Whilst we're all being encouraged to 'go green', and cycle rather than drive, sadly cycle theft is still very common, with a huge number of bicycles being stolen every single year.
As more new bicycles are bought each year than ever before, the number of thefts is rising, and since many bikes today represent a considerable investment, it makes sense to take out bicycle insurance in order to protect that investment, and your facility for getting about. In many cases people's bicycles are their main means for getting to work, and having their bicycle stolen or damaged could represent a real problem, without the backup of a good bicycle insurance policy.
What Is Bicycle Insurance?
Although one of the most obvious reasons for taking out bicycle insurance is to protect against bike theft, one of the other very significant benefits of having cover is that it offers protection if you cause an injury, accident or damage to someone else or their property using your bike. This third party liability can prove valuable, and since bicycle insurance starts from as little as £50 a year, protecting against theft, damage and third party liability represents real value for money.
It's important to be aware of the fact that some home contents insurance policies either include bicycles as standard, or provide such cover as an optional extra from as little as £10. However, whilst this may be a better option in a few cases, it's well worth checking to see whether a home insurance policy will cover the bikes once they're off the property, and it's most unlikely that third party liability will be included. Overall, whilst it's important to be aware of the opportunity of having bikes covered by a home insurance policy, a standalone bicycle insurance policy offers much more comprehensive protection.
What Are The Different Types Of Bicycle Insurance?
There are four main types of bicycle insurance cover, and they provide varying degrees of cover. Think carefully about issues such as how much your bike is worth (not forgetting those little extras such as lights, pump, custom saddle, basket and such like), and how it's being used, as well as where and how often. The type of cover you'll need will greatly depend upon your own circumstances, but the four main types of policy available include:
- Inclusive Bicycle Cover With Home Insurance - Many home contents insurance policies provide the option of insuring bicycles as well, often for around £10 extra. This is ideal if you tend to leave your bikes at home most of the time, only very occasionally taking them out. However, most home insurance policies won't offer liability cover, and in some cases the bikes won't be protected once you take them off your property, so check with your insurer about these aspects.
- Personal Bicycle Insurance - This is the standard cover which protects your bike wherever it is, either at home, on the road or left locked up in a public place. Liability cover is usually an optional extra, but well worth taking for the small additional premium charged.
- Roadcare Bicycle Insurance - If you don't want to insure the bike itself, either because it's covered by your home insurance policy or it's simply not worth a lot, then this is ideal, because it provides comprehensive liability cover. If there's any remote chance that either you or your children might scratch a car, or cause any damage or injury, then this will provide the cover needed.
- Roadside Recovery - We all know that if your car breaks down, having breakdown cover assistance is vital, allowing you to be recovered and returned home with your car, or taken to your destination. Fewer people realise that this type of cover is also available for cyclists, providing a reassuring helping hand if your bike develops a problem. Very helpful for anyone, but particularly useful if you have a child with you.
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