Looking for Bicycle Insurance?
Whether it’s for fun, competition, exercise, work, or simply getting from A to B, millions of people across the UK regularly take to roads, cycle lanes, racecourses and off-road tracks on two wheels.
More and more people are taking out specialist bicycle insurance in the UK as cycling rapidly gains in popularity and is actively promoted and invested in by the government. Even with subsidised ride to work schemes, a decent bike represents a considerable investment. Plus, alongside the nation’s increasing enthusiasm for cycling, sits a rise in bike theft and a thriving black market in stolen bikes, all of which makes standalone bike insurance a good idea.
What Type of Bicycle Insurance Do You Need?
Bike insurance isn’t just about covering costs in the event of theft or vandalism. Extensive and expensive damage can be caused by racing, collision and traffic accidents. Bicycles can also be damaged either at home due to fire and flood, or through accidents that occur when you’re not actually riding, for example when in transit or on holiday.
Do bicycles need liability insurance?
If you cycle regularly cycling liability insurance could be an important consideration. In the same way as third party party car insurance, it covers you for costs incurred should you accidentally or negligently injure another person whilst cycling, or cause damage to someone else’s vehicle or property..
Are Bicycles Covered Under Home Insurance?
Some cover for bicycles is often included as standard covered in home contents insurance policies, and some providers allow you to either add or extend the level of cover for a fee. This can prove cost-effective however it’s worth reviewing the policy wording and any terms that may apply to check for suitability of the cover. As a starting point, it’s worth checking for the following:
What Does Bike Insurance Cover?
Many insurance brokers can tailor specialist bicycle insurance to your specific requirements, so it’s worth taking the time to check the small print and make sure that your policy covers everything you want it to.
Whether your pride and joy is your mountain bike, you’re passionate about your triathlon bike or you’ve invested in a quality road bike, it’s worth considering the following when taking out any type of bicycle insurance policy:
How to Reduce the Cost of Bicycle Insurance
As with most types of insurance, there are several ways to lower the cost of bike insurance:
Bicycle Insurance – Useful FAQs
Typically bicycle insurance only covers the policy holder If your bike is stolen or damaged when a friend or family member is using it, chances are high it will not be covered by your insurance, but check your policy wording as there maybe exceptions.
This depends on the insurer and your policy. Check the policy wording for minimum security requirements, for example, some insurers insist on a gold standard, insurer-approved locks for bicycles over a certain value.
No. Typically bicycle insurance doesn’t cover components such as tyres and brake-pads damaged due to wear and tear or typical usage such as a puncture.
Using your bike for any type of competition is likely to increase insurance costs due to the increase in risk. This risk is even higher during multi-disciplinary sports such as triathlons and Ironman events because bicycles are left for long periods in transition areas. Ironman and Triathlon bike insurance is available, just make sure your insurer is aware of this type of usage when you take out the policy.
Yes, multi bike insurance can be cheaper than taking out separate polices, depending on the insurer and the bicycles you are looking to insure.
Although third party cyclist insurance is not required by law as it is for drivers, if you cause damage to another person, their vehicle or property, then you may personally be liable and could face legal action.