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Bicycle insurance

Compare bicycle insurance options

David McDermottroe
Written by  David McDermottroe
5 min read
Updated: 17 Jun 2024

Bicycle insurance provides protection for a valuable asset, covers the costs of repairs or replacement in case of theft, loss, or damage, and offers peace of mind for individuals who rely on their bike for transportation. Find out more and compare quotes.

Key points

  • Bicycle insurance is essential for protection against theft, damage, and personal accidents, offering financial security and peace of mind for cyclists

  • Coverage options include theft and accidental damage, personal injury and third-party liability, and events and competition coverage, with extras like worldwide coverage and custom parts insurance available

  • While not mandatory in the UK, bicycle insurance provides crucial financial protection and legal security, with costs varying based on the bicycle's value, usage, and chosen insurer

Two girls on a bike by the beach

Why do you need bicycle insurance?

Securing bicycle insurance is crucial for several compelling reasons. Firstly, it offers protection against theft and damage. With the rising costs of bicycles, especially high-end models, this coverage is vital. It acts as a safeguard for your investment.

Should your bike be stolen or damaged, the insurance can cover the costs. It ensures you're not out of pocket.

Secondly, bicycle insurance includes coverage for personal accidents. Cycling is enjoyable and eco-friendly but comes with risks. Accidents can happen. Having insurance means you're covered for medical expenses or loss of income during recovery.

This aspect of bicycle insurance provides peace of mind. You're protected financially if injured while riding.

Lastly, this type of insurance offers financial security in legal situations. If you're involved in an accident that leads to legal proceedings, bicycle insurance can help. It can cover legal fees and any compensation you might need to pay. This is crucial in today's litigious society, where legal costs can escalate quickly.

Is bike insurance mandatory in the UK?

In the UK, securing insurance for your bicycle is not a legal requirement. This contrasts sharply with motor vehicle owners. They must have at least third-party insurance to operate legally on the roads.

While bike insurance remains optional, it offers peace of mind. It provides financial protection against theft, damage, and personal liability.

What does bicycle insurance cover?

Bicycle insurance policies offer a variety of coverage options. These protect you and your bike in different scenarios. Here’s a breakdown of the typical inclusions:

  • Theft and Accidental Damage: This fundamental aspect of bicycle insurance ensures coverage. If your bike is stolen or damaged in an accident, you can claim the costs. It's crucial to check if your policy covers the full replacement value or just a part

  • Personal Injury and Third-Party Liability: This coverage is essential if you're involved in an accident. It covers personal injury to yourself or others, or damage to another person’s property. It helps protect against potential legal costs and medical expenses

  • Events and Competition Coverage: Important for those participating in bike races or cycling events. This coverage ensures protection during these activities. Such activities might not be covered under standard bicycle insurance policies

What extras can I get?

When selecting a bicycle insurance policy, consider adding valuable extras. Roadside assistance and recovery services are crucial. They help if you're stranded due to mechanical failure or puncture.

This service ensures help is just a phone call away. It provides peace of mind during both short commutes and longer rides.

For cyclists who travel internationally, securing worldwide coverage is essential. This insurance protects your bicycle outside the UK. It covers theft, damage, and even loss, no matter where you travel.

Lastly, consider insuring custom parts and accessories. Many standard policies do not cover these items, which can be costly. Adding this extra ensures protection for your high-spec components. Items like wheels, saddles, and custom paint jobs are covered against theft or damage.

What type of bike will my insurance cover?

When considering bicycle insurance, it's crucial to understand the variety of bicycles that policies typically cover. Most insurers provide protection for road bikes, mountain bikes, and e-bikes.

This ensures that whether you're commuting to work or tackling rugged terrain, your bike can be insured. However, if you own an antique or custom-built bike, you might face some limitations.

These unique bikes often require specialised insurance solutions. This is due to their higher value and the difficulty in replacing parts.

Tips to keep your bike safe:

  • Invest in top-notch locks: Always secure your bicycle with high-quality locks. U-locks and heavy-duty chain locks are excellent choices. They offer robust protection against theft

  • Secure storage solutions: At home, keep your bike in a locked shed or garage. When out, always lock your bicycle to a sturdy, immovable object. Choose well-lit and busy areas for this

  • Consistent maintenance checks: Regularly inspect your bike for signs of tampering or damage. Keeping your bicycle in good working order can deter thieves. It ensures your bike remains safe

How much is bicycle insurance?

