Do You Need Bike Insurance For Your Bicycle: It depends on where you live and how you use your bicycle. In some countries, such as the UK, bicycle insurance is not a legal requirement, but it may still be a good idea to protect against theft, damage, or liability claims.
If you use your bicycle primarily for commuting or other purposes, such as delivering goods or services, then you may want to consider purchasing bicycle insurance to protect your investment and your liability in case of an accident. If you participate in competitive cycling or use an expensive bicycle, it may also be wise to purchase insurance to protect against theft or damage.
However, if you only use your bicycle for leisure or exercise, and you don’t have a particularly expensive or specialized bike, then bicycle insurance may not be necessary. Ultimately, it’s up to you to decide whether the potential benefits of bicycle insurance outweigh the cost of the premiums.
It depends on where you live and how you use your bicycle. In some countries, such as the UK, bicycle insurance is not a legal requirement, but it may still be a good idea to protect against theft, damage, or liability claims.
If you use your bicycle primarily for commuting or other purposes, such as delivering goods or services, then you may want to consider purchasing bicycle insurance to protect your investment and your liability in case of an accident. If you participate in competitive cycling or use an expensive bicycle, it may also be wise to purchase insurance to protect against theft or damage.
However, if you only use your bicycle for leisure or exercise, and you don’t have a particularly expensive or specialized bike, then bicycle insurance may not be necessary. Ultimately, it’s up to you to decide whether the potential benefits of bicycle insurance outweigh the cost of the premiums.
Have they got to be insured? Is insurance a requirement for riding a bike on public roads? Can bike insurance safeguard you from theft?
In other words, it’s not required by law, but it might be a good idea. If you want to protect your bike from theft and accidental damage, or if you travel and race frequently and want to be covered for all contingencies, it’s definitely worth thinking about buying bicycle insurance.
This is the most thorough guide to selecting the best bicycle insurance available online, and it will assist you in determining the level of protection you may require.
What are the different options for insuring a bicycle?
The most common way to insure bikes is by far with home insurance. A BikeRadar survey from April 2016 found that 75% of people who insure their bikes do so through their home insurance.
The benefit of doing this is clear; by including your bike in your home insurance, everything is neatly bundled together and you have one less thing to worry about when it comes time to renew.
It can also offer good value if you just need to insure a cheap bike or want a hassle-free policy that will cover you for the essentials.
However, there are drawbacks to covering your bike under your homeowners insurance as opposed to specialised insurance, especially for the serious cyclist.
Specialist bicycle insurance
Serious cyclists are the focus of specialised bicycle insurance policies. Although it is possible to buy insurance that will cover just about any scenario, for cyclists, specialist insurance will primarily cover the following areas that standard home insurance won’t:
- Families and multi-bike households
- Kit damage during racing
- Lost race fees if unable to complete
- Additional bike accessories
- Cycle clothing
- Minor to major personal accident cover
- Public liability if you cause an injury to someone else
- Roadside assistance
Starting off, we’ll go over each of these, explain what you should be aware of, and contrast the benefits of specialist bicycle insurance with those of general insurance products.
What type of bicycle insurance cover do I need?
The majority of respondents to a BikeRadar survey stated that they were primarily interested in insurance against bicycle theft.
Not without cause, either. According to the Office for National Statistics, 276,000 bikes were stolen in the UK in 2017. It is obvious that bikes are a popular target for thieves.
In the event that your bike is stolen, bicycle theft insurance can help you recover the cost of a new bike because many insurers will exchange your old bike for a new one.
Due to market competition, coverage is better than ever and there are many different policies to choose from, so be sure to compare them all.
Leaders in the market now pay out in as much as 95% of claims, though any provider will still expect you to do your due diligence.
Check to see if your bike is actually covered by your home insurance policy before deciding whether to insure it.
The majority of policies will include basic bicycle coverage as part of the standard “personal belongings” coverage, but it is likely to have a maximum claim that may not be appropriate for the value of your oh-so-valuable bike, with some policies setting limits as low as £350.
You may be able to increase the maximum value of your personal belongings with some providers, but it’s best to speak with them directly to find out how high you can set that cap. The most expensive policies can cost up to £15,000.
This can significantly increase your premium, so shop around to ensure that specialist insurance – and all the benefits that come with it – won’t be less expensive.
Most home insurance policies, unless specifically stated otherwise, will only cover a bike if it is kept indoors or securely fastened in a garage or shed. For a cyclist who wants to ride their bike outside and isn’t restricted to a turbo trainer, the drawbacks of this are clear.
Many home insurance companies, though, let you extend coverage outside the house. For an additional fee, you can add “away from home” coverage with M&S Bank and Hiscox insurance, for instance.
Make sure your policy covers your bike while it is “in use” by paying close attention to the details in this section. Some insurance companies only provide coverage for accidental theft or damage to your bike when it is stationary or being stored.
The same advice is applicable to specialty insurance, but be sure to check the regulations regarding overnight bike storage in a car. Bike storage out of sight is required by many home insurance policies or your coverage will be void.
It’s a good idea to shop around if you own more than one bike because some insurers will give you a generous discount on extra bikes, sometimes up to 60%.
A final word of caution: although it may seem obvious to an experienced cyclist, it may be difficult to convince a home insurance provider that a bicycle could potentially be worth thousands of dollars more than a car. In this circumstance, a specialised provider is more likely to comprehend.
