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Whether you commute on a road bike, hit the trails on a mountain bike, or take a leisurely ride on a hybrid, read our guide to find out how to protect your favourite two-wheeler.
If you’re a keen cyclist, you don’t need to be told the many benefits of your bike. From the freedom of riding along the UK’s roads to saving money on train fares and petrol, cutting down on pollution and improving your health and fitness, pedal power sure is attractive.
You want to make sure then, that you and your wheels stay safe and bicycle insurance is a great way to protect yourself.
Bikes can cost thousands of pounds to replace if they are damaged or stolen, but having a bicycle insurance policy could cover the cost.
It doesn't matter whether you’re a casual cyclist with your trusty two wheels or a serious enthusiast with a custom racing bike that cost thousands of pounds – cycle insurance can be tailor-made to meet your needs.
It is not a legal requirement to be insured in the UK on a bike.
A standard bike insurance policy would cover you for:
You can also add additional cover to your bicycle insurance such as:
Cycling has fast become a popular activity for Brits over the last year, but it’s important to know that bike theft in the UK unfortunately is a common occurrence. During 2020, 72,640 bicycle thefts were recorded across the UK – on average that’s 199 stolen bikes per day.
This however represents a 15% decrease compared to 2019 – the drop in bike thefts coincides with more people staying at home due to coronavirus.
Many cities across the UK are still hotspots for bicycle theft, and those with a cycling heritage are more likely to have a higher number of cases reported. The data reveals that Cambridge is the UK’s hotspot for bicycle theft, with a theft rate of 18 per every 1,000 people within the city.
This figure was double the amount of the runner-up, Oxford, which saw only 8 bicycle thefts per 1,000 people in the city in 2020 in comparison.
*Data taken from ONS.gov.uk Crime Survey 2019 – 2020
Tips to keep your bike safe:
The insurance cost depends on the value of the bicycle, how many bicycles you wish to cover, where you live and what additional extras you choose.
If you have a home contents insurance policy, your bike might be covered against theft and malicious damage already.
However, most contents policies will not cover expensive bikes, or when you take them away from home, unless you pay extra. Often the bike is only insured if it is inside the property or secured properly in an outbuilding like a shed or garage.
If you have an expensive bike that you use regularly to get around, or if you take part in competitions, bicycle insurance will give you the best cover.
If you’ve taken out bike insurance, make sure you know the policy exclusions to prevent voiding your cover or the rejection of a claim. The most common exclusions are:
You only need to answer a few questions to get a quote and these include:
There are a few things you can do to reduce the cost of your specialist bike insurance policy:
We want to show you as many insurers as possible, so that you can choose what suits you best. But, we can’t promise to show you every single insurer, because some insurers don’t want to be included on comparison websites.
We think a good bicycle insurance policy should cover you for theft of your bike and provide new for old replacement and European cover. We prioritise the companies that include these things in their standard policy, so they appear higher in our list. The insurers who only offer some of these things in their standard policy appear lower down in the list.
Moneysupermarket have teamed up with protectyourfamily.com who offer an external bicycle insurance comparison service. Protectyourfamily.com is a trading name of Comparison Creator Limited, a company registered in England and Wales (Registration Number 07336373). Comparison Creator Limited is an Appointed Representative of Moneyshake.com Limited which is authorised and regulated by the Financial Conduct Authority (Firm Reference Number 522581).
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