Cycle insurance can be one of those things you mean to sort out, one day, at some point, soon…
However, putting it off can be a costly error. You may think your bike is insured as part of your home contents insurance policy, but this is not always the case. Very few contents insurers cover bikes when they are away from the home – you normally have to add your bike on separately – which can dramatically increase the cost. What’s more, even if your bike is covered by your contents insurance, you will not be protected if you are in an accident or cause one.
Here are five crucial reasons to insure your bike with a specialist cycle insurer:
Bike theft and equipment damage
Bike theft is unfortunately all too common. Between April 2015 and March 2016, there were 327,000 reported incidents of bike theft; a figure that should be a lot higher considering a shocking 75% of people do not even bother to tell the police that their bike has been stolen.
Whether you commute, cycle for fitness or like to bomb down mountains, your bike is an investment as well a treasured possession. If it’s stolen, you need to think about whether you can afford to replace it. If you don’t have insurance, all the costs of buying a new bike will fall on you. It’s also important to note that, if your bike is worth over £1,000, it’s likely that only a specialist cycle insurer will cover it.
If you do have insurance, some policies offer new for old cover and some may even cover accessories such as lights, GPS units and a helmet.
If you are a mountain biker, a specialist insurer can also cover you in the event of damage to your bike and kit, such as full face helmets and even action cameras.
Causing an accident
No one ever means to cause an accident but unfortunately they do sometimes happen. If you commute in a busy city it can be easier than you think to cause damage to third party property or have a collision with another cyclist, vehicle or pedestrian. In February 2016, a woman was killed after being hit by a cyclist on Old Street in London.
If you don’t use your bike to commute, it is still worth having insurance. For example, mountain bikers and hikers regularly share paths, making collisions a distinct possibility.
If the accident was deemed to be your fault, you could potentially be sued. Public Liability cover from a specialist will insure you for any accidental damage you may cause to a person or their property.
Being hurt in an accident
While most cycling accidents leave riders with nothing more than bruises, there are times when it can be far more serious, possibly forcing you to take unpaid time off work, undertake rehabilitation, or have emergency dental work.
Ensuring your cycling insurance policy includes Personal Accident cover means you can get financial compensation for broken or fractured bones, or dental work needed after the accident. Some policies also offer loss of earnings cover if an accident results in you having to take time off work.
If you are planning a cycling holiday, getting European or Worldwide cover is essential. Even if your home contents insurance covers your bike for normal use, it is highly unlikely that it will be protected if you take it abroad. Specialist cycle insurance will cover your bike if it is stolen abroad, or if you are injured or cause an accident while on holiday.
If you plan on entering cycling competitions and races, insurance, for some, is compulsory. Not all competitions may require you to have insurance, but if you are competing regularly then it is worth opting for a policy which includes competitive use, as not all policies insure against accidents in races.
Cycleplan offers flexible bike insurance where you only pay for what you need. Get a quote today!
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