If you’ve purchased home insurance, your bike may be covered, but most policies have several limitations that can make it difficult if your bike breaks or is stolen and needs to be replaced.
One of the biggest changes during the coronavirus lockdown has been the number of people getting to cycle. Use it as an opportunity to stay in shape, make the most of outdoor exercise, or commute to work on two wheels instead of having to use public transport.
There has been a sharp increase in the use and purchase of men’s and women’s bikes, as well as boys and girls’ bikes, touring bikes, mountain bikes, road bikes for commuting. daily and hybrid bikes for recreation.
As cycling’s popularity exploded, many people bought new bikes, dusted off their old ones, and hit the roads and trails. However, it also increased the risk of their bike being stolen, involved in an accident, or damaged. In addition, the value of bicycles outdoors has increased.
Bike shops are reporting that it is now difficult to buy a bicycle for less than £ 1,000, and also difficult to find spare parts. So there are a lot of more expensive bikes in homes and sheds than before. Unfortunately, that means more opportunities for bike thieves.
How do I keep my bike safe?
Hundreds of thousands of bikes are stolen in the UK every year, and they’re certainly not cheap to replace, so purchasing insurance for your bike can be worth the cost. You can certainly compare home insurance quotes to see if cycle insurance is included as standard in the policy.
If you are considering purchasing insurance for your bike, you will first need to consider a few factors to see what the best options are for you. This includes the value of your bike, how often you take it out of the house and how you use it, and where you lock it up late at night.
Adding your bike to an existing home insurance policy may be the best option. Or you might find that a specialist bike insurer will give you a better deal if you have an expensive high-end bike or use it for commuting and take it out regularly.
Keeping your bike safe should be a top priority – make sure you have an area in your house where it cannot be seen from outside the house. If you plan to keep it in a shed, make sure the lock is secure and consider installing an alarm on the shed, especially if your bike is valuable. When you take your bike out, make sure you have a sturdy lock.
Do I have to insure my bicycle on my home insurance policy?
You may already have Home Insurance. If so, it is likely that your bike, which is included in your “content”, will be insured. However, there are probably several limits to this, so don’t take it at face value.
First, your contents are usually only insured when valued up to a certain limit, usually around £ 500, so this will cover general household items that have been damaged or stolen. You will usually need to let your insurer know if you want to cover expensive isolated items, such as jewelry or a high-end bicycle.
Since most of the bikes you can buy now will be worth over £ 1000 as many cheap models are out of stock, you should definitely check to see if your new bike is covered by your home insurance. Find out if there is an item limit and if you will be covered if your bike is stolen if you take it outside the house.
What about insurance coverage for my bike away from home?
Most standard content policies will only cover items when they’re in your home, so if you have your bike stolen away from your home, your home content policy may not cover it.
If you want your bike to have out-of-home coverage, you will need to add personal or out-of-home coverage to your property insurance policy. This will likely increase your premium or you may have to pay additional fees to get the additional coverage.
Keep in mind that your home insurance policy may not insure your bike if you use it in competitive races or mass cycling events. Insurers are likely to consider any event where you cycle at high speed, or among several other cyclists, as high risk. They will therefore exclude it from scenarios where they will insure your bike. If you have an accident and damage your bike during a cycling event, it is unlikely that you will be covered by your home insurance policy.
The same goes for lending your bike to someone else – many home insurers will not insure your damaged or stolen content while it is borrowed by someone else.
If your bike is worth more than £ 500, adding personal effects and accidental damage coverage could give you extra protection. If you decide to lend your bike to a friend, check where and how it’s stored and locked up during the day and night. It is unlikely that you will be able to make a claim if the bike has been stolen from someone else.
Is it worth it to turn to specialized bicycle insurance?
Another option is specialized bicycle insurance. Of course, this will likely cost a little more than just adding an extra item to your home insurance, but specialty insurers can often tailor the coverage to your needs.
One of the benefits of specialty bicycle insurance is that it is unrelated to your home insurance and therefore will not affect your home insurance policy if you need to make a claim for your bicycle.
If something happens to your bike and you need to make a claim on your home insurance policy, you could have higher premiums the following year on your entire home insurance policy.
Read on to learn more about bike insurance and see what type of coverage is right for you.
Do i need bicycle insurance?
Specialized bicycle insurers will have more experience in insuring bicycles and therefore a better understanding of the risks involved and cyclists in general than a regular home insurer.
They can also give you advice on the type of bike lock you can use to protect your new bike from theft and help you avoid having to make a claim on your bike insurance.
If you have a very expensive bike, you might be better off purchasing a specialized bike insurance policy, as the coverage will take into account how you use your bike. This means that you could get more comprehensive coverage than if you added your bike to your home insurance policy.
Many home insurers might just view it as an expensive item with a lot of risk and in some cases won’t even risk insuring it if it’s too expensive. There may be an upper limit for individual items in your home insurance policy. Some specialist insurers can insure bikes worth up to £ 20,000, so if your bike was a big purchase you should be able to be covered by bike insurance.
Unlike many limitations of home insurance policies, you should be able to include third party coverage and protection when running and participating in events, as well as when locked outside the home.
How to take out cheap bicycle insurance?
Insurers always assess the risk of insuring your property, and with bike insurance it’s no different. However, since many bicycles are valuable items that are fairly easy to steal, the risk is already high enough for the insurer.
If you have a high-end racing bike or mountain bike, or have ordered a high-end bike from a bicycle shop and are waiting for it to be delivered, it is advisable to check out the bike insurance options and compare insurance. quotes for bicycles.
It might sound like the obvious, but investing in a good lock and keeping your bike locked up in a safe place is likely to signal insurers that there is less risk involved. Showing insurers that you take the safety of your bike very seriously means you’re more likely to get a replacement when you make a claim. Bikes can be easy to steal if you don’t use a quality lock recommended by your local bike store.
Determine whether it will be cheaper to add your bike to your home insurance or to purchase a separate bike insurance policy – either one may be cheaper depending on your situation and the type of coverage you have. you need.
Finally, always compare the insurance market at large to find the best deals on bike and home insurance. You may need to purchase specialized coverage for folding bikes, e-bikes, electric cycles, specialty mountain bikes, or tandem bikes.
The best bike insurance is the one that fits your lifestyle and your cycling routine. You may need to find a bike insurance policy for multi-bike insurance, especially if you own more than one type of bike or if you are a family cyclist with a few mountain, touring, or mountain bikes. road that need insurance coverage.
If you only use your bike occasionally and it’s not worth more than £ 500, it may be best to add it to a home insurance policy.