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Bicycle Insurance and Home Insurance

Traditionally, when someone has wanted to insure a bicycle, the first port of call is usually the home contents insurer.Still today,this is an excellent way to obtain low cost cover by adding the cycle to the All Risks section of the policy. This will provide insurance cover for Accidental Damage & Theft both at and away from the home. The problems usually start though, when you require cover for a higher value cycle. Many insurers are reluctant to insure bikes over a certain value as statistically bikes and their accessories are soft targets for thieves and incidents of Thefts are numerous especially in certain parts of the country. Once you get above a certain value, it may be more beneficial; to approach a specialist  company for a bicycle insurance quote as they will more likely to be able to offer Theft covers on higher values.

Why would an insurer be prepared to cover higher values , if Theft is such a problem? Specialist  insurers try to limit their exposure to a bicycle theft loss by insisting that you fit approved locks to your cycle when it is left unattended. This simple step can help reduce the chance of a loss quite substantially. Most insurers will want a lock fitted that has been approvced by the Master Locksmith Association and appears on their " Sold Secure List"  If you vist this website you will be able to view information on quality locks that will help give your bicycle a greater degree of protection.  Locks are rated_ Bronze, Silver & Gold and each will provide protection suitable for a certain value of cycle. These locks are easily available from good quality cycle;e shops and online.  

As well as basic cover for your bicycle against; accidental damage,theft and loss, many specialist bicycle insurance policies will allow you to add on other sections which will provide valuable cover. The perception amongst many cyclists is that the biggest threat facing them is theft of the cycle, this isn't the case, it is easy to  calulate the financial loss of a bike and whilst it may run in to several thousand pounds, if a cyclist is unfortunate enough to be injured following an accident or injure a third party whilst engaged on cycling activities , the quantum's involved could be considerably higher. Cycles lanes are springing up everywhere and it is easy to reach a speed on most bikes where a collision called cause considerable damage to a member of the public. Similarly, an accident with a motor vehicle can lead to very serious injury.

Two additional covers worth considering then are Public Liability Insurance and Personal Accident cover. Public Liability Insurance will help protect a cyclist against claims from third parties and most modern policy wordings will provide an indemnity limit starting from one million pounds.  This will be in respect of damages awarded against the cyclist. There is  an additional benefit of this cover in that defense costs will also be covered. Defending any claims for injury or damages is time consuming and costly and thus Public Liability should merit serious consideration by all cyclists.
Personal Accident cover will provide a lump sum in respect of an injury occurring whilst you are using your bike, as well as capital benefits, there is also a sliding scale of benefits for permanent injuries.
If a collision does occur with a motorist, it may be possible to make a claim for injury and damages from the third party section of their policy, This can be costly and time consuming and thus a legal protection cover offering uninsured loss recovering could be considered. These types of policy typically offer a sum insured of up to £50,000 to help persue a claim against a motorist following a non fault accident.

A specialist cycle insurer should also be able to offer covers such as Cycle hire and get you home expenses in the event of a loss. Most basic polices are set up to cover you for everyday cycling such as touring and commuting, if you want to do anything more adventurous such as take part in an event or trial involving say a massed start , you may need to purchase extra insurance cover to include competition use. Also if you plan to take you cycle abroad, check the territorial limits you are covered for