Insuring a bicycle with renters/tenants insurance
Consider covering your bike with renters or tenants insurance if you don’t own your home and don’t want to go the route of specialist coverage.
The same advice for home insurance applies here, so be sure to comparison shop and talk to your provider to learn about all of the specifics. If you share housing, pay extra attention because this may make things more difficult.
Cycling event insurance
If cycling racing occupies a significant portion of your life, it may be worthwhile to look around to see what coverage may be beneficial to you.
Any well-organized event will include third-party insurance as part of your entry fee. In the event that you hurt a spectator or damage property, this will protect both you and the organiser.
It is unlikely to cover personal injuries, bike damage, or injuries or bike damage to rival competitors.
The majority of specialised bike insurance companies offer the option to add special event coverage. It is incredibly unlikely that home insurance companies will provide this.
Most insurance companies will also cover any accidental damage to your bike and gear that may happen during a race, depending on the provider you select. The majority will also protect you from theft during any transitions.
If you are hurt before an event and are unable to attend, some insurers frequently pay out, covering any entry fee losses.
Short-term insurance is something to consider if you only intend to attend a few events each year and don’t want to pay for a full year of coverage. You can purchase insurance from some providers for a week at a time.
Make sure whatever you choose will work for you because some policies will exclude mass start competitions, crits, and the extreme edges of the sport (think trials riding, Megavalanche, and similar events).
Accidental damage insurance
Although theft is the top concern for most cyclists, the majority of claims for most specialised bicycle insurance providers fall under the accidental damage coverage.
For instance, Bikmo disclosed through its Open Project that an astounding 83% of its claims involved accidental damage.
Depending on the level of coverage you select, accidental damage insurance will typically cover everything from replacing a whole bike to replacing individual components and accessories.
For more expensive items like GPS devices and the best road or mountain bike helmets, home insurance might be a good option, but if you want comprehensive coverage for all of your equipment, specialist insurance is usually a better choice.
If you are a cyclist who is prone to accidents, shop around and compare policies as this isn’t quite as straightforward as theft cover.
Cycling travel insurance
If you’re considering taking your bike on a trip abroad, it’s important to consider whether specialist travel insurance is preferable to non-specialist travel insurance.
If you happen to ride a bike while on vacation, non-specialist travel insurance policies might cover you, but they’re unlikely to do so if the trip is specifically a cycling vacation. A similar policy almost certainly won’t cover racing or mountain biking.
Additionally, if your bike is damaged during transit, the majority of travel insurance policies won’t cover the cost of a rental bike.
The only way to be sure you are covered if you are racing is to purchase a specialised bike insurance policy, which is much more likely to cover such occurrences.
Check the specifics of your itinerary if you’re travelling abroad to compete in an ultra-endurance race because some include time or distance restrictions.
Personal accident insurance
Should you sustain a serious injury while riding your bike, your personal insurance will cover the cost of your medical care.
If you are unable to work as a result of your injuries, some policies will pay out a lump sum to cover your medical expenses, which may include physiotherapy and dental work.
Make sure your insurer is aware of any pre-existing medical conditions you may have, as failing to do so could result in the cancellation of any coverage.
In comparison to a specialised bicycle insurance policy, a dedicated personal insurance policy will provide a much higher level of coverage.
Even though it’s not required by law, the majority of policies from either a specialised cycling insurance provider or a dedicated personal insurance provider will also stipulate that you must always wear a helmet in order for your insurance to be valid.
However, since most products offer some sort of personal insurance coverage, it’s important to compare what’s available because it might help you decide between two policies if you’re undecided.
Third-party cycle insurance
Liability and third-party insurance are entirely different animals. Third-party insurance will cover you for damage to other people’s property and their injuries in the event of a serious collision, as well as for your legal expenses.
Given this, it might be time for you to think about getting liability insurance to safeguard you in the event of a serious accident.
Naturally, insurers are unlikely to accept your claim if you are breaking the law when the accident is caused (don’t do that).
Tips to make sure you’re covered
As we’ve already mentioned, insurers expect you to do your research, so failing to do so could cost you if you ever need to file a claim.
If all of this seems excessive and troublesome, we would advise you to put up with the mild inconvenience now because the stress of dealing with the police and filing an incomplete insurance claim will be much worse.
You must keep in mind that insurers lose money when they pay out on a claim. It would not be a good business model to pay out on every claim, so it will be much simpler for you if you can demonstrate that you have done your research. You are also much more likely to be taken seriously by the police.
Why you should register your bike
It is a good idea to register your bicycle with one of the many well-known services. When attempting to identify a stolen bike in the UK, the police use the most well-known service, Bike Register.
A logbook will be accessible online if the bike has been registered through the programme, allowing you to determine whether a used bike has been reported stolen.
Similarly, it’s a good idea to regularly photograph your bike in good lighting, especially if you replace any stock components with upgrades.
It’s a smart idea to take a picture of the frame number on your bicycle, which is typically but not always stamped beneath the bottom bracket shell of the frame. Additionally, it may be very important in returning your stolen bike to you.
Most people shouldn’t have a problem with this given how much of our lives are documented on Instagram, but if your bike is stolen, having clear, accurate photos and receipts will make things much simpler for you.
