If you use your bike to get around, you’re probably wondering whether it’s worth getting bicycle insurance. While cycling instead of driving helps you stay healthy and do your bit for the environment, there are some risks that you might want to insure against. Let’s go through how much bicycle insurance costs, what it covers and whether you need it.
How much is bicycle insurance in the UK?
Bicycle insurance can cost as little as £3 per month up to around £30 per month. The main two factors that affect how much it’ll cost to insure your bike are how much it’s worth and whether you want to cover personal injury.
If you don’t want personal cover, you may be able to cover your bicycle on your contents insurance. To add your bike to your home insurance, expect to pay anywhere between £10 and £100 per year for a bike worth £1,000.
Do cyclists need insurance?
Cyclists don’t legally need insurance in the UK, but it’s a good idea to have it. You also don’t need to register your bike to ride it on the road, but it’s a good idea to add it to the National Cycle Database which can help trace it if your bike is stolen.
But if you have a high-value bike or you ride it a lot, it’s worth considering buying bike insurance. In 2022-23, there were 77,148 bicycle thefts in England and Wales, so if your bike is worth a lot of money, you’ll want to consider it. Plus, in 2021, there were 16,458 pedal cycle casualties, and if you don’t have insurance, it may be difficult to fight for compensation if you were in an accident that wasn’t your fault.
What does bicycle insurance cover?
What your bicycle insurance covers will vary depending on the type of policy that you decide to take out. Most bike insurance will cover the cost of repairing or replacing your bike if it’s subject to accidental or malicious damage and theft, but more comprehensive policies may also cover:
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Personal accidents
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Competition and races
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Public liability
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Bike hire if yours is damaged or stolen
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Vintage parts and accessories (including clothing and helmets)
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Rescue and recovery
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Emergency medical cover
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Legal expenses
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Loss of earnings (if injured in an accident)
Not every policy is the same, so it’s important to read the terms and conditions of any cycle insurance policy you’re thinking about taking out to ensure you understand what’s covered.
What's not covered by bicycle insurance?
It’s important to understand the limitations of bike insurance before you take a policy out. Most insurers will have strict rules around the security of your bicycle and whether you were under the influence of alcohol or drugs at the time of any accident.
Most insurance policies will not cover you if:
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Your bike is damaged through normal wear and tear
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You left your bicycle somewhere other than your insured location for more than 24 hours
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You haven’t locked or secured your bike as specified in your policy’s terms and conditions
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You used your bike for business, like for fast food delivery, and didn’t tell your insurer
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Your bike was damaged during a race or event and you haven’t asked for cover for this
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An accident happened while you were under the influence of drugs or alcohol
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Your bicycle was damaged due to an insecure bike or roof rack
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You can’t provide proof of ownership – so keep your invoices and receipts!
Are cyclists covered by home insurance?
No, cyclists aren’t covered by home insurance. However, you can often add bicycle cover to your home insurance to protect it from theft and/or accidental damage while your bike is at home and/or outside the home.
That means that while your bike is covered, you are not – so if you’re involved in an accident while cycling, you won’t be insured and can’t claim for any legal, medical or loss of earnings expenses along with any damage to your bike.
If you’re worried about what would happen if you’re involved in an accident while riding, you should consider bicycle insurance rather than a home insurance add-on to make sure you have comprehensive cover.
Why is cycle insurance so expensive?
Whether or not you think cycle insurance is expensive largely depends on your attitude to risk and how much your bike is worth. We think that in many cases, bicycle insurance offers good value for money if you own an expensive bike, as the cost to replace it could run into the thousands.
With cover starting at as little as £36 per year, we think that’s a small outlay compared to what it could cost if your bike is damaged, stolen or you’re involved in an accident.
There are a few things that impact how expensive cycle insurance is:
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Your age
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How much your bike is worth
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Whether you race
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Whether you’ve made any claims on a bicycle insurance policy in the past
While you can’t do much about the first two, you could decide not to insure yourself against any losses while racing to bring the cost of your bike insurance down. And of course, ride sensibly and lock your bicycle up securely and you’ll reduce the risk of being in accidents or having your bike stolen or damaged. If you make no claims, you can see your bicycle insurance cost go down, just as you do with car insurance.
How to get bicycle insurance
1. Get quotes from your current home insurer
If you already have contents insurance and you don’t want personal accident or liability cover, then the first thing to do is to check whether your home insurer will cover your bicycle. You want to look for cover to insure items outside of your home – sometimes you can add your bike specifically, while other policies can cover all your valuables outside your home.
2. Get quotes for new home insurance policies
Sometimes, your bike might be too expensive for your current insurer to cover, especially if you have a basic home insurance policy. Get quotes for new home or contents insurance policies with your bike included as a valuable item taken outside the home.
3. Compare quotes for a comprehensive bike insurance policy
If you have a very expensive bike or you want bicycle insurance to cover you as well as your property, compare quotes for a specialist bicycle insurance policy. Every insurer is different, so make sure you check what’s covered before you buy, but choosing bike insurance over a contents insurance add-on will always get you more cover.
We’ve partnered with Quotezone.co.uk to help you save money on your bike insurance. Get quotes now and see how much you could save.
Disclaimer: This information is intended for editorial purposes only and not intended as a recommendation or financial advice.