Why you shouldn’t add bicycles to your home insurance

Bicycle lock

Adding bicycles to your home insurance is quick and easy to do. You might believe that it’s the quickest and cheapest way to insure your bike, but for many cyclists, adding bikes to a home insurance policy simply doesn’t make sense.

The cover provided for bicycles in a standard home insurance policy tends to be limited. Most insurers will only pay out if your bike is stolen or damaged whilst it is being stored at your home and whilst others will offer additional “away from home” cover, this tends to come at a price. There’s also usually a maximum amount which can be insured, meaning some insurers will not cover more expensive cycles.

If you’re a keen cyclist, it might be worth paying for specialist insurance. Why not compare them all in one place now?

How is cycle insurance different to home contents insurance?

Whilst home insurance offers a very basic level of cover, cycle insurance policies can offer a wider range of cover, including:

  • Cover away from home – Home insurance will not usually include cover away from home, without paying extra. With cycle insurance away from home cover is standard. You’ll also be covered against damage whilst riding your bike.
  • Injuries to yourself – Some cycle insurance policies will provide “personal accident” cover for any injuries you might sustain whilst riding.
  • Injuries to others (or damage to other peoples’ property) – “Public liability” cover can help to cover the costs of injuries and damages to others. Some home insurance policies may also include this level of cover, but it’s not always clear.
  • Excess – The excess you pay will vary depending on the type of policy you have. If you make a claim on a home insurance policy then your no claims history could be affected, leading to higher premiums in the future.

What else is included with bicycle insurance?

Depending on the type of bicycle insurance policy you go for, you could also get cover for:

  • Competitive, commuting and commercial usage – If you race, commute or use your cycle as part of your job, then you’ll likely need a specialist policy to ensure you’re covered against risks to yourself or others.
  • European and Worldwide travel – All bicycle insurance policies cover you for use in the UK, but if you intend to ride your bike abroad you’ll need an extra level of cover.
  • Replacement bike hire – If your bike is stolen or damaged, how quickly would you need a new one? Replacement bike hire is designed to get you up and running (or riding) again as soon as possible, so you don’t lose out.
  • Accessories – Cycling can be expensive, so you might need to add cover for accessories such as helmets and clothing.

Which one should I go for?

It’s entirely up to you! If your bike isn’t worth much, and you don’t ride very often, then you could add your bike to your home insurance policy, or even leave it uninsured. But as a general rule of thumb, if you own an expensive bike and ride frequently then a standalone cycle insurance policy is probably a good idea.

Whatever your circumstances, why not compare bicycle insurance quotes online today. It only takes a few minutes, and you could save money. Try it now!