Every year in the UK around 500,000 cycles are stolen - that’s one every minute. Mistakenly, many cyclists assume their bikes are protected under household contents insurance, and it’s only when they make a claim that they discover there are limitations to this.
To avoid these shortcomings it makes sense to take out specialist cycling insurance. This is no different for students moving to a completely new town or city.
Being in a totally new environment brings its own risks like theft, loss and damage. Accordingly, here are five reasons why students need specialist cycle insurance:
#1 Theft from halls/house
Whether you’re living in the student halls or sharing a student house, you need to be very careful where you leave your bike. Areas around student accommodations are notorious for thieves, who’ll take anything that’s firstly carry-able and secondly, looks to have a second hand sell on value. Sadly, any bike fits this bill!
If you are staying in student halls then the university should provide a designated place to leave your bike, but make sure you also invest in the best lock you can afford.
What’s the point in spending X amount on your pride and joy only to secure it with a cheap lock? It doesn’t make sense. When purchasing a lock ensure you get a Sold Secure lock dependent on your bicycle value.
This will ensure that any specialist cycle insurance you take out is valid. Finally, remember to lock both the frame and the wheel, and take any small accessories with you.
More information on locks here: ‘Insurance Approved Bike Locks’ & ‘Tips on buying the best bike lock’
Although you may trust your new found house mates, their friends of friends who have come back after a night out for a night cap may not be as trustworthy and could very easily take your bike, which then can double up as a getaway vehicle!
#2 Theft from your vehicle
It’s not just in your student accommodation where thieves look for valuables. Your vehicle can often be left in vulnerable areas due to the lack of parking on university grounds for students.
You should never leave your cycle in your vehicle (if it’ll fit!) and on show, as most insurers won’t cover for a break in from a vehicle unless it was locked away and out of sight.
#3 Damaged equipment
We all like to think that we look after our most prized possessions and accessories, but accidents do happen. Student parties can get a little wild at times and things can get broken! With our policies, if your bike is accidentally damaged, the cost is covered and we’ll even replace new for old if the item is less than three years old, assuming they were purchased new.
#4 Loss of equipment
You’d like to think that losing a bike would be quite hard. The size and shape being the biggest issue, but believe it or not losses of bikes are quite commonplace. It’s not just your bike that you need insure though, sometimes the accessories you own can be just as costly if not more so than your bike!
Only when you start adding up the cost of a new; helmet, lock, clothing, GPS do you realise just how costly a loss would be and maybe start to realise that a specialist cycle insurance policy is necessary.
#5 Student loan
Student loan day. The day your loan clears into your bank account and you’re free to buy as many books, stationery and necessary shopping you need! That is what your student loan is meant for right?!
Only kidding, but do you really want to be spending some of your small fortune on fixing or replacing your bike and/or accessories because of the theft, loss or damage it received?! Why not spend a little on making sure all your equipment is covered, should the worst happen.