BEGINNER
You’ve got the bike and the gear. But is insuring it all really worth the outlay?
DAVID GEORGE, CEO OF SPECIALIST CYCLING INSURER BIKMO.COM
“For some, the idea of buying specialist cycle insurance on the back of purchasing an expensive, highspec bike may seem like a no-brainer. While you are legally required to insure a car, why not protect your bike too? But not all cyclists opt for specialist cover. A few factors to consider when weighing up this decision include the fact that you may not be covered on your home insurance. Some home insurance policies can cover all risks, but most don’t. Many home insurance policies have a bicycle limit as low as £500, and it may also exclude cover when you’re away from the house. Check the small print and see what a specialist policy can offer. Accidental damage is our number one claim type, not theft. Kit needs cover too – from a favourite jersey, a new bike computer or even the sunglasses. Accessories can add up to more than the bike, so look to have them covered as standard. Then there’s third-party liability. Nobody likes to think about causing an accident, or being held responsible if a pedestrian steps out into the road, but it does happen. As a result of this kind of incident we cover up to £2 million in liability, plus defence costs.”
JENS HARTWIG, FOUNDER LAKA.CO/GB
“The short answer is this: if you can’t easily afford to replace your bike, you should insure it. Also, according to UK statistics, bike theft is on the rise with one cycle stolen every six minutes on average. Then there’s crash damage. If you insure your bike on your home insurance policy, crash damage is likely to be excluded – and almost certainly if you ride competitively. At Laka 75 per cent of claims are for bicycle damage and 25 per cent for theft, making damage cover an important consideration for any cyclist. When investigating insurance for your bike, check the customer review scores and pay-out record of insurance companies. Don’t tie yourself into an annual contract. Consider an insurer that offers a flexible month-by-month policy with no exit fees, saving yourself expensive administration charges if you need to get out early. When looking at the cost of insurance, there’s a simple equation: the cost of your bike versus the annual cost of insurance equals how many years you’d have to go without a claim for insurance not to represent good value to you. For example, with our pricing for a £1500 bike, you’d have to go almost 16 years without having your bike stolen or written off for insurance not to be great value. There are other risks to consider, such as your legal responsibilities. Third-party liability insurance protects cyclists if they injure someone or damage their property while using their bike.”
BIKERADAR.COM HAS A CYCLING INSURANCE COMPARISON TOOL TO FIND THE BEST QUOTE