Cycling appeals to many people — and for many reasons. Some are eco-conscious and want to reduce their carbon footprint. Some are health-conscious and want to get fit and in shape. Others are budget-conscious and want to cut down on the cost of owning and maintaining a car, buying petrol and paying for parking (that’s hard to find!). No matter what your reasons for opting for two-wheeled transportation, thinking about bike insurance is a smart idea.
When you depend on your bicycle for transportation, for health, for enjoyment, it is indeed a valuable possession. Damage and crime-related issues can certainly cause chaos in your daily routine, and they can result in serious inconvenience and difficulty in the longer-term. These are the troubles that bike insurance is designed to help both mitigated and resolve.
In some instances, your bike may be covered under your homeowner’s insurance. But. There is a big “but” here! Is it covered only if it is stolen or damaged at home? Or does your provider also offer “home and away” cover if your bike is stolen, you incur damage or an injury while riding, damage is done while stationary (e.g. flood, fire), or your injure someone while riding your bicycle. Bike insurance can help.
Since a bike is stolen in the UK once about every 90 seconds, and damage can come about in any number of additional ways, it is worth checking on your homeowner’s cover. Will it protect you if your bike is out of commission for whatever reason? If your insurance only covers at-home damage or loss, be sure to request an add-on policy.
Another big “but” here. Insurance companies put a value limit on the possessions they will cover (at home and away). This varies: it can be as high as £1500 or as low as £300. If your bike cost £350, in this example, you’d be out of luck.
Another aspect to consider is your excess. If you file a claim for your bike, your excess (i.e. the amount you must pay) can vary widely. If it is £300-£400, and your bike was £350, it’s not worth the cost. Further, making a claim oftentimes raises your premiums, and if you had a “no claims” discount, that will be gone as well.
If you have a pricier bike, a specialist policy is the way to go to keep yourself protected far beyond the limits of your homeowner’s cover. Depending on your company and policy, specialist bike insurance can cover items like theft (at and away from home), replacement hire, accidental damage, private medical care, roadside assistance, biking clothing, race fees and more.
It all depends on what you want and need. Best of all is the price. Policies typically cost under £100 per year. Even if you have a high-end cycle, you may only pay between £200 and £300 a year.
If you have a bike you depend on for commuting, fitness or leisure, ask us about appropriate cover. We’ll help ensure that you’re properly insured!