Dedicated bicycle insurance can cover the costs of repairs or a replacement in the event of theft, loss or damage. It’s also possible to get specialist cover for your bicycle accessories, for roadside assistance, for personal accidents, and even for worldwide cycling.
The amount you pay for your bicycle insurance will depend on a number of factors. In this post we’ll explore some of the things that might affect the price you pay for bicycle cover.
Want a quick quote for comprehensive bicycle insurance cover? Get in touch and we’ll sort you out.
What Affects The Price of Bicycle Insurance?
Let’s take a quick look at some of the factors that can affect the amount you pay for specialist bicycle cover:
- What sort of cover do you want? Your policy can simply cover you for theft or damage. But depending on how you use your bike, you might want to get extra cover for roadside recovery, personal injury, and so on. The more comprehensive your cover, the more you’ll pay.
- In an insurance policy, the excess is an amount you agree to pay towards the cost of a claim. If you want to save money on the cost of cover, one option is to offer to pay a higher excess.
- The value of your bike. The more you paid for your bike, the more you’ll have to pay for cover. Different types of bikes may also cost different amounts to cover, as certain types may be more expensive to repair, or more likely to be targeted by thieves.
- One bike, or two? We offer multi-bike discounts on our bicycle insurance policies. For example, if you add another bike to your policy, you can save 5% on the cost of cover.
- How you pay. You can often save money depending on how you pay. Usually, paying an annual lump sum can work out cheaper than paying in monthly instalments.
How Much is Bicycle Insurance?
Let’s say you want to get cover for a BMX style bike with a value of up to £1,000, with an excess of £100. In this case, your cover can cost as little as £3.43 a month for essential cover, or £6.07 a month for fully comprehensive cover. This is assuming you pay an annual lump sum instead of 12 monthly payments, which invariably works out cheaper.
You may get a higher or lower quote depending on your specific circumstances. For a better idea of how much you might expect to pay for bicycle insurance, get a quick automatic quote here.
Not sure how much to put down for your bike’s value? Read our guide to getting an accurate valuation for your bike.
Do I Need Bicycle Insurance?
You could get cover for your bike as part of your home insurance. But this won’t cover you for all of the risks you might face while cycling, such as for personal injury or breakdowns. Home insurance also won’t give you any cover for cycling overseas.
Bikes are highly valuable assets. If you cycle often, whether as part of your commute or for purely recreational purposes, then it’s absolutely worth taking steps to secure your beloved bike. So if you’re serious about cycling, only specialist bicycle insurance will give you all the cover you need.