INSURANCE

A SENSIBLE POLICY

Insuring your bike means you won’t be out of pocket if it’s stolen

KEEPING YOUR BIKE securely locked cuts the odds of it being pinched, but it’s no guarantee. If your bike is stolen, you’ll be glad you had insurance.

WON’T MY HOME INSURANCE

COVER ME?

Not necessarily. Check the policy documents or better still give the insurer a call to check. The more expensive the bike, the less likely it is that your home insurance will cover it. The insurer may be prepared to add a bike to the home contents policy, but this is likely to push up the premium. In which case it makes sense to compare the cost against specialist cycling insurance.

WHO WILL INSURE MY BIKE?

There are plenty of companies out there, offering different levels of cover at different prices. Some of the best known are Cycleguard (www. cycleguard.co.uk) Cycleplan (www.cycleplan. co.uk), the ETA (www.eta.co.uk), and Velosure (www.velosure.co.uk). Lexham Insurance (www. lexhaminsurance.co.uk) has diversified from its origins as a moped and scooter specialist and now offers cycle insurance, too.

WHAT SORT OF COVER IS OFFERED?

That depends on the insurer. At a very basic level, a policy should cover theft and accidental damage. If you compete in some form of bike racing, check you’re still covered – this isn’t always the case.

When insuring a brand new bike consider a policy with new for old cover. This means if your bicycle is taken the insurer will pay out the price of a brand new replacement, not the current market value of the bike that’s been stolen.

Some policies include get-you-home cover, so if your bike is damaged or vandalised the insurer will pay for a taxi so you’re not stranded.

POLICY

Third party (or public liability) insurance is also well worth having. If you injure someone or damage their property, this should cover any claim for compensation. When comparing policies, check what the maximum payout would be.

WILL I NEED TO KEEP MY BIKE

LOCKED UP?

Yes. Leaving your bike unlocked is little different to leaving the keys in a car with the engine running.

Just any old lock may not be good enough: the insurer may insist on a minimum level of security, depending on the value of the bicycle. For example, ETA insists on a Sold Secure Bronze-rated lock for bikes worth less than £250, Silver for bikes worth up to £1500, and Gold for bikes with a value of more than £1500.

You can also expect minimum standards for overnight storage. Don’t be surprised if a communal hallway isn’t considered secure.

HOW MUCH WILL IT COST?

We tried insuring a bike worth £500 at an address in Surrey. Here’s what we were quoted:

CYCLEGUARD

www.cycleguard. co.uk Premium: £35 What’s included: Cover against theft and accidental damage, new for old on bikes up to three years old, bicycle hire. Optional extras: Public liability and personal accident cover; European or worldwide cover; roadside recovery; competition use.

CYCLEPLAN

www.cycleplan. co.uk Premium: £38 (with introductory discount) What’s included: Cover against theft and accidental damage; new for old on bikes purchased new and not more than three years old; public liability (£1m). Optional extras: Personal accident cover; bicycle accessories; bicycle hire; European or worldwide cover; roadside recovery; competitive use; excess waiver.

ETA

www.eta.co.uk Premium: £48.76 What’s included: Cover against theft, accidental damage, loss and vandalism, including competitive use; new for old; Cycle Rescue (breakdown cover); get-youhome cover; third party cover (£1m); personal accident (£20k); European (90 days) and worldwide cover (60 days); bicycle hire. Optional extras: None – the policy is all-inclusive.

VELOSURE

www.velosure.co.uk Premium: £41.71 What’s included: Cover against theft and accidental damage; new for old up to three years; sportives and time trials; Cycle Rescue (breakdown cover); European cover for 21 days; public liability insurance (£2m); legal advice. Optional extras: Personal accident and road rage cover; increased public liability cover (up to £5m); clothing and helmets; family members; sports cover.