THE ULTIMATE GUIDE TO CYCLING
I N S U R A NC E
A SENSIBLE PO
Insuring your bike means you won’t be out of pocket if it’s
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EEPING 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.
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cycleguard.co.uk) Cycleplan (www.cycleplan.co.uk), the ETA (www.eta.co.uk), and Velosure (www. velosure.co.uk). Get quotes from several before you commit and compare the benefits of each policy as well as the price you will pay. Look for good value, not just the lowest price. 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.
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