Compare bicycle insurance providers
For cyclists, insurance isn’t mandatory. But, it could definitely prove it’s worth if someone earmarks your bike as an easy target. As the popularity of cycling continues to grow throughout the UK, so to does the number of reports of bike thefts.
Whether you use your bicycle for your daily commute, an exercise ritual, or a way of life, having it stolen could have a devastating effect. One thing is for sure – bikes aren’t cheap to replace.
The main reasons to consider insuring your bike are:
- Theft. According to the Office for National Statistics there’s in the region 500,000 bicycle thefts across the UK every year. That equates to almost one per minute. Getting the right level of cover can ensure your costs are covered in the event you need to replace yours.
- Value. Bicycles range dramatically in price anywhere from £150 up to £4,000 and over. If you’re riding around on one of the lesser expensive models, then the expenditure of the insurance payments may not be worth it long term. However, as you move up the scale the cost of insuring your bike is considerably favourable to the risk of having to pay out the price of replacing it. We’d definitely recommend investing in the right level of cover for any bike over £1,000.
- Damage. Accidental damage to your bike can have a devastating effect. Whether you’re having to cover the costs of repairing or replacing yours, the correct insurance policy can cut back costs. If you regularly embark on daring downhill dashes, or ride along busy roads, insurance is a genuinely great idea.
- Loss of equipment. A good bike insurance policy will not only cover your bicycle, but your equipment too. And let’s face it, some of the gadgets and gear you’ve got for cycling won’t be cheap to replace. So, consider everything that could be damaged during an unforeseen accident, from GPS and traffic cams to clothing and footwear, and factor the cost of replacing all of these into your list of pros and cons for opting to insure.
If you are a homeowner and have home insurance, you may already have bicycle insurance.
Many home and contents policies offer or include coverage for bicycles, so be sure to contact your provider and query this before paying for an unnecessary additional policy.
It is also important to investigate the level of cover included in your home insurance policy to ensure your bike cover is adequate. You may wish to ensure your policy includes home and away cover, meaning that if you’re out and about on your bike, it will still be covered. It would be worth contacting your provider to check the details of your policy.
Another way of using your home insurance to cover your bicycle is through a policy add-on. Some insurance providers offer add-ons that cover all valuables up to a pre-agreed limit or a specific bicycle add on. Costs and prices vary from one provider to the next, so its important to get multiple quotes to compare.
Like most other forms of insurance, bicycle insurance providers offer policies with varying levels of coverage. So, if you’re decided on purchasing a policy, it’s important to choose the right level of cover for your needs. Here are two options offered by most companies:
- Standard or basic level. Most policies offered by providers cover all the basic worries including theft, and damage whilst riding on the road.
- Premium policy. As the name suggests, a premium level cover protects more that the standard policy. Companies vary what they include in their cover so read the fine print carefully. However, most providers cover all damages, personal accidents, public liability, cycling accessories and clothing, and roadside assistance where necessary as well as all the basics.
One thing to note is that the majority of policies only cover the bike in possession of the named policy owner at the point of accident or incident.
The best way to save on the cost of insuring your bike is to shop around. Compare competing companies and choose the best available quote. Here’s some other hand hints to help you cut back the costs of bicycle insurance.
- Compare and contrast quotes. If you’ve already got home insurance it’s worth contacting your provider to get a quote for adding the appropriate level of bike insurance to your existing policy. Then compare this side by side with specialist bicycle insurance quotes. You may even find that if you go back to your home insurance provider and explain you’ve received a lower quote, that there’s some room for negotiation.
- Consider your coverage needs. If you cycle for pleasure only every other weekend or so, whilst it’s worth insuring, it’s probably not worth opting for the premium level of coverage. Before buying your bicycle insurance policy, think about how often you use it, where you ride, and whether it’s likely you’ll make use of all the add-ons the premium coverage packages offer. Don’t fork out over the odds if you don’t have to.
- Compare providers. As with most things on the market, there are literally hundreds of bicycle insurance companies at our disposal. Be sure to compare quotes from a range of different providers in oppose to signing up to the first policy you come across.
- Discount codes and coupons. Here at finder, we’re privy to insiders discounts and deals. If there is a discount or offer on bicycle insurance we will be the first to let you know and help you save.
Here’s a list of the most important things to consider before you buy bicycle insurance:
- Do you really need it? It’s a good thing to have if you’ve got an expensive bike as it’ll save you money in the long run. However, if your bike is only a couple of hundred pounds, you may end up paying more for your policy than you did for the bike in the first place.
- Do you have home or contents insurance already? If you do, your bike may already be covered or simply need a small additional payment to increase or add-on bike coverage.
- Do you rely on your bike day to day? If you regularly use your bike, for example for your daily commute, it might be worth your while spending a little extra and opting for the premium coverage package to give you guaranteed peace of mind.
- Is cycling simply a casual hobby? Let’s say you enjoy cycling once a week, or on a biweekly basis. In this scenario, if you’ve got an expensive bike, the basic coverage level to protect you from theft and in case of accidental damage when you’re out and about would be sufficient.
- Home and away cover. If you want your bicycle to be protected from theft both in your own home, and whilst you’re about the town, you need to ensure you choose a policy that covers you both at home, and away from your address.
- Safety. Invest in a good, durable bike lock to avoid being refused an insurance claim.
- Wear and tear, and excess. If you end up having to claim on your insurance either for a replacement or a repair, you will always have to pay something towards the cost. The insurer will initially deduct a pre-agreed excess amount (usually in the region of £50-£100). The the insurer will deduct a ‘depreciation’ fee depending on the age of your bike. This takes into account general wear and tear that will have occurred in the duration you’ve had your bike and rises in percentages as your bike ages. We recommend reading the provider’s Ts and Cs in full before buying.
Bicycle insurance pros and cons
- Peace of mind. Guard yourself against theft and accidental damage that could end up leaving you without your preferred mode of transport.
- Generally insurers offer two packages, which means you can cater your cover to your needs.
- Premium policies cover much more than just your bike. Ideal for pros and cycling enthusiasts with expensive kit.
- Many home insurance policies cover your bike, so you’d just need to declare that you own it.
- Should the need to claim on your insurance arise, your premium is likely to increase.
- All claims are subject to refusal depending on provider terms and conditions. Be sure to read these carefully.
*Disclaimer: Please take reasonable care to answer all the questions honestly and to the best of your knowledge. If you don’t answer the questions correctly, your policy may be cancelled, or your claim rejected or not fully paid.
The offers compared on this page are chosen from a range of products finder.com has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms ‘Best’, ‘Top’, ‘Cheap’ including variations, are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your personal financial circumstances when comparing products.