Many cyclists admit to not having adequate insurance cover for their bike, even when it's worth hundreds or even thousands of pounds. A recent survey revealed some of the most common reasons for this.
a) One of the most common reasons was that there was no legal requirement, unlike for car drivers. This is worrying as many of the same risks apply to cyclists as to drives including theft, accident and injury.
b) My home insurance cover it doesn't it - That depends on your policy but it probably won't cover any bike worth over a certain (low) limited. It may not cover the bike being stolen when it is away from your home and it almost certainly won't cover personal injury or third party liability.
c) I've never considered it - Well consider are you willing to risk losing your bike and not very able to afford to replace it.
When you are selecting cycle insurance the main risks you need to make sure are covered are as follows:-
a) Theft - A high number of bikes are stolen every day and it's important that you insure the bike for its full value. It will probably be a condition of the insurance that your bike is locked, plan to spend at least 10% of the value of the bike on the lock. The more the bike is worth the more effort people will go to in order to steal it.
b) Make sure your policy covers the cost of recovering your damaged bike if you are involved in an accident a long way from where you live.
c) Over 2,000 cyclists a year are seriously injured in accidents in the UK. If this was you it might mean being off work while you recover, make sure the policy will compensate you for loss of earnings otherwise you could have financial difficulties.
d) Some policies will cover the cost of cycle hire while your bike is off the road, other exclude this cost. If your bike is essential to you please make sure you have this covered.
e) Public Liability - If you injury somebody else you may be sued and have to pay them compensation. In this day and age the amounts awarded in compensation can be tens or even hundreds of thousands of pound.
Finally there are a couple of other issues you need to check when you get a quote for your bicycle insurance:-
a) Like most insurance policies there will be an excess if you need to claim on your cycle policy.
b) Some policies pay the current second hand value of your bike others will provide a replacement on the basis of new for old.
c) Different policies provide different cover for international trips. If you plan to take you bike on holiday please check you will be covered.
d) Like car insurance different policies restrict what you may use the bike for and still be covered. Check if you will be covered for commuting, work or competition.
Act now before it's too late and make sure you get the policy which suits you best.
a) One of the most common reasons was that there was no legal requirement, unlike for car drivers. This is worrying as many of the same risks apply to cyclists as to drives including theft, accident and injury.
b) My home insurance cover it doesn't it - That depends on your policy but it probably won't cover any bike worth over a certain (low) limited. It may not cover the bike being stolen when it is away from your home and it almost certainly won't cover personal injury or third party liability.
c) I've never considered it - Well consider are you willing to risk losing your bike and not very able to afford to replace it.
When you are selecting cycle insurance the main risks you need to make sure are covered are as follows:-
a) Theft - A high number of bikes are stolen every day and it's important that you insure the bike for its full value. It will probably be a condition of the insurance that your bike is locked, plan to spend at least 10% of the value of the bike on the lock. The more the bike is worth the more effort people will go to in order to steal it.
b) Make sure your policy covers the cost of recovering your damaged bike if you are involved in an accident a long way from where you live.
c) Over 2,000 cyclists a year are seriously injured in accidents in the UK. If this was you it might mean being off work while you recover, make sure the policy will compensate you for loss of earnings otherwise you could have financial difficulties.
d) Some policies will cover the cost of cycle hire while your bike is off the road, other exclude this cost. If your bike is essential to you please make sure you have this covered.
e) Public Liability - If you injury somebody else you may be sued and have to pay them compensation. In this day and age the amounts awarded in compensation can be tens or even hundreds of thousands of pound.
Finally there are a couple of other issues you need to check when you get a quote for your bicycle insurance:-
a) Like most insurance policies there will be an excess if you need to claim on your cycle policy.
b) Some policies pay the current second hand value of your bike others will provide a replacement on the basis of new for old.
c) Different policies provide different cover for international trips. If you plan to take you bike on holiday please check you will be covered.
d) Like car insurance different policies restrict what you may use the bike for and still be covered. Check if you will be covered for commuting, work or competition.
Act now before it's too late and make sure you get the policy which suits you best.
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Why is Cycle Insurance so important, find out with Chris J Hall's article from The Cycle People
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