Why Do You Need Specialist Cycle Insurance?

Here at Cycleplan, we understand the risks faced by cyclists on a daily basis. Unfortunately, theft, loss, damage and accidents can and do happen on a regular basis. We’ve put this blog together to outline the risks that make specialist cycle insurance a must-have for all cyclists.

Take bike theft, for example. 376,000 bikes are stolen annually in the UK, according to our friends at Bike Register, which works out at roughly one bike stolen every 90 seconds. And considering the current cycling boom the UK is enjoying, there are more and more bikes appearing on the streets every day. Cyclists of all abilities are at risk: even Team Sky had bikes stolen during the 2014 Tour du Haut Var.

It’s a shame, but the reality is you need to be extra careful these days. That’s because thieves are coming up with new, innovative ways to steal bikes. By reading our recent blog outlining how to keep your bike safe in the age of social media, you'll understand the kinds of smart tactics that thieves use today.

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Household contents insurance vs specialist cycle insurance

Lots of cyclists mistakenly assume that their equipment and themselves will be covered under their household contents insurance until it's too late. But, cyclists often have multiple bikes and own lots of accessories. This means that when it comes to a claim on your household policy, a pay out of a few hundred pounds from your household contents insurer very often won’t cover the full cost of your cycling equipment.

Plus, a household insurance claim will likely result in an increase in your household contents premium in the future. This is where specialist cycle insurance from providers like Cycleplan hold their own. We don't increase your premium after a claim. But there's more to it than that.

Home, travel and health insurance obviously have their worth, but when cycling away from the home, cycle insurance becomes essential. Home contents insurance, for example, has limitations. For a start, you may not have protection for your bike once you have left your home. Meanwhile, the value of your bike(s) is quite likely to surpass the home contents policy maximum (limits are known to be as low as £500!), meaning you’d have inadequate protection particularly if you had multiple bikes.

Home contents cover also very rarely includes Public Liability: arguably the most vital facet of a cycle insurance policy. There are many instances where cyclists, through no fault of their own, have damaged third party property. This is often the case in winter when bikes slide uncontrollably on ice and can damage a car.

Also, depending on where you ride and the quality of the roads, potholes have been known to cause havoc for cyclists. We’ve frequently dealt with cases where a vehicle has been damaged after a cyclist hit a pot hole and then veered off into a car. If you were to damage third party property and you didn’t have specialist cycle insurance, you could end up paying out a small fortune to repair the damage made.

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Why do you need specialist cycle insurance?

The best cycle insurance products don’t only cover you for theft, loss and damage. They also protect you against financial loss and inconvenience when an unexpected event occurs. There’s personal injury, loss of earnings, potential legal fees, damage to someone else’s property and much more.

It is indeed possible to cover certain cycling risks using a combination of home, health and travel insurance. But purchasing three separate policies could be quite expensive, whilst leaving surprisingly large gaps in your cover. This is where specialist cycle insurance shines. These policies are designed specifically for the risks cyclists face.

Here at Cycleplan, we have taken all the relevant bits of each of the separate policies and brought them all together under one policy. The beauty of our cycle insurance is that it’s so flexible. You can build a policy that’s specific to you and your cycling needs, so you don’t end up paying for cover that you don’t need.

Why choose Cycleplan’s specialist cycle insurance?

Cycleplan prides itself on value and flexibility, offering an extensive yet affordable cycle insurance cover in the UK. Here are five key features and benefits that show why you should choose us to insure your pride and joy:

Theft and accidental damage cover

We offer theft and accidental damage cover up to a limit of £30,000. So if you are unfortunate enough to have your bike(s) stolen from your home, while out on a ride or from a motor vehicle, we’ll replace it ‘new for old’, up to the total bicycle(s) value you provide.

‘New for old’ basically means if your bike is stolen, was new when you bought it and was up to three years old, we’ll replace it with a brand new one. We also cover your pride and joy for damage, whether that be malicious or accidental.

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Insure multiple bicycles on one policy

If you have more than one bike, we’ve made it very easy for you to insure them all on one policy. Simply enter the total value of your bicycle(s) equipment when building your policy, then list the make and models of your bikes further down the purchase process.

Personal Accident cover up to £50,000

Our cycle insurance provides Personal Accident cover for injuries as serious as the loss of limbs or sight and even permanent disability or death; putting you at ease should you happen to fall off and seriously injure yourself.

But that’s not all. Our extensive Personal Accident cover also provides financial compensation should you be hospitalised, require emergency dental work and even physio cover to make sure your injury is fully rehabilitated.

Public Liability including 3rd party property damage up to £5 million

If you injure another road user, pedestrian or 3rd party property when out riding, our Public Liability will cover any costs you may be obliged to pay out. This will give you complete peace of mind when out riding your bike, safe in the knowledge that should an unfortunate event arise, we’ve got your back.

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Lizzie Armitstead endorsed

We’re proud to call World Champion and Olympic silver medallist Lizzie Armitstead our cycle insurance brand ambassador.

Find out why Lizzie chooses Cycleplan:

Here’s what cycling experts and customers say about Cycleplan

Bought by Many Cycle Insurance Review

We had our cycle insurance product reviewed by the ‘Bought by Many’ blog back in August 2015. The site describes itself as, “a free, members-only service that helps you find insurance for the things in your life that are out of the ordinary.”

Bought by Many said, “their flexible policy allows you to choose the cover you'd like, they offer a 20% introductory discount and say that if [within 14 days of buying] you find the same levels of cover elsewhere for less we'll refund the difference."

London Cyclist cycle insurance comparison

Well-respected cycling blog London Cyclist also produced a comprehensive look at cycle insurance options. LC gave an ‘equal playing field’ scenario to start with including a cyclist owning a: £1,000 bike, £150 worth of accessories, a Sold Secure gold rated lock who leaves the bike overnight in London once a week. This scenario was designed to gauge which cycle insurance product is the best value for money overall.

And with other providers’ annual prices reaching £106£129.43 & £130, our annual figure of £62 is very competitive to say the least!

Trustpilot Reviews

Cycleplan has well over 450 customer reviews on Trustpilot with customers rating us 8.9/10 overall which Trustpilot class as “Excellent”. We can see that 68.1% of all our reviewers rated Cycleplan 5/5 and only 6.9% of all our reviewers rated our cycle insurance product 3/5 or less.

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How to purchase our specialist cycle insurance

It’s unbelievably quick and easy to get a quote. Simply select the cover options you need to build and personalise your own tailored Cycleplan insurance policy.

Get an instant specialist cycle insurance quote now.