1. Home Insurance
1. Home Insurance
The most common way to insure a bicycle is as part of your home insurance. And this can work well, as long as you’re familiar with all the conditions of your policy. Read all the small print, because there can be a number of things that could catch you out.
We talked to Nick Hill from the Money Advice Service about what to consider. He said: “It’s worth checking your contents insurance to see whether your bike is actually covered. It might only be insured for theft from home and for a low amount. Expensive bikes will probably need to be named as additional items, while cover away from home may need to be added. Both could come with an extra charge.
“Check the policy to find out locks you must use to secure your bike when you’re out and about if it’s stolen and you have to make a claim. You can get separate policies that cover more expensive bikes, damage, and even personal liability for any accidents you cause.”
So it’s best to give your policy provider a call and ask them about the following areas in which you could be vulnerable:
– Does the policy cover a bicycle being stolen from an outdoor location, or just from inside your house?
– How about a shed or a shared residential cycling parking space?
– Does the policy stipulate that you must use a certain type of lock, or that is must be locked to a fixed object? If a bike is left in a shed, but not locked to a fixed object, you may not be covered. Make sure to check for a Sold Secure Rating on your lock and in your policy.
– Does your policy cover items of the correct worth? If you have an expensive road bike, it’s possible it will not be covered. You may need to declare it separately and pay and increased premium.
– Does it include third party liability cover? You not only need to insure yourself, but take steps in case you hurt someone else.
– How much is the excess? If you have to play half of the value of your bike to claim, perhaps you should consider a different policy.
– Is the fact you live in London or another major city greatly increasing your premium? This could be another reason to consider specialist bike insurance.
A scan of bicycle forums throws up a whole lots of recommendations – but M&S seem to get a particular amount of love (If you’re bike is worth under £1000, their contents away from home insurance automatically covers your bike abroad, as well as in your garden or shed. You’ll have to specify bikes worth over a grand).
GoCompare let you input multiple bikes in their home insurance questionnaire, so you’ll not get any results from companies that won’t cover your bike.
If you have more specialist requirements, you’ll want to look at bike-specific insurance.