Bicycle Insurance | Do Cyclists Need Insurance?

March 3, 2023

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Whether or not cyclists need insurance depends on several factors, including the country and local laws. In some places, there may be no legal requirement for cyclists to have insurance, while in other places it may be mandatory.

However, even if it is not required by law, it may still be a good idea for cyclists to have insurance to protect themselves and others in the event of an accident. Bicycle insurance can cover damage to the bike, medical expenses for injuries, and liability in case the cyclist causes damage to someone else’s property or injures another person.

It is recommended to check with local laws and regulations to determine if bicycle insurance is required or recommended. Additionally, cyclists should consider their individual needs and assess the risks they may face while cycling to determine if insurance is necessary for them.

Bicycle Insurance | Do Cyclists Need Insurance?

Contents

1 Bicycle Insurance | Do Cyclists Need Insurance?

What are the different types of options available for insuring a bicycle?

Home insurance: Many cyclists choose to add their bike to their home insurance policy as a specified item. This can be a convenient and cost-effective option, but it may have limitations in terms of coverage and may not provide protection if the bike is stolen or damaged while away from home.
Specialist bicycle insurance: This type of insurance is specifically designed for bicycles and offers more comprehensive coverage for theft, damage, and other incidents. Specialist bicycle insurance can also provide coverage for additional features such as personal accident and liability protection, as well as roadside assistance. However, it can be more expensive than adding a bike to a home insurance policy.

Bicycle insurance with your home contents insurance policy

Bicycle insurance is most commonly obtained through home insurance policies. According to a survey by Bike Radar in April 2016, 75% of people who insure their bike do so through their home insurance.

This option provides the convenience of bundling your bike insurance with your home coverage, making it one less thing to worry about during renewal. It may also be a cost-effective solution for basic coverage or for insuring a cheap bike. However, there are limitations to home insurance policies for the serious cyclist.

Specialist bicycle insurance

Specialist bicycle insurance policies are designed to cater to the needs of more experienced cyclists. These policies offer coverage for areas not typically covered by home insurance such as

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

This article will explore the benefits of specialist bicycle insurance compared to standard insurance products.

What are the types of bicycle insurance cover do I need?

There are several types of bicycle insurance cover that you can consider, depending on your needs and budget:

Third-party liability cover: This type of cover is essential if you ride your bike in public places as it provides protection if you cause injury to someone else or damage to their property while cycling.
Theft and accidental damage cover: This type of cover protects your bike in case of theft or accidental damage, such as if you crash or drop your bike.
Personal accident cover: This type of cover provides financial protection if you are injured while cycling, including medical expenses and loss of income.
Competition and event cover: If you compete in cycling events or races, this type of cover can protect you against potential injuries or damages that may occur during the event.
Accessories and gear cover: This type of cover protects your cycling accessories, such as helmets, clothing, and accessories, in case of loss, theft, or damage.
Worldwide cover: If you travel abroad with your bike, this type of cover can provide protection for your bike and accessories while outside of your home country.

It’s important to assess your needs and risks as a cyclist and choose the appropriate coverage that suits your requirements.

What are the types of bicycle insurance cover do I need?

Different between the Home insurance vs Bike insurance

Home insurance and bike insurance are two types of insurance policies that provide coverage for your bicycle, but there are some differences to consider.

Home insurance typically includes coverage for your personal belongings, including your bicycle, as part of your overall policy. This can be a cost-effective option if you have a low-value bike or only ride occasionally. However, if you have an expensive bike or ride frequently, you may need additional coverage or a specialized bike insurance policy.

Bike insurance policies, on the other hand, are specifically designed to provide coverage for bicycles and often offer more comprehensive protection than home insurance. They may cover theft, damage, liability, and even injuries sustained while riding. Bike insurance policies can also offer higher coverage limits and more flexible deductibles than home insurance policies.

Overall, whether you choose home insurance or bike insurance will depend on your individual needs and the value of your bike. If you have an expensive bike or ride frequently, a specialized bike insurance policy may be the better choice. However, if your bike is lower in value and you do not ride as often, home insurance may provide sufficient coverage.

Should I buy specialist bicycle insurance (or) use my home insurance?

It depends on your individual needs and circumstances. If you have a relatively inexpensive bicycle and are mainly concerned about theft or damage while it is stored at home, then including it in your home insurance policy may be a good option. However, if you are a serious cyclist with an expensive bike and frequently ride in races or events, you may want to consider specialist bicycle insurance that offers more comprehensive coverage, including protection for theft and damage while riding, as well as personal injury and liability coverage. It’s important to carefully compare the coverage and costs of both options before making a decision.

Club Membership

Club membership refers to joining an organization or group by paying a membership fee or dues. Clubs can be social, recreational, or professional and may offer a variety of benefits to their members, such as access to facilities, events, or resources. Club membership can also provide opportunities to network, learn new skills, and engage with others who share similar interests. Some clubs require an application process, while others may be open to anyone who pays the membership fee.

British Cycling is the most well-known club that offers discounted coverage (which is now provided by Bikmo).

CyclingUK membership, which costs just £4 a month, gives riders up to £10m of worldwide third-party liability insurance cover (excluding Canada and the USA).

For those who partake in other outdoor pursuits, some alternative clubs will have insurance that may cover you.

The Austrian Alpine Club is a commonly referenced option. While it will never cover you to the same level as a dedicated bicycle insurance policy, depending on the circumstances, it may cover you if you are injured while riding abroad.

