Just like you’d get insurance for your house, your car, and for your other valuable possessions, it’s a very good idea to get bicycle insurance. That way, if your bike’s ever lost, damaged or stolen, you’ll be fully covered for a replacement.
This post is your essential introduction to bicycle insurance. We’ll discuss what it covers, along with the risks you might face as a cyclist, which should help you decide if bicycle insurance is right for you.
At Anthony Jones we specialise in insurance high value items. If you have any questions about getting cover for your bike, call us on 0208 290 9086 or email personal@anthonyjones.com.
Does My Home Insurance Cover My Bicycle?
Some cyclists insure their bikes by specifying their bicycle as a valuable as part of their home insurance policy. This should cover you for most damages, as well as for loss or theft. However, it’s also possible to get specialist bicycle insurance that will cover you for many things that may not be included in your home insurance policy.
What Does Bicycle Insurance Cover?
Specialist bicycle insurance might include cover for:
- Equipment, including repair kits, care kits, spare wheels, pumps, and clothing.
- Personal accident cover.
- Business-use cover – if you use your bike as part of a courier job, for example, the insurance may cover any loss or damage to the goods you transport.
- Third party or public liability cover – for if you injure anyone else while cycling.
- Overseas cover – if you take a cycling holiday abroad, for example.
- Roadside assistance.
Specialist bicycle insurance may even provide cover if you cycle competitively. It could cover any damage to your kit during a race, for example, or even any financial losses you experience if you pay fees to enter a race but ultimately are not able to compete.
Do I Need Bicycle Insurance?
As we’ve seen, bicycle insurance can cover for almost any eventuality. If you cycle competitively, or as part of your job – or even if you just cycle regularly on a purely recreational basis – then bicycle insurance can cover you for almost anything that could go wrong while you’re on your bike.
But even if you only use your bike from time to time, you should still consider getting some level of cover. This is because bicycle theft is a serious risk for all cyclists.
According to Statista, there were 77,465 bicycle thefts in England and Wales in 2021/2022. This is a slight rise compared to the previous year. And though the figures have fallen since their 2011/212 peak (when there were 115,902 bike thefts), the fact remains that bikes are still a major target for thieves.
Is My Bike At Risk of Theft?
You might think that your bike’s an older model, or a cheaper model. And that, as a result, thieves just won’t be interested in it. But thieves don’t just target high-value bikes. There’s a major second-hand market for certain bike parts, such as brakes and sprockets. Opportunistic thieves may target any bike on the chance it’ll feature parts they can sell for profit.
So for this reason, all bikes might be considered high-risk items – not just rare or high-value bikes.
How To Get The Right Insurance Cover For Your Bike
First, it’s important to get an accurate valuation for your bike. This will help you get adequate insurance cover, so that you can get adequate reimbursement if you ever need to make a claim. For more, read our guide to getting a good valuation for your bike.
Next, consider how often you use your bike, and what you use it for. If you only cycle occasionally, then it might be enough to simply list your bike as a valuable item on your home insurance policy. But if you regularly use your bike, or if you use it for competitive or professional purposes, then it might be a better idea to get specialist bicycle insurance.
At Anthony Jones we specialise in insurance high value items. If you have any questions about getting the right cover for your bike, or if you want to discuss the risks you might face as a cyclist, call us on 0208 290 9086 or email personal@anthonyjones.com.
