On your bike? Then get the right cover
VICKY SHAW REVEALS EVERYTHING YOU NEED TO KNOW ABOUT YOUR BICYCLE INSURANCE
FOR many, the warmer weather means it’s time to dust down those bikes and get out and about on two wheels. Whether you’re jumping on your bicycle to enjoy the countryside, or looking to cut the cost of your daily commute, it’s worth making sure you’re properly covered, in case something goes wrong and you’re left with a bill.
Bike theft is the obvious risk, but there’s also damage and repair costs to consider – plus the potential costs from personal injuries while cycling, should you have an accident and need treatment or time off work, perhaps.
Specialist insurance is available for cyclists and can potentially cover far more than just replacing a stolen bike. Here’s what cyclists need to know about insurance...
WHY IT PAYS TO BE INSURED
BIKES can be very expensive and so losing them – perhaps because they’ve been stolen – can be costly.
The Association of British Insurers (ABI) says cyclists who are involved in a collision with a pedestrian or another road user could find themselves potentially liable to pay damages to the injured other person, where they can be shown to be totally or partially at fault.
Malcolm Tarling, a spokesman for the ABI, says: “Cycles can easily cost hundreds even thousands of pounds, and being an obvious target for thieves, it makes sense to have them insured.
“Also, if involved in an incident as a cyclist you could face a potentially expensive bill for damages.”
HOW YOU COULD BE COVERED
YOU may want to shop around for a specialist cycle policy – particularly if your bike is high value.
However, cycles may be included in your home contents insurance, so check the policy. Malcolm also suggests finding out if there’s any cover for your legal liabilities in your home contents insurance.
If there is legal expenses cover, then this may cover your pursuing a claim for damage to your cycle or personal injury.
Insurance can provide benefits such as lump sum payments for serious injuries, cash payments if you are hospitalised or emergency access to dentists and physiotherapists following an accident while riding a bike.
The exact terms will vary however, so check the details.
WHAT ABOUT ADDED COVER?
EVEN though cycles may be covered by an existing insurance policy, a fixed monetary limit may apply.
If your cycle is worth more than any monetary limit, Malcolm suggests seeing if it can be insured separately under your home insurance.
If this isn’t possible then you may want to consider taking out a separate cycle insurance policy.
A standalone policy may also cover you for any legal liabilities and give you personal accident benefits. Shop around by going online or using an insurance broker.
POTENTIAL PITFALLS
IT’S important to understand what you might – and might not – be covered for, as this could really boost your chances of making a successful claim.
If you’re taking your bike abroad on a cycling trip, check you’ll still be covered. Also, Brian Brown from Defaqto, which analyses financial products, cautions that payments may be declined if you cause an accident because of your own recklessness, or an illegal act.
Bear in mind any excess – the agreed amount of money you will be expected to pay towards a claim.
Brian says that, for personal injury claims, some bike insurers will want consumers to pay an excess towards the claim – potentially £100-£500.
Some contents policies may have exclusions for bike thefts from outbuildings, particularly if these are unlocked or not secure.
“Most home insurance policies will probably not cover accidental damage to cycles caused whilst in use – so things like buckling a wheel would probably not be covered under a home policy,” says Brian.
He adds that both home and cycle policies “will have strict security conditions for when the bike is left unattended away from home – usually requiring significant locks to be used, and the bike to be fixed to an immovable object”.
WHAT CYCLISTS SHOULD BEAR IN MIND WHEN WEIGHING UP POLICIES
GENERALLY speaking, says Brian, pedal cycle insurance policies may provide a wide amount of cover – for example, damage to cycle clothing and accessories, as well as personal accident cover and cover for the hire of a replacement cycle during a claim for loss or theft.
They may also give cover during sporting events, such as triathlons and races, that are often be excluded by home insurance policies.
“Any cyclist who does not have home contents insurance should seriously consider buying it, or getting a pedal cycle insurance policy which provides personal liability cover,” Brian urges.
“Those with high-value bikes, or who compete in cycling events, should also consider pedal bike insurance rather than relying on home insurer to cover their bike.”