What are the information do I need to insure my bike?

To insure your bike, you will need to provide some basic information such as:

The make, model, and year of your bike
The value of your bike
The serial number of your bike (usually located on the bottom bracket or seat tube)
The type of lock you use to secure your bike
Your contact information (name, address, phone number, email)
The address where your bike is kept when not in use
Any modifications or upgrades made to your bike
Details of any previous claims you have made on your bike insurance (if applicable)

It is important to provide accurate and up-to-date information to ensure that your bike is properly insured and that any claims you make will be processed smoothly.

Tips to make sure you’re covered

Here are some tips to ensure that you are properly covered when you insure your bike:

Read the policy carefully: Make sure you read and understand the policy document before signing up for insurance. Take note of any exclusions or limitations, such as coverage for theft only if the bike is locked up a certain way.
Take photos: Take photos of your bike, including any custom parts, and keep them in a safe place. This will help you prove ownership and value in case of theft or damage.
Keep receipts and records: Keep receipts and records of any upgrades or repairs done on your bike. This will help you establish the value of the bike and any custom parts that may have been added.
Register your bike: Register your bike with the manufacturer or a national bike registry. This can help with recovery if your bike is stolen.
Lock it up: Use a good-quality lock when you park your bike in public. Some insurance policies may require a certain type of lock to be used in order for theft coverage to apply.
Be honest: Make sure you provide accurate information to the insurance company when applying for coverage. Failure to do so could result in a denied claim or cancellation of the policy.

How to lock your bike

Locking your bike is essential to prevent theft. Here are some tips on how to lock your bike properly:

Use a sturdy lock: Invest in a high-quality lock that is strong and difficult to cut. U-locks and heavy-duty chains are good options.
Lock both the frame and wheel: Secure both the frame and wheel to an immovable object such as a bike rack or a sturdy post. This makes it difficult for thieves to take the whole bike or individual parts.
Choose a busy area: Lock your bike in a well-lit and busy area with high foot traffic. This makes it less likely to be targeted by thieves.
Lock your bike correctly: Make sure to lock your bike through the frame and wheel, rather than just through the wheel. This makes it more difficult for thieves to remove the wheel and take the bike.
Remove accessories: Remove any removable accessories such as lights or GPS units and take them with you. This reduces the appeal of your bike to potential thieves.
Lock up securely at home: Make sure to lock your bike up securely at home, whether that’s in a locked garage or inside your home.

Otherwise, it’s worth noting some insurance providers supply a list of approved locks that must be used. To pick one example, Pedalsure requires that:

Bikes valued up to £1,000 are secured with a minimum Sold Secure Bronze lock
Bikes valued between £1,000 and £2,000 are secured with a Sold Secure Silver or Gold
And bikes over £2,000 are secured with a Sold Secure Gold lock

In this particular case, using anything else would void your insurance. Sold Secure has a list of approved locks on its website.

Abandonment

Leaving a bike unattended for a certain period of time when it is locked up away from your home is known as abandonment. The exact duration of time that defines abandonment may vary from one insurance provider to another.

Some may consider a bicycle abandoned after only 12 hours, while others may set the limit at 24 hours. However, if you leave your bike for longer than the defined duration, you may not be covered by your insurance policy, especially if the bike suffers from accidental damage or vandalism.

Why you should register your bike?

Registering your bike is important for several reasons. First, it can help police identify and recover your bike if it is stolen. By registering your bike, you create a record of ownership that can be used to verify that the bike belongs to you if it is found. Second, many insurance companies require proof of ownership before they will cover the theft or loss of a bike. Registering your bike can provide this proof. Finally, registering your bike can act as a deterrent to thieves, as it makes the bike more difficult to sell if it is stolen and can also help you get back your bike more quickly if it is recovered.

In the UK, Bike Register is the most popular and is the service used by the police when trying to identify a stolen bike.

Provided the bike has been registered via the scheme, a logbook will also be available online, meaning you’re able to check whether a second-hand bike is stolen.

Take photos

Taking photos of your bike is a crucial step in protecting your investment and ensuring that you have proof of ownership in case it is ever stolen or damaged. Be sure to take clear and detailed photos of your bike from various angles, including any unique features or markings that could help identify it. You should also consider taking photos of any accessories or modifications that you have added to the bike. In the event of theft or damage, these photos can be used to prove ownership and assist with insurance claims or police reports.

Does your bike have insurance coverage while being ridden by someone else?

Whether your bike is insured if someone else rides it depends on the specific terms and conditions of your insurance policy. Generally, if your policy includes “permissive use” coverage, then your bike may be covered if someone else rides it with your permission.

However, if the person riding your bike is not an authorized rider or is using it for a purpose that is excluded under your policy, then your coverage may be limited or denied. It’s important to check the terms of your policy or speak with your insurance provider to understand your specific coverage and any exclusions.

Conclusion

In conclusion, it is important for cyclists to consider insurance options for their bikes, whether it be through specialist bicycle insurance or adding it to their home contents insurance. It is also important to take preventative measures such as locking your bike properly, registering your bike, and taking photos for proof of ownership in case of theft or damage.

It’s important to be aware of the specific terms and conditions of your insurance policy, including any limitations on coverage for abandonment or allowing others to ride your bike. By being proactive and informed, cyclists can ensure that they have adequate coverage and protection for their valuable mode of transportation.