If you’re a keen cyclist, you’ll agree that there’s nothing quite like hitting the roads or trails and powering your way around your favourite places. You know every turn, bump, and when you can really let loose. It’s exhilarating. But what happens if something goes wrong? Are you protected? You might be confident in your familiar terrain, but what about when you go somewhere new?
If you’re like many cyclists, then your bike is your baby. It gets more attention than your partner and most of your family members. But is your bike protected in the same way you protect them – is it properly insured?
Does my regular insurance cover my bike?
While it’s true your home insurance may cover your bike whilst it’s at home, there can be grey areas around what happens when you actually go out cycling. Yet, this is when there’s more risk. You can control what happens inside your home, but you can’t control what other people do outside. Accidents do happen.
With more people taking up cycling than ever before, cycling-specific insurance policies are becoming more popular too. And when you think about it, it makes sense.
So, is home and travel insurance no good?
Each insurance company has their own packages. Home insurance can be extended to cover specific items while you’re out and about. But if you need to make a claim, your house insurance premium will go up, you’ll loose your no-claims bonus, and you’ll have to declare the claim with future providers too.
Travel insurance is highly flexible and has optional cover for all sorts of sports activities, including cycling. However, some policies might class mountain biking as an extreme sport, categorising it with bungee jumping and diving; it may not cover you for third-party liability if you cause a traffic accident. Also, if you need to speak to someone about insuring your treasured bike, you might prefer to speak to someone who really understands, who talks bike.
Advantages of bike-specific insurance.
It’s due to the increase of mid to high-spec bikes on the roads that, following many disappointed cyclists who’ve been left out of pocket, the insurance industry has responded by launching policies designed just for bikes. And because they are tailored just for bikes, there’s a wide-range of optional extras to suit every type of bicycle and for every use.
Bike types, uses and risks.
Foremost, like car insurance, it’s the value of your bike that matters, not necessarily whether it’s a mountain, hybrid or racing bike. Remember, insurers insure against risk. What measures you take to protect yourself against accident or theft will affect whether you are high or low risk to them; if they’ll have to pay out.
Someone who cycles in a city with few cycle lanes is a higher risk than someone who cycles down a sleepy coast road with a cycling lane. A mountain biker who rides the red trails is a higher risk than a sports enthusiast who cycles a sports track.
A good policy should cover against theft, third-party liability, medical cover, and damages (including a replacement while your bike’s fixed).
The choice is yours.
It’s a personal choice whether you decide to take out cycling-specific insurance. The market is still in its infancy and not all countries offer comprehensive bike insurance. If your home insurance is appropriate for an inexpensive bike you use for short rides with little risk, then you won’t want the added expense. But for cycling enthusiasts with expensive equipment who constantly push the boundaries, a bike-specific policy offers much more than peace of mind.