How To Insure Your Bicycle
Anton Hilton • June 19, 2020
Do you need extra insurance for cycling and protecting your bicycle?
Cycling has been voted as one of the most popular activities during lockdown. It’s a great way to have fun with the family, get some fresh air, and improve exercise levels. The Prime Minister has also recommended people to walk and cycle where possible if they need to commute to reduce the use of public transport. Halfords has reported that their bicycle sales have risen by a whopping 500%, and cycle to work schemes have also become more popular. However, unfortunately bicycle theft has also risen during this time. The Office for National Statistics report that 2 in 100 bikes are stolen over the course of a year, but that figure seems to be rising. There is still the risk of having an accident on a bicycle too, with collisions sometimes resulting in fees. This makes having insurance to cover you whilst cycling ever more important, as well as leaving you with peace of mind that you and your bicycle are protected.
Will my home insurance cover my bicycle?
Some home insurance policies may include cover for your bicycle. On average 4 in 10 policies do so; but it is important to check your individual policy wording. Some home insurance policies may only cover your bicycle when cycling for leisure purposes, and not for commuting. Other specifications may also affect the cover too, such as where you keep your bicycle, or the value of your bicycle.
You can add on additional specified items to many home insurance policies, so if your policy does not currently extent cover to your bike, its quick and easy to add this on. It is usually the easiest way to insure your bike if you are a weekend enthusiast and ride to keep fit or travel to work.
Are there specific bicycle policies?
There are bicycle membership schemes and specialist insurers that can provide you with cover for your bicycle. These policies are targeted for those whose bikes are more expensive and take cycling more seriously for races. These policies include the standard theft, damage, and accessories, as well as lost race fees, race damage, personal accident, roadside assistance, and bike clothing.
How to step up your bike security?
When leaving your bike unattended whilst cycling during the day or evening, ensure that you have a strong lock and chain your bike up to a sturdy object. It is also best to leave your bike in a busy place that is well lit. Checking that there is CCTV in the area is best.
When you are not using your bike, you should keep it locked away securely at home. Never leave your bike unsecured, even just outside your house. It is also good practice to have images of your bike should the worst happen and it get stolen. Your policy might not pay out if you have not taken reasonable steps to keep your bike safe.
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