What is the Best Bicycle Insurance? Cycle Insurance Guide

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). They’ll replace a damaged carbon frame with a new frame, unlike most insurers. Discount for folding bicycles. Basically it is one of the most comprehensive options.

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 (!)

Bikmo Bicycle Insurance

http://bikmoplus.com

Estimated premium: £63.24.

Insurance includes: Competition cover, worldwide travel and cover of bicycle plus accessories. Can pay monthly or annually, without any increase in price. Can earn up to a 20% discount on next years renewal if no claim has been made. Old for new replacement, within the value. Bikmo is the official Brompton insurance partner, so insurance on Bromptons comes with a 25% discount.

Requires:

• Silver or Gold locks required depending on the value of the bike
• Doesn’t need to be locked if inside a garage or house
• Covered for a maximum of 12 hours in a public place and 24 hours at a train station
• Receipts for any gear covered, along with a receipt of your bike lock purchase