to experienced cyclists, explaining to a home insurance provider that a bicycle could actually be worth much more than a car can prove to be quite challenging. In such a situation, it is recommended to approach a specialist provider who is more likely to understand the value.
Opting for Renters/Tenants Insurance
If you do not own your own home and prefer not to pursue specialized coverage, it is worth considering insuring your bike with renters/tenants insurance.
All the same advice for home insurance applies here, so be sure to compare different options and consult your provider for all the intricate details. Pay particular attention if you reside in shared accommodation as this may complicate matters.
Insurance for Cycling Events
Investing in insurance for racing can also prove to be advantageous. Peter Smith suggests that if racing plays a significant role in your cycling life, it is worth exploring insurance options that can benefit you.
When participating in a well-organized event, your entry fees typically include third-party insurance. This coverage protects both you and the event organizer in case of injuries to spectators or damage to property.
However, it is important to note that this insurance is unlikely to cover personal injury, bike damage, or harm caused to fellow competitors and their bikes.
Most specialized bike insurance providers offer the option to add dedicated event coverage, while traditional home insurance providers rarely provide this service.
Depending on the provider you choose, they may also provide coverage for accidental damage to your bike and equipment during a race. Additionally, they may cover theft during transitions.
In the unfortunate event that you are injured before an event and unable to attend, some insurers may even compensate for the loss of entry fees.
If you only plan on participating in a few events throughout the year and do not wish to pay for a full year of coverage, it is worth exploring short-term insurance options. Certain providers offer coverage for specific weeks at a time.
It is important to note that certain policies may exclude mass start events, criterium races, and the more extreme aspects of the sport, such as trials riding and events like the Megavalanche. Therefore, it is crucial to choose coverage that aligns with your specific needs.
Accidental damage insurance
Accidental damage incidents occur unexpectedly. Some insurance policies offer coverage for such unforeseen mishaps.
For many specialized bicycle insurance providers, although theft is a major worry for cyclists, claims related to accidental damage constitute the largest portion.
For instance, according to Bikmo’s Open Project, a staggering 83 percent of their claims were related to accidental damage.
Accidental damage coverage generally includes the replacement of an entire bicycle, as well as individual components and accessories, depending on the extent of coverage you select.
While home insurance may provide adequate coverage for more expensive items such as GPS devices and top-notch road or mountain bike helmets, opting for specialized cover is typically a better choice to ensure comprehensive protection for your entire cycling kit.
However, determining the best options for accidental damage coverage may not be as straightforward as for theft coverage, so it’s advisable to compare policies and explore different providers if you tend to be accident-prone.
Cycling travel insurance
If you are planning to travel abroad with your bike, it is crucial to ensure proper coverage.
Investigating insurance options from specialized providers may prove to be a superior choice compared to non-specialist travel insurance.
Non-specialist travel insurance policies may cover you if you happen to ride a bike while on holiday, but are unlikely to cover you if the trip is explicitly a cycling holiday. Such a policy will also almost certainly not cover mountain biking or any form of racing.
Most travel insurance policies will also not pay the costs of a hire bike if your bike is damaged in transit.
Specialist bike insurance policies are much more likely to cover such eventualities and are pretty much the only way to make sure you’re covered if you are racing.
If you’re going abroad to race in an ultra-endurance event, check the details of your plan because some include distance or duration limits.
See how relaxed these guys are? That’s because they made sure their travel insurance had them covered before they left.
Some home insurance policies that cover your bike against theft or damage when away from the home will also have limited cover when abroad.
Be sure to pay close attention to the terms of your policy, but pay particular attention to rules around theft and accidental damage when in transit.
Like racing insurance, most specialist providers will also offer short-term packages.
Membership of certain cycling clubs will also cover you for some trips abroad.
Personal accident insurance
Accident cover can offer protection for private medical treatment, should you crash on your bike.
Personal insurance will provide you with financial support should you be seriously injured on your bike.
Personal Insurance Policies – A Comprehensive Coverage for Injuries
Some policies will provide a lump sum payment in the unfortunate event that you are unable to work due to your injuries. These policies also help cover various medical expenses, including physiotherapy and dentistry work.
It is crucial to disclose any pre-existing medical conditions to your insurer. Failure to do so may render your cover null and void.
A dedicated personal insurance policy offers a significantly higher level of coverage compared to a specialist bicycle insurance policy.
While not a legal requirement, most policies from personal insurance providers or specialist cycling insurance providers stipulate that you must wear a helmet at all times for your insurance to remain valid.
Considering that many products offer some degree of personal insurance coverage, it is wise to compare different policies before making a decision.
Third-party Cycle Insurance
Third-party and liability insurance is an entirely different concept worth exploring.
In the unfortunate event of a serious collision where you cause harm to someone else, third-party insurance provides coverage for damages to others and their property. It also covers legal costs.
Considering this, it may be advisable to consider liability insurance to safeguard yourself in case of a severe accident.
It is important to note that if the accident occurs while you are breaking the law (which you should never do), it is unlikely that insurers will accept your claim.
Home Insurance vs. Bike Insurance
Choosing Between Specialist Bicycle Insurance and Home Insurance
Although specialist bicycle insurance may feel like an additional expense, it offers the best chance of receiving a payout in the case of a claim.
It may sound peculiar, but it is worth considering that a cycling-specific insurer is likely to have a better understanding and be more sympathetic towards your potential claim compared to a home insurance provider.
The same sentiment applies when setting up your policy. Explaining to a home insurance representative that your bike may be worth more than anything else you own can be frustrating and may not result in the ideal coverage.
