While you’re aren’t legally required to acquire insurance for riding your bike on the road, it can however, be a great idea. Not only would you be able to insure your bike against theft, but you can also get a bike insurance coverage for damages and injury. This is especially true if you love racing or travelling a lot on your bicycle. Considering this, here’s a comprehensive guide into the types of bicycle insurance you can get.
What Are My Options of Insuring a Bike?
How people insure their bike is likely to be dependent on how much they use it. For instance, if they commute on it, they may be more serious researching. However, if they only hop on once or twice a month, or only for community rides, they will be less involved.
One of the best ways you can insure your bike is through home insurance. And according to a survey published by BikerRadar in 2016, it was identified that 75% of people who acquired a coverage for their bikes did so through their home insurance.
It’s blissfully clear why you would also want to do that – including coverage for your bike under your home insurance is going to keep everything manageable and wrapped up in one package. Also, you won’t have to worry about remembering when your insurance needs a renewal.
If you’re seeking a hassle-free insurance policy that comes with basic coverage, or if you’re just looking to insure a cheap bicycle, having coverage for it can also boost value for money.
Specialist insurance is designed for professional and/or more dedicated cyclists and provide more benefits than a home insurance coverage. It’s quite possible to buy insurance for a plethora of eventualities – however, for avid or seasoned cyclists, these are some of the primary areas that specialist insurance will cover, and a home insurance will not.
- Damage to kit while racing
- Fee compensation in case you aren’t able to participate in a competition
- Great for multi-bike households and/or families
- Multiple bike accessories
- Cyclist clothing and gear
- Minor and major cycling accident coverage
- Personal liability coverage in case you cause an accident and injure someone
- Roadside assistance
Here’s a list of different bike insurance coverage you can acquire:
Your insurance can compensate a certain amount in case your bike gets stole, and many insurance companies also offer a new bike to replace an older model. This is primarily because the market has gotten competitive, which will also give you an opportunity to explore different policies and select the one the best fits your lifestyle and budget.
While insurance companies will expect you to do your due diligence, renowned insurance providers may offer claims up to 95%. If you’re planning to get your bike covered under your home insurance – you should first ensure whether your current policy already covers it.
Most insurance policies will provide a basic coverage or a “personal belongings” cover. However, it’s quite possible that the policy may not have an ‘adequate’ claim that will suit the value of an expensive bike. For example, some polices have limits as low as £300. But there are going to be providers that will allow you to increase the maximum limit of the total value of your personal belongings – it’s still wise to consult your insurance provide before deciding what limit to set.
But remember, the higher the limit, the more you’re going to have to pay in premiums. So, consider your payment plan and budget carefully.
If you aren’t a homeowner and are hesitant to get the specialist coverage, you can lean towards insuring your bike using a tenant/renter insurance. The guidelines are basically the same as a home insurance policy, so ensure you discuss the everything with your provider. More importantly, consider all the options of the tenant/renter coverage if you’re sharing your flat with another renter.
While bike theft remains one the primary reasons why so many cyclists get insurance, the largest portion of claims come from accidental damage. And this is something that the specialist policy covers. According to a report published by Bikmo, it was identified that up to 83% of claims were made for accidental damage.
Bike damage cover will usually cover anything from replacing different components for adequate repair to replacing the whole bike. But again, this primarily depends on the amount of coverage you’ve chosen.
A personal insurance policy is a great way to have adequate financial back up should you sustain a serious injury while riding your bike. There also some bike insurance policies that will offer a lump sum amount if your injuries inhibit you from carrying out routine activities or if you have to miss work. The policy will compensate you for your medical bills, which also includes dentistry and physiotherapy work.
However, it is absolutely vital that you disclose any pre-existing medical conditions if you have any. If you do and don’t declare it, your policy will nullify any type of cover.
Now that you have all this information and know how helpful it is to get bicycle insurance, you can expertly judge what type of policy will suit you.