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A Complete Guide to Buying Bicycle Insurance

Do I need bicycle insurance?

Whether you cycle for pleasure, to commute to work, to stay fit or to compete in events, you should consider taking out a specialist bicycle insurance policy. Not only do bicycle insurance policies protect you against accidents that can happen while you’re riding but they also protect you from theft. Bicycle theft is rife in the UK, according to crime data, over 376,000 bicycles are stolen every year, which equates to one every 90 seconds. If you rely on your bicycle to commute, you’d either need to replace your bike or find an alternative way of getting to work each day which could end up being very expensive. But if you have a bicycle insurance policy in place, you’d be able to get back up and riding as quickly as possible and most insurers will even provide you with a hire bike while yours is being repaired or replaced.

But my bike is already insured under my home insurance policy…

You might think that you have substantial cover because your bicycle is included on your home insurance policy, however, the cover is often limited. If your bicycle is insured under your home insurance policy, it’s likely that you’ll only be covered for theft and accidental damage, so you need to consider whether this is enough cover for you. There are two ways your bicycle could be covered under your home insurance policy:

Contents insurance – some home insurance providers consider bikes to be contents so they will cover them if they’re damaged, destroyed or stolen whilst in your home. However, in the event of making a claim, there are often certain criteria that you need to meet for your claim to be paid out. For example, your bike must have been secured to an immovable object if it was stolen from your home.

Personal possessions taken out of the home – some insurers will cover your bike when it isn’t at home, provided you have personal possessions cover added to your home insurance policy. Again, there may be certain criteria you need to meet in order to get a payout in the event of your bike being stolen or damaged.

If your bike is at home the majority of the time and you only ride it occasionally, this level of cover might be adequate. But if you have an expensive bike that you ride more regularly, you should consider a specialist cycle insurance policy that provides you with a much higher level of cover.

How much does bicycle insurance cost?

The cost of bicycle insurance will vary depending on various factors including:

  • The value of your bike – the more expensive the bike, the higher the premium will be.
  • How you use your bike – if you compete in events, you’ll need extra cover at an additional cost.
  • How much cover you need – your premium will cost more if you take out a more comprehensive policy.
  • How many bikes you want to insure – although you will normally get a discount for insuring multiple bikes.

To give you an idea of the cost of cycle insurance, we got quotes from 13 providers based on a £1000 road bike. For bicycle only cover, the average cost was £71.89 per year. For a more comprehensive policy that covers both the bike and the cyclist, the average cost was £117.17 per year. Bear in mind that most insurers offer a fully customisable policy so you can alter what’s covered to suit your individual needs.

Can I save money on bicycle insurance?

Yes, it is possible to save money on your cycle insurance in these two ways:

  • Insure your bicycle for its current value, not the purchase price.
  • Don’t pay for additional extras if you won’t need to claim on them. (For example, don’t pay for European cover if you don’t take your bike abroad.)

Compare bicycle insurance

When you compare bicycle insurance, make sure you aren’t just focusing on how much the policy will cost. Whilst this is important, it shouldn’t be the defining factor, there’s so much more to consider when taking out an insurance policy. We’ve put together the below table to give you a detailed comparison of what the top 13 bicycle insurers offer.

ProviderPersonal accident coverPublic liability coverLegal expenses coverCycle hire coverClothing & accessories coverSingle bike limitMax policy valueNew for old cover
Assetsure£50,000£2 million£100,000£1,000£500£10,000£10,000Included
Cycle Plan£50,000£5 million£50,000£1,000£1,000£30,000£30,000Included
The Insurance Emporium£45,000£4.5 million£10,000£500£500£15,000£15,000Included
Eversure£25,000£5 million£250,000£1,000£1,000£10,000Amount not specifiedIncluded
Bikmo£20,000£2 million£100,000£500£250 or 10%£30,000£30,000Included
LakaNot availableNot availableNot availableNot available£2,000£15,000£30,000Not available
Yellow Jersey£25,000£2 million£100,000£500£2,000£15,000£50,000Included
Pedalsure£50,000£1 million£25,000£500£1500£15,000£30,000Included
CoverCloud£25,000Not availableAmount not specified£1,000£900£6,000Amount not specifiedIncluded
cycleGuard£10,000£5 millionAmount not specified£500£2,500£20,000£40,000Included
Wiggle£10,000£2 millionAmount not specified£500£10,000£10,000£30,000Included
Velosure£10,000£2 millionAmount not specified£500£1,000£20,000£20,000Included
Please note, the figures listed in the table show the maximum amount available, most providers will allow you to choose the limit you want from a predetermined list.

Things to consider when taking out a bicycle insurance policy

What is covered?
Do you want cover that just protects your bicycle, just protects yourself or both? You should check what is covered as standard and then you can tailor the policy to add on additional extras if necessary.

When and where is the cover valid?
Read the policy carefully to check when and where you’ll be covered. For example, is your bicycle covered from theft if you’ve stored it at a different address to your home address overnight? Also, if you’re into cycle touring, you’ll need to ensure that you’re covered in other countries. Most insurers will allow you to choose whether you want to be covered worldwide or just in Europe for up to either 30 days or 60 days.

How much is your bike covered for?
Check if there’s a limit on the amount the insurer will pay out for replacing your bike. You might need specialist cover if your bike is expensive.

Do you need to have specific locks?
Most insurers insist that your bike is locked with an approved lock in order to be covered. It’s likely that there will also be rules about how you secure your bike, for example, locking it to an immovable object.

How much is the excess?
You don’t want to be paying a fortune if you need to make a claim. Most insurers give you the option to choose your excess, often varying from as little as £50 up to £500 but it’s worth bearing in mind that the lower the excess, the higher your premium will be.