Find out if your bike is protected by the homeowner’s insurance you have, or if you need to look into getting a separate coverage for it.
Why should I protect my bike with an insurance policy?
A brand new adult bike can be purchased for as little as £250, however the vast majority of entry-level bicycles are priced at around £400.
However, top-of-the-line bicycles can cost far more than one thousand pounds, while folding bicycles and electric bicycles can cost several thousand pounds.
Because of the size of this investment, you will want to be compensated in the event that your bike is stolen or damaged so that you may buy a new one.
The insurance company Admiral estimates a 46% rise in the number of reports of stolen bicycles during the lockdown. According to Admiral, criminals were seeking for easy targets during this time because more people were staying inside.
Find out how to make certain that you get the appropriate level of coverage from your homeowner’s insurance policy, as well as whether or not you should look into purchasing a separate policy for your bike, by reading this guide.
Is my bike protected by the homeowner’s insurance policy that I have?
Your homeowner’s insurance policy may or may not include automatic coverage for your bicycle, and those that do include coverage may or may not provide the same level of protection.
Your homeowner’s insurance policy may cover the loss of your bicycle if it was stolen while it was stored safely inside your home; but, insurers typically place caps on the total amount that they would compensate policyholders for stolen property.
If your bike is stolen or damaged while you are away from your house, it is quite unlikely that a conventional homeowner’s insurance policy will compensate you for the loss.
This function is included with every Admiral membership, although the maximum value of a bicycle that can be covered by it is £350.
Including coverage for bicycles in homeowners insurance
The majority of companies that sell homeowners insurance offer “pedal cycle cover” as an add-on to their normal policy for an additional fee of a few extra pounds per month.
Purchasing additional coverage can provide you with protection in the event that your bike is stolen or destroyed while you are away from your residence, and it may be less expensive than purchasing specialised bike insurance.
Check to see if there are any caps placed on the worth of the bike that will be covered by your insurance.
Check to see how much of an excess you’ll be required to pay if you end up making a claim. If the deductible on your homeowner’s insurance policy is £200, but the value of your bike is $500, you could be better off purchasing a specialised policy that has a low deductible or no deductible at all.
Should I purchase a specialised insurance policy for my bike?
Getting specialised insurance for your bicycle is probably a good idea if you have an expensive bike or more than one bicycle in your possession.
This is also true if you ride your bicycle in races, as the majority of standard insurers will not cover damage that is sustained during competition.
If you have a bicycle that is not worth very much, it may not be beneficial to pay for protection because the cost of your insurance excess in the event of a claim may be higher than the value of the bicycle.
Coverage for accessories is typically included as standard in specialist bicycle insurance policies. These policies typically cover theft or damage while the bike is stationary, as well as damage or injury sustained while riding.
What is the average annual premium for bike insurance?
The total cost of your motorcycle insurance policy will be determined by a number of distinct aspects, such as the value and age of your motorcycle, the purposes for which you put it to use, and the extent of protection you require.
In order to gain an estimate of how much an insurance may cost, we requested and compared many quotes from several prominent specialty insurers (including Yellow Jersey, Cycle Plan, Assetsure, Bikmo, Cycle Guard, Protect My Bike, Eversure, and The Insurance Emporium).
All of the prices listed below are based on insuring one bicycle at a London address for both recreational and competitive usage, and they include personal accident insurance, public liability insurance for one million pounds, and coverage against theft.
What are some ways that I might cut costs on my bike insurance?
Do not accept the first estimate that you are given for bicycle insurance; this applies to all types of insurance. An increasing number of comparison sites now provide bicycle insurance.
It is likely to be more cost effective to pay the annual premium as opposed to paying the monthly premium, for which some insurers levy interest. You might also pay using a credit card that gives you cash back.
Your premium will go down if you choose a high excess, but you should evaluate whether or not it is still financially beneficial to file a claim.
What exactly is covered by a bike insurance policy?
The vast majority of policies will protect you against:
Loss due to theft or accident
vandalism is one possible cause of harm that was done on purpose.
The majority also provide other amenities, such as:
Accident of your own — in the event that you suffer a catastrophic injury or loss of life as a result of riding your bike
Coverage for commuting: if you use your bicycle on a daily basis for your commute, some insurance will cover this while you wait for it to be repaired or replaced.
You will be covered under this policy in the event that you cause injury to a third party or damage to their bicycle or vehicle.
Cycling in foreign lands
Use in competitions – if you are unable to make it to the competitions, you may be eligible for a refund.
What is excluded from the coverage of the bike insurance?
If you purchase bicycle insurance, it is imperative that you are familiar with the policy’s exclusions in order to avoid having your claim denied. These might include the following:
If you use the bicycle to earn money, for example by working as a courier, you will be required to pay a fee.
When you are unable to provide evidence that you own the bike.
blemishes on the surface, including scratches
If you’ve forgotten about the bike for more than a day, it may need some maintenance.
Theft of your bicycle because you did not have it properly locked.
Damage that could have been inflicted if you were under the influence of drink or drugs.
Tips to keep your bike safe
According to the National Office of Statistics, there were 79,160 registered incidents of bike theft in England and Wales between July 2020 and June 2021. These incidents occurred across both countries. This amounts to approximately 216 on a daily basis on average.
If you do not effectively protect your bicycle, either the contents insurance on your home or the specialised bike insurance you have may not pay you if it is stolen or damaged.
Register your bike
BikeRegister is a national cycling database that, in the event that your bicycle is taken, can assist you in recovering it. Registration is completely free, and you’ll be able to buy bike markings that are approved by the police.
Invest in locks of a high quality.
Your insurance provider is probably going to request that you use a lock that has been approved by a certain organisation, such as Sold Secure or Thatcham.
Sold Secure locks can be purchased at one of three different levels: bronze, silver, gold, or diamond. Check the product’s packaging for the Sold Secure badge, or look it up on the website of the company that created the emblem.
Make sure your bicycle is stored in a safe place.
In the event that you are unable to keep your bicycle in a safe, private location such as a garage that has a door that can be closed, it is essential that you fasten it to anything that cannot be moved or lifted with relative ease.
For instance, you should try to avoid attaching it to wire fences because it would be simple to remove your bike from the fence using wire cutters.
Even if your bike is inside your own shed or garage, you may still be required to secure it by some insurance companies.
Make use of two locks.
In the event that your bicycle is stolen, filing a claim on your insurance policy may be a good idea; however, what about the front wheel?
If you want to prevent your wheels from being stolen, for example, you may use a D-lock in conjunction with a chain lock. This would make the bike less appealing to thieves, as they may have the skills necessary to break one lock but not the other.