However, if you simply require basic theft cover for an inexpensive bike and do not plan on traveling abroad or participating in races, adding the bike to your home insurance may provide better value for your money.
Lastly, it is vital to carefully review the fine print of any insurance policy. Providers do not pay out in every circumstance, so ensure you are aware of any potential loopholes that may catch you off guard.
Club Membership Benefits
Club memberships often include insurance coverage unbeknownst to many.
Exactly what are the available coverage options offered by different clubs? The level of coverage varies from club to club, but many include third-party and liability cover as a minimum requirement.
British Cycling, a well-known club, offers discounted coverage through Bikmo.
CyclingUK membership, which costs only £4 per month, provides up to £10 million of worldwide third-party liability insurance cover (excluding Canada and the USA).
For individuals engaged in other outdoor activities, alternative clubs may offer insurance that could potentially cover their needs.
The Austrian Alpine Club is a commonly mentioned option. While it may not provide the same level of coverage as a dedicated bicycle insurance policy, it could offer protection in certain circumstances, particularly if you sustain injuries while riding abroad.
What information is required to insure a bike?
Getting a bicycle insurance quote is a simple process that requires the following details:
- Age
- Address
- The value of your bike
Additionally, other insurance providers may ask for:
- Bike make
- Model
- Bike type
- Serial number
- Presence of custom parts or specifications
If your bike is electric, you may also need to declare it, although most policies cover e-bikes. There are specialized electric bike insurance policies available on the market as well.
What is the cost of bicycle insurance?
You can expect to pay less than £47 for bicycles valued up to £1,500.
According to data, 51% of customers with a bike valued up to £1,500 received a quote of less than £46.37 for bicycle insurance between January and March 2022.
For bikes valued between £1,500 and £3,000, the average quote was £117.20. Bicycles valued over £3,000 had an average quote of £200.13.
Please note that the specific quote you receive depends on your individual circumstances.
Tips to ensure you have adequate coverage
Insurers expect policyholders to fulfill their due diligence, and failure to do so could have consequences when filing a claim. It is essential to follow these tips to avoid potential issues:
If these suggestions seem excessive or bothersome, we strongly advise you to bear with the moderate inconvenience now. Dealing with the police and making an insurance claim without comprehensive details will be much more stressful.
It’s important to remember that paying out on claims incurs costs for insurers. Paying out for every claim would not lead to a sustainable business model. Therefore, demonstrating that you have taken the necessary precautions will significantly facilitate the claims process. It will also increase the likelihood of the police taking your case seriously.
Properly securing your bike
Investing in a high-quality lock is crucial to ensure you have adequate coverage. When locking your bicycle in a location other than your home, it is important to choose a well-frequented area with good lighting, and if possible, CCTV coverage.
This will not only make your bike less likely to be a target for thieves, but will also make your life easier should you have to make a claim.
By following proper bike locking techniques, you not only decrease the chances of your bike being targeted by thieves but also ensure a smoother claims process in case of an incident.
How to Lock a Bike: A Comprehensive Guide
To protect your bike from theft, it is crucial to learn the correct way to secure it. We have prepared a detailed guide on bike locking techniques to help you prevent becoming a victim.
Approved Locks and Insurance Requirements
Some insurance providers have specific requirements for locks that must be used. For example, Pedalsure mandates the following:
- For bikes valued up to £1,000, a minimum Sold Secure Bronze lock must be used.
- For bikes valued between £1,000 and £2,000, a Sold Secure Silver or Gold lock is required.
- For bikes valued over £2,000, a Sold Secure Gold lock is necessary.
Using any other type of lock would void your insurance in this scenario. Sold Secure maintains a list of approved locks on their website.
Invest in a Reliable Lock
Even if your insurance policy doesn’t specify a particular lock model, it is still important to invest in a dependable and secure lock. We have compiled a buyer’s guide to the best bike locks to assist you in making an informed choice.
The Importance of Locking Conditions
It is essential to review the fine print of your insurance policy regarding the condition in which you leave your bike when locking it up. Neglecting to adhere to any specific requirements in this regard can potentially impact your coverage.
Title: The Consequences of Abandoning Your Bike
Abandonment Policy
The term “abandonment” refers to leaving your bike unattended when locked up away from your home for a certain period. Different providers may have varying definitions, with some considering a bicycle abandoned after just 12 hours. However, most insurers define abandonment as 24 hours of unattended time.
If you leave your bike unattended beyond the defined period, your coverage may be compromised, especially concerning accidental damage or vandalism.
Registering Your Bike: A Wise Move
It is advisable to register your bike by noting down its serial numbers and utilizing popular registration services. In the UK, Bike Register is the most widely used service by the police to identify stolen bikes. By registering your bike, you gain access to an online logbook, allowing you to verify the status of a second-hand bike in case of a purchase.
Ensuring Visual Evidence: Capture with Your Camera
Creating a habit of regularly taking clear photos of your bike is recommended, especially if you have made any modifications to its stock components. To increase the chances of recovery in case of theft, photograph your bike’s frame number, typically located beneath the bottom bracket shell. Precise photos, coupled with receipts, significantly simplify the process of recovering your stolen bike.
Insuring Other Riders: Familiarize Yourself with Policy Details
While policy details vary, most insurance providers will cover you if an immediate family member rides your bike.
Conclusion: Find the Right Bike Insurance Policy for You
Now that you have gained valuable insights into the world of bike insurance, you can confidently make an informed decision regarding the best policy for your needs. To assist you further, we have partnered with leading providers in the industry to compile a list of the most reliable bike insurance options available in the UK market.
Share your thoughts and experiences in the comments section. We will make every effort to address any questions you may have.
