Bike Insurance in 2022: Do riders need it?

Do cyclists need bike insurance? 

In short, it's not a legal requirement, but it might be a good idea.

It is helpful to consider investing in bike insurance if you want to cover your bike against theft and accidental damage, or if you travel and race a lot and want to be covered in each case.

This is the most comprehensive guide to choosing the best bike insurance on the web and will help you make an informed decision about what kind of cover you may need.

What are the different options for bike insurance?

Insurance for your bicycle is included in your home contents coverage.

Most home insurance policies will also cover the bike only if stored indoors or properly secured in a garage or shed. 

The negative aspects of this are obvious to a passenger who not only rides on a turbo trainer and wants to ride his bike outdoors.

However, a number of home insurance providers will allow you to extend coverage outside the home. For example, both M&S Bank and Hiscox Insurance allow you to add "away from home" coverage for a premium.

Make sure you pay good attention to the details here and make sure your policy covers your bike when it's "in use." 

Some insurance companies will only cover your bike for accidental damage or theft when fixed/stored.

The same advice applies to specialized cover, but check the rules on storing your bike in a car, especially overnight. 

Many home insurance policies specify that the bike should be stored out of sight or that your cover is invalid.

If you own more than one bike, it's good to shop, because some insurers will offer generous discounts sometimes up to 60 percent - on extra bikes.

Last word of warning: While it may seem obvious to an experienced cyclist, explaining to the home insurance provider that the bike may be worth more than several thousand more than a car Difficult. 

A service provider who specializes in such a situation is likely to understand.

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Bike Insurance with Tenants/Tenants Insurance

If you do not own your home and do not want to go down the specialized coverage route, it is also worth considering covering your bike by securing tenants.

All the same guidance on home insurance applies here, so be sure to shop and talk to your service provider to learn more accurate details.

Pay particular attention if you live in shared accommodation because this can complicate things.

Do cyclists need insurance? Insurance for bike racing

Specialized Bicycle Insurance Manual

It can be useful to invest in insurance for racing as well, If racing is a big part of your life as a cyclist, it's worth shopping around to see which cover might be good for you.

Entry fees to any well-managed event will include third-party insurance. This will protect you and your organizer if you hit scenes or property is damaged.

However, you are unlikely to cover personal injuries, damage to your bike, injury or damage to competitors and their bikes.

Most specialist bike insurance providers will include the option of adding a dedicated event cover. Home insurance providers are unlikely to provide this.

Depending on which provider you choose, most of it will also cover accidental damage to your bike and your count that may occur during the race. Most people will also cover you against theft from any transfers.

Some Insurers will also pay often if you are infected before the event and cannot attend, with any loss of entry fees covered.

If you only plan to attend some events a year and do not want to get coverage for a full year, it is worth considering short-term coverage. Some providers will allow you to buy coverage for a week at a time.

Some policies will exclude group start events, inscriptions and extreme of sport so make sure that what you choose will work with you.

Accidental Damage Insurance

Although theft is the biggest concern for most cyclists, accidental damage coverage makes up the bulk of claims for most specialized bike insurance providers.

For example, through its Open Project, Bikmo disclosed that a substantial 83 per cent of its claims were caused by accidental damage.

Accidental damage cover usually covers everything from replacing a full bike down to individual components and accessories depending on the level of coverage you choose.

Home insurance may work well for more expensive items such as GPS devices and helmets, but the specialized cover is usually a better option if you want comprehensive coverage of all your tools.

This isn't quite as cut and dry as a robbery cover, so shop around and compare policies if you're a particularly accident-prone cyclist.

Bike Travel Insurance

If you are planning a trip abroad with your bike, it is worth investigating whether getting insurance from a specialist provider is a better option than non-specialist travel insurance.

Non-specialist travel insurance policies may cover you if you happen to ride a bike during the holiday, but it is unlike  cover you if the trip is explicitly a cycling holiday. Such a policy would almost certainly not cover mountain cycling or any form of racing.

Most travel insurance policies will also not pay for bike hire if your bike is damaged during transport.

Specialized bike insurance policies are likely to cover such possibilities and are the only way to make sure you're covered if you're racing.

If you're traveling abroad to race in a very ironic event (can't you just have a normal holiday)?

Check your plan details because some of them include distance or duration limits.

Some home insurance policies that cover your bike against theft or damage when you stay away from home will also have limited coverage when you are abroad.

Make sure you pay close attention to your policy provisions but pay particular attention to the rules on theft and accidental damage during transport.

Like race insurance, most specialized providers will also offer short-range packages.

Membership of some cycling clubs will cover you for some overseas trips.

Personal Accident Insurance

Personal insurance will provide you with financial support in case you suffer a serious injury on your bike.

Some policies will pay a lump sum if you are unable to work due to your injuries and help cover medical costs including physiotherapy and dental work.

If you have any pre-existing medical conditions, make sure you declare them with your insurer as failure to do so may invalidate any cover.

A dedicated personal insurance policy will provide a much more comprehensive coverage level compared to a specialized bike insurance policy.

Although it's not a legal requirement, most documents from either a dedicated personal insurance provider or a specialized cycling insurance provider also require you to wear a helmet at all times so that your insurance is valid.

However, since most products offer a certain level of personal insurance cover, it is worth comparing what is on offer as it may help you make a decision if you are stuck between two policies.

Third-Party Cycle Insurance

Third-party insurance and liability insurance is another kettle of fish.

After a number of very high-profile cases involving cyclists hitting pedestrians, there is no doubt that the UK's political climate is moving in favor of stricter rules and stronger sentences for cyclists. All of this is happening against the backdrop of an increasingly religious society.

If you have a serious collision and injury to another person, third-party insurance will cover you for damage to others and their property, but it will also cover legal costs.

With this in mind, it may be time to consider liability insurance to protect you in the event of a serious accident.

Obviously, if you break the law (do not) when an accident occurs, insurers are unlikely to accept your claim.

Should I buy specialized bike insurance or use home insurance?

Specialized bicycle insurance may seem like another expense, but if you want the best possible chance of getting a return in case of a claim, it's almost certainly your best bet.

It may seem ridiculous to mention this but bear in mind that your cycling insurer will probably understand better, and perhaps be more sympathetic to your potential claims than your home insurer.

The same can be said when you're trying to prepare your policy  explaining to a home insurance representative that your bike costs more than anything else you own can be frustrating.

However, if you are looking for a basic anti-theft cover for a cheap bike and do not plan to travel abroad or race, a home insurance bike mode may provide better value for money.

Finally:

The same advice applies to all providers, but make sure you pay careful attention to small printing insurance won't be a very profitable industry if providers pay in all circumstances, so make sure you won't be caught with any deceptive loopholes.

Club Membership Bike

You may not be aware, but club membership often includes insurance.

The level of coverage offered varies completely from club to club, but a good number includes third-party coverage and liability coverage at a minimum.

British Cycling is the most popular club offering reduced coverage (which is now provided by Bikmo).

For those involved in other overseas activities, some alternative clubs will have insurance that may cover you.

The Austrian Alpine Club is a commonly referred to option. While it will never cover you at the same level as the custom bike insurance policy, depending on the circumstances, it may cover you if you are infected while riding abroad.

What information do I need to secure my bike?

It's a very simple process to get a bike insurance quote. To do this, you will be asked:

• Age.
• Address.
• The value of your bike.

Other insurance providers will also ask you:

• Make a bike.
• Model.
• Bike Type.
• Confidential Number.