Bicycle insurance

bicycle insurance question

So you already know how to lock your bike but you have heard the statistics and think that it may be best to get your bicycle insured. But which bicycle insurance should you get? What should you look for? and how much should it cost?

Well here is what some of the answers my awesome Twitter followers gave to the question above:

  • andymatthews yeah all of them with M&S insurance. Best contents policy for bike users as they insure above 1k value.
  • IanCovey I have my bike mentioned on the home contents insurance but it’s not got its own policy.
  • ScottDavis no but seriously considering it
  • Helenwrites My home insurance is supposed to cover it.
  • drakefeldebaser Last bike was insured with Butterworth. It got pinched so I am waiting to see what the payout is before insuring again.
  • ohsimone I’ve got bike insurance with, um, the leaflet from Cycle Surgery people.
  • joclegg I do. With Evans Cycles insurance.
  • futureshape I’m leaning towards ETA bicycle insurance but also interested to see what other people have chosen
  • girlinthecafe I don’t have one, but am considering too. So if you find some good deals, please write about it :)

Below is a quick look at the bicycle insurance policies suggested to me and ones I have found. I have listed them in order of which I would personally opt for and I have also made a quick comparison of some of the quotes offered.

Note that all the bicycle insurance options require:

  • That you lock your bike securely at all times
  • You use an approved lock
  • You secure the bike to an immovable object

ETA cycle insurance

http://www.eta.co.uk/insurance/cycle

Estimated premium: £53

Insurance cover includes: theft, accidental damage and vandalism. Personal accident cover. Third party cover. Breakdown recovery for your bike. European and world cover. Taxi ride home if bike stolen or damaged. No claims discount up to 40%. Bicycle hire cover. New-for-old replacement (bike doesn’t lose value over time – which is a rare advantage from a bicycle insurer). Discount for folding bicycles. Basically it is one of the most comprehensive ones.

Must have:

  • Bike worth less than £250 = Bronze rated Sold Secure lock
  • Bike value between £250 up to £1500 = Silver rated Sold Secure lock
  • Bike value £1500 and over = Gold rated Sold Secure lock

Limit £5,000 including accessories. Also excluded from the cover is health damages as a result to contamination from a nuclear fuel (!)

Protect Your bubble

http://uk.protectyourbubble.com/bicycle-insurance

Estimated premium: £50

Includes: old for new replacement up to 3 years, multiple bike discount, for no extra charge you are covered for cycling in Europe, crash coverage, bike is covered for 12 hours at a time when left locked and unattended (unless it’s at a train station),

Must have:

  • If bike is worth less than £250 – Bronze rated lock
  • If bike is worth more than £250 but less than £1500 – Silver rated lock
  • If bike is worth between £1500 up to £8000 – Gold rated lock

E&L cycle insurance

http://www.eandl.co.uk/leisure-and-lifestyle/cycle-insurance

Estimated premium: £53

Includes: Fire, theft, accidental damage and accidental loss. Up to 45 continuous days worldwide bicycle insurance cover, 5% online discount, they will pay for your taxi if you are more than 5 miles away from home (otherwise? walk!). Up to £5,000 bikes.

Limitations: There is depreciation so when bike is older than 3 years you get less money. Must keep bike inside your home at night.

CTC Cyclecover insurance

http://www.cyclecover.org.uk/

Run by: Butterworth Insurance

Estimated premium: £54

Insurance cover includes: theft and accidental damage. Free legal expenses cover. European and world cover. Aged 40+ discount. Reduced premium if no claims. 10% of premium goes towards CTC campaigns. No deduction for wear and tear or degeneration. Bicycle hire.

Not included: damage during transit unless stored in proper container. Loss or damage to tyres and accessories. You may have to pay a premium.

Evans Cycle Insurance

http://www.evanscyclesinsurance.com/

Run by: JLT|Online

Estimated premium: £51

Insurance cover includes: theft and accidental damage up to £10,000. New for old basis for bicycles up to 3 years old. No excess (though there are some limitations). Bicycle hire.

Limitations: Older cycles are subject to depreciation. Optional: world cover, EU cover. Optional: Public liability and personal accident cover.

Cycle Guard

http://www.cycleguard.co.uk/

Run by: JLT|Online

Estimated premium: £56

Insurance cover includes: no excess on theft and damage. The website says that they guarantee the best price so you may be able to get a discount on the estimated premium.

Limitations: There is depreciation on the bikes you insure. If someone runs off with your bike seat but not the bike, you’re not covered. As standard there is no personal accident cover. Make sure you fully review the limitations of this policy (and the other policies!) so you are clear on what is and isn’t covered.

Endsleigh bicycle insurance

http://www.endsleigh.co.uk/bicycle-insurance.html

Estimated premium: £89 – need I say any more?

Alternatives to separate bicycle insurance

A cheaper option is often to have the bike covered under your home possessions insurance. However, this tends to be less comprehensive than the options listed above. Its definitely worth calling whoever you have your home possessions insurance with and asking them where you stand.

There are a lot of options to choose from and I strongly encourage you to read the whole policy wording from start to finish before accepting one of them. There are a lot of hidden things that you need to be aware of such as the policy that requires the bike to be stored indoors at night which may not be possible for you. The worse thing that could happen is your bike gets stolen and then the insurance company turns round and says “well you should of kept it indoors”.

See also:

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13 Responses to Bicycle insurance

  1. Hannu 31/10/2009 at 2:12 pm #

    I’m having trouble finding bicycle insurance that will cover me for working 12 hour shifts. All the companies I’ve looked at so far say something like this

    “Abandoned – Means a cycle being left in a location which is not the insured location for more than twelve hours at any one time”

    I’ve spoken to a few and even working 12 hour shifts fits this bill, despite the fact the bike will be locked in a secure location.

    Anyone know of any companies that cater for shift workers?

  2. Yannick 21/12/2009 at 2:23 pm #

    If you are still looking, give me a call at the ETA 0800 212 810 – it’s the policy mentioned first on the list above. We will speak to our underwriters and see if an exception can be made. Kind regards, Yannick

  3. Hannu 27/12/2009 at 7:18 pm #

    Thanks Yannick, I went with you guys anyhow work has a 100% safety record so I took the chance. I guess amendments can’t be made to my policy retrospectively? Cheers, H

  4. jason everet 17/03/2010 at 11:37 am #

    Cycle Guard DO have an excess. Its £100 or 20% of the value of the bike. Whichever is more.

  5. Abandoned! 22/04/2010 at 6:50 pm #

    “Abandonment means being left in a location to which the public has
    access for more than 12 hours at any one time or 24 hours in respect of
    cycles left at train stations”

    I lock my bike at the station………..will anyone cover me if I find that someone has stolen it over the weekend?

  6. Rob 09/07/2010 at 2:54 pm #

    Does anyone know where I can purchase bicycle insurance providing 3rd party cover only? My bike has insurance cover for theft from my home and elsewhere on my household insurance, so 3rd party is all I need.
    .

    • John 30/08/2010 at 4:45 pm #

      ETA gives a third party cover.

    • To-jo 16/09/2010 at 10:33 pm #

      LCC membership includes 3rd party insurance.

  7. Mina 13/07/2010 at 5:41 pm #

    Is it possible to insure a second hand bike if you don’t have the original receipt (but have one from the seller)? I’d love to get insurance to get me peace of mind, but don’t know the status on this!

    • Andreas 29/07/2010 at 7:23 pm #

      Yes you can get bicycle insurance for a second hand bike – just take it to the nearest police station to get a proof of ownership.

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