Gone in a flash... get covered as bike thieves target racy new models
THE recent success of Chris Froome in the Tour de France – following on from Bradley Wiggins and other British cyclists at the 2012 Olympic Games in London – has created a huge demand for expensive bikes that often end up being stored in garden sheds.
Titanium and carbon-fibre framed bikes costing thousands of pounds are now a firm favourite among so-called ‘middle-aged men in Lycra’ – also known as Mamils – though the average price of a new bike is still less than £240.
These escalating price tags are partly to blame for the estimated 380,000 bikes that get stolen every year. Insurance is therefore vital. Serious cyclists who have an expensive set of wheels or a collection of two or more bikes might consider a standalone insurance policy. Otherwise, cover bolted on to home insurance at a cost of £30 a year should prove adequate.
Specialist bike insurers include Cycleguard, Evans Cycle Insurance and CycleSure by Butterworth Spengler.
Cycling UK, which until this year was known as the Cyclists’ Touring Club, charges £41.50 for annual membership that includes free third-party insurance. It also offers insurance cover through CycleSure.
Insurers will insist your bike is kept under lock and key when in a shed.
Upmarket barbecues should also be insured. Where an old oil drum with a grill might suffice, these days you can spend more than £1,000 on a top-of-the-range ceramic outdoor cooker such as the Big Green Egg or Primo Oval.
DIY fans who have power tools including drills, jigsaws, sanders and angle grinders might also discover their cache is worth more than £1,000.