The best way to insure your bike
Home insurance or specialist bike insurance; what's the best way to insure your wheels?
Forget the flash cars. The coolest, cheapest way to get about town these days is on two wheels.
Cycling can get you fit and save you money – assuming your bike doesn’t get nicked. The trouble is thousands of bikes are targeted by thieves every year.
According to Privilege home insurance, more than 97,000 bikes were stolen last year. The average cost was £296, but more than 6,000 thefts were of bikes worth £1,000 or more.
So what’s the best way to insure your bike?
Home insurance
Many cyclists assume their bike will be covered on their home contents insurance, but it’s a good idea to check the policy.
Some home insurers cover bikes as standard but only up to a certain value. If you have a flash top-of-the-range set of wheels you should check it’s covered. Other policies allow you to add your bike(s) for an extra cost.
Another item of small print to check is how many times the policy will pay out for a stolen bike each year as some have a limit.
Exclusions
All home insurance policies will come with numerous exclusions when it comes to bikes, some more surprising than others.
It might seem obvious but one of the main reasons an insurance claim for a stolen bike is turned down is because it wasn’t securely locked in a public place. Shockingly, Privilege found that more than half the bikes stolen last year (56,000) were left unlocked.
And while locking your bike might be good enough for some policies, others require an “approved lock” or for your bike to be locked to an immovable object.
Some home insurance policies will only cover your bike if it’s stolen from inside your home or garage. So it won’t pay out if it’s nicked from outside the station or your workplace – the exact locations where it’s more likely to become a target for thieves.
However you can often extend your home insurance for an extra charge to cover your bike when it is outside the home.
Specialised cover
Bear in mind that one downside to having your bike on your home insurance policy is that if you make a claim it could have a big impact on the following year's premium.
This is one of the reasons it may be worth opting for separate bike cover elsewhere.
There are other upsides to specialised bike cover too. These include the ability to cover a more expensive bike and to add on a package of extras such as legal expenses and personal injury.
Public (or third party) liability cover is a popular add-on. It’s something your home insurance is unlikely to cover, even if it covers your bike. Public liability insurance will cover you for claims from third parties for injury and/or damage to their property while using your bicycle. For example, it would pay out if you rode your bike into someone and they sued you for the injuries caused.
Specialised bike insurers
Cycleguard is one of the best known bike insurers and covers bikes worth up to £10,000 as well as accessories and electric bikes. It offers various policies which can include cover for theft and accidental damage, public liability cover, roadside recovery, cover for children’s bikes, and insurance if you’re competing in triathlons or other cycling events.
Premiums depend on your postcode but as a guide covering a £500 bike in south-east London for theft and accidental damage, £1 million of public liability cover, roadside recovery, and £250-worth of accessories would cost about £89 a year.
Rival Cyclesure offers packages of benefits; core benefits include cover for theft up to £10,000, accidental damage, legal assistance and “new for old” on claims. Optional add-ons include personal accident, public liability, family cover and race cover.
With Cyclesure covering a £500 bike for theft, accidental damage, legal expenses, public liability and personal accident would cost about £76.
As always, it’s a good idea to shop around to find the best priced cover which suits your needs.
More on insurance:
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How rising motor fraud is driving up your car insurance costs again
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