The cost of bicycle insurance varies widely. Several key factors influence it. Firstly, the value and type of your bicycle are crucial. High-end racing bikes, for example, attract higher premiums. This is due to their increased value and theft appeal.

Secondly, your personal cycling habits and history also impact the cost. Frequent cyclists, especially competitors or those in high-risk areas, might pay more. This is because more riding increases the risk of accidents or theft.

Lastly, rates differ considerably between insurers. It's crucial to compare offerings from various providers. Each company assesses risk and value differently. Shopping around can save you a significant amount on premiums.

Am I covered by my Home Contents Insurance policy?

When pondering your home contents insurance for bicycles, it's crucial to understand typical limitations. Often, home insurance might cover bikes under specific conditions. Usually, there's a cap on the claim amount.

This cap might not match the value of high-end bicycles, leaving a gap in coverage. Additionally, coverage often applies only when the bike is inside the home. This makes it ineffective against theft or damage occurring outside.

For cyclists who frequently hit the roads or trails, considering a separate bicycle policy is essential. Such policies are tailored to cover scenarios beyond home confines. They include theft, damage during transport, and accidents.

This specialised insurance ensures that both the bike and the rider are protected across a broader range of circumstances. It is a wise choice for avid cyclists.

What would void my claim?

Understanding what could invalidate your bicycle insurance claim is crucial. Firstly, not securing your bike adequately is a frequent reason for claim denial. Insurers expect you to take reasonable steps to protect your bicycle. This includes using approved locks and storing the bike in secure locations.

Secondly, if you make modifications to your bicycle and fail to notify your insurer, this could lead to a rejected claim. Modifications might affect the risk profile of your bike. Insurers need to be aware of any changes to provide the correct coverage.

Lastly, making claims for incidents that occur in locations or under circumstances that your policy does not cover will also result in denial. It's important to thoroughly understand the terms and conditions of your policy to avoid these pitfalls.

How to get cheaper premiums

Reducing the cost of bicycle insurance premiums can be straightforward. Firstly, consider opting for higher deductibles. By agreeing to pay more upfront in a claim, you can lower your monthly payments.

Secondly, ensure your bike is in approved storage facilities. Insurers often offer discounts for bikes in secure locations. They are less likely to be stolen. Lastly, take advantage of no-claims discounts. If you have a no-claims history, insurers may reduce your premiums. This is a reward for your low-risk behaviour.

Which companies provide specialist bike cover?

Exploring the landscape of providers that offer specialised bicycle insurance reveals a diverse array of options. When comparing leading bicycle insurance companies, it's crucial to consider the coverage extent.

Also, consider the unique features that set each provider apart. Companies like CycleGuard and Bikmo lead the pack by offering tailored policies that cater specifically to the needs of cyclists. These policies often include benefits such as theft protection, accidental damage cover, and even public liability insurance.

Delving deeper, each specialist provider brings something distinct to the table. For instance, CycleGuard offers an option for multi-bike discounts, which is ideal for families or collectors. On the other hand, Bikmo focuses on competitive pricing for high-value bikes. It includes coverage for cycling abroad.

What do I need to get a quote?

To secure a bicycle insurance quote, you'll need several key pieces of information. First, gather details about your bicycle. This includes its make and model. These details help insurers assess the value and risk of your bike.

Next, you must share your personal information and cycling history. This includes any previous claims or cycling incidents. Lastly, consider your preferred coverage options and policy details. Decide on the level of protection you want. Options like theft or accidental damage will influence the quote you receive.

Compare bicycle insurance quotes with MoneySuperMarket

When you're ready to safeguard your bicycle, MoneySuperMarket makes it easy. First, go to the bicycle insurance comparison section on the website. You'll need to provide basic information about yourself and your bike. This includes the make, model, and storage details. This data helps customise the search results to fit your needs.

Comparing rates and coverage through MoneySuperMarket has several benefits. It lets you view various policies side by side. This comparison makes it easier to identify the best value for money. You can also see differences in coverage options. These include theft protection and accidental damage. This ensures you select a policy that meets all your needs.

Once you have a list of potential policies, choosing the best offer involves several steps. Look at the price, the level of cover provided, and any extra benefits. These benefits might include legal assistance or helmet cover.

Also, check customer reviews and insurer ratings to assess service quality and reliability. This helps you make a well-informed decision. It provides peace of mind while you're out cycling.

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