What Kind of Bike Insurance Do I Need?

It’s well worth considering investing in bicycle insurance if you want to cover your bike against theft and accidental damage. Look right below for amazing deals on top tier bicycle insurance!

Bicycle Theft Insurance

This is not without good reason, with 276,000 bikes stolen in the UK in 2017 it’s clear that they’re a prime target for thieves. Insurance can help you recoup the cost of a new bike in the event it is stolen, with many insurers offering to replace your old bike for new. It’s a competitive market and this means coverage is better than ever and there are a lot of policies to choose from, so make sure you shop around. While any provider will still expect you to undertake your due diligence, leaders in the market now payout in up to 95 per cent of claims. If you do want to insure your bike via your home insurance, the first thing to do is to check that it is actually covered under your policy.

Insuring a Bicycle with Renters/Tenants Insurance

If you don’t own your home and you don’t want to go down the specialist cover route, it’s also worth considering covering your bike with renters/tenants insurance. All of the same guidance for home insurance applies here, so make sure you shop around and speak to your provider to find out about all of the nitty-gritty details. Pay particular attention if you live in shared accommodation because this can complicate matters.

Cycling Event Insurance

If racing is a big part of your life as a cyclist, it’s worth shopping around to see what cover may be useful to you. Your entry fees to any well-run event will include third-party insurance. This will protect you and the organiser if you injure a spectator or damage property. However, it is unlikely to cover personal injury, damage to your bike, or injury or damage to fellow competitors and their bikes. Most specialist bike insurance providers will include the option to add dedicated event cover. Home insurance providers are very, very unlikely to offer this. Depending on the provider you choose, most will also cover for accidental damage to your bike and kit that may occur during a race. Most will also cover you against theft from any transitions. Some insurers will also often pay out if you get injured before an event and can’t attend, covering any loss of entry fees.

Accidental Damage Insurance

Despite theft being the biggest concern for most cyclists, accidental damage coverage makes up the biggest portion of claims for most specialist bicycle insurance providers. For example, Bikmo revealed via its Open Project that a whopping 83 per cent of its claims were for accidental damage. Accidental damage cover will typically cover everything from replacing a whole bike down to individual components and accessories depending on the level of coverage you choose. Home insurance may work out well for more expensive items such as GPS devices and helmets, but specialist cover is normally a better option if you want comprehensive cover for all of your kit. This isn’t quite as cut and dry as theft cover, so shop around and compare policies if you are a particularly accident-prone cyclist.