Compare Bicycle Insurance
What does bicycle insurance cover?
There are more cycles on our roads than ever before. Cycling now accounts for around 1% of road traffic in the UK, and this figure is expected to rise over the next few years.*
Of course, cycling doesn’t come without risks, and more cyclists on the roads mean more risks! Bicycle insurance is a way for cyclists to cover their bikes, themselves and others against the day to day risks which come with owning and riding bicycles. Unlike car insurance, it’s not compulsory but is often recommended, particularly if you ride frequently or own more expensive bikes.
Most cycle insurance policies cover your bike against theft, accidental damage and malicious damage. Some will also include other extras such as personal injury cover or cover for accessories.
* Source – Oct 2020.
What cover options are available?
In the event of a claim, New for Old cover will usually pay out the total value of your bike when you purchased it as new. It’s only available for bikes less than three years old.
For cycles purchased from new you should insure all sums insured represent the replacement costs as new ignoring any discount you may have received as a “special offer” from the retailer or place of purchase.
If you bought your cycle second hand, or if it’s over three years old, the amount you’ll receive in the event of a claim will be based on the market value of the cycle today. When you get a quote you should ensure the value of the bike matches it’s current value, not the price you paid initially.
Insurers will provide a pay out if your bike is stolen. Most policies will include cover for:
- Theft from your home
- Theft while away from your home
- Theft from a motor vehicle
Remember that in the event of a claim you’ll need to pay an excess. Please check the policy document for more details as to what is and isn’t included in theft cover.
If you damage someone else’s property or injure another person whilst riding you could be liable to pay compensation. Public Liability cover is designed to protect you against any costs that may arise. Similarly, Legal Expenses covers the costs to pursue or defend incidents that may occur following a cycle accident.
Personal Accident cover pays out a fixed amount of money in the event that you are injured or killed whilst cycling. The amount paid out will depend on the type of injury sustained, and the policy wording.
All policies will include cover for riding in the UK as standard. But if you take your bike on holiday with you, or compete in overseas events, you may want additional cover.
Many providers will offer European or Worldwide cover, either as standard or as an optional extra which can be added to your policy. When you compare bicycle insurance you’ll be asked what level of cover you require. Remember to check the number of days you’re covered, as this varies by insurer. For example, you may be covered for anything up to 35 days at a time when riding abroad.
A standard cycle insurance policy will only provide cover when you are riding the cycle, or when it is in your possession. Family usage is an optional extra (or standard on some policies) which can be added to extend cover to include members of your family.
When shopping for insurance you might want to add extra cover for any other equipment you use when cycling. Accessories can include things like helmets, clothing, cycle panniers and more. Different insurers will cover different accessories so remember to check the policy wording for details.
Some policies will provide a payout to cover the amount it costs to hire a bicycle, should yours be damaged or stolen. The amount you’ll receive varies per insurer, so again always check the policy.
Standard cycle insurance policies will cover you for the day-to-day usage of your cycle for leisure. However when you compare cycle insurance you’ll also be able to select from policies with specialist cover options:
Commuting: This ensures your covered when using your cycle to travel to and from your place of work.
Competitions: If you take in part in any kind of cycling competition then you’ll need to add this cover option. You’ll be able to specify whether it’s a competitive race like a triathlon or a non-competitive race, like a charity event.
Commercial Use: This provides cover for you and your cycle when working as a courier or delivery rider.
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Do I need bicycle insurance?
It depends on your specific circumstances and the amount of risk you are willing to take. If you’re involved in an accident or your cycle is damaged or stolen you may not be covered. If you cycle a lot or own more expensive bikes then insurance is certainly worth considering.
Some home insurance policies also cover cycles but this can be limited. There are usually restrictions on the value of the bike and the type of cover offered. If you make a claim then this could effect your home insurance no claims bonus, leading to higher premiums in the future. Also depending on your excess, you may receive less in the event of a claim than you would with a standalone cycle insurance policy.
How can I get cheap bicycle insurance?
You may be able to save money by opting for a more basic policy without all the bells and whistles of a more expensive one. However it’s important to find the right balance, so that you are not left under-insured in the event of a claim. When you compare bicycle insurance you can select from the optional extras which are important to you, to get a policy which suits you.
Who offers the best bicycle insurance?
There are many different providers of bicycle insurance in the UK. We’ve listed some of the most popular below in alphabetical order:
- Extended 30 day cooling off period on new policies
- In-house claims team
- Five star average reviews on Trustpilot
- Defaqto 4 star policies available
- Offers a range of cover options for multiple bikes
- Great customer feedback on Trustpilot
- Free upgrade to worldwide cover
- Family cover included
- Excellent customer feedback on Feefo
- Free DNA+ bicycle security marking kit worth £36 with every policy
- In-house claims team
- Specialist cover for racing/competitions and commercial use
* The information from this page was taken from the relevant insurers websites. Accurate as of Oct 2020. Always check the policy.
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