Read our guide to learn how to safeguard your favorite two-wheeler, whether you commute on a road bike, hit the trails on a mountain bike, or take a leisurely ride on a hybrid.
You don’t need to be told about the many advantages of cycling if you’re a regular rider. Pedal power is appealing for a variety of reasons, including the freedom of cycling along UK roads, saving money on train fees and gasoline, reducing pollution, and increasing health and fitness.
You’ll want to make sure that you and your wheels stay safe, and bicycle insurance is an excellent method to do so.
Home insurance vs. specialist insurance?
While some comprehensive home insurance policies include bikes outside the home, they usually only cover low-value bikes and come with a lot of restrictions. As a result, specialized cycling insurance is becoming increasingly popular.
With the ordinary traditional loss-adjuster oblivious to the fact that a bike can cost more than £200, much alone a helmet, the benefits of specialty insurance are numerous.
Dealing with a claims team that knows the unique demands of the ordinary bicycle nerd, as well as the availability of a variety of options not seen on standard insurance, are just a few of the advantages.
Theft of bicycles in the United Kingdom
Cycling has been a popular hobby among Brits in the previous year, but it’s vital to remember that bike theft is typical in the UK. In the year 2020, 72,640 bicycle thefts were reported across the United Kingdom, averaging 199 stolen bicycles each day.
However, this is a 15% decrease from the previous year; the decline in bike thefts coincides with more individuals remaining at home owing to the coronavirus.
Bicycle theft is still a problem in many places around the UK, and those with a riding history are more likely to have a higher number of occurrences reported. According to the data, Cambridge is the UK’s hotspot for bicycle theft, with an average theft rate of 18 per 1,000 persons.
This ratio was more than double that of Oxford, which had only 8 bicycle thefts per 1,000 residents in 2020.
Insuring against damage
Theft isn’t the only risk to be aware of. Damage caused by a collision or other mishap should also be considered. Again, be wary of the circumstances in which the injury may occur.
Some insurance will cover you if you hit a pothole on your way to work, but not if you are injured in a huge pile-up during a competitive event.
What is the cost of bicycle insurance?
The cost of insurance is determined by the worth of the bicycle, the number of bicycles you wish to cover, your location, and the optional extras you select
Cycling insurance for third parties
You could be sued in civil court if you’re found to be at blame after a collision. The bar for this can appear exceedingly low; for example, Robert Hazeldean was ordered to pay over £100,000 to a woman who stepped in front of him while looking at her phone.
Third-party liability insurance protects you if a member of the public files a compensation claim against you, claiming that you are to blame for their injuries or property damage.
It’s relatively inexpensive to buy on its own, and it’s included with all British Cycling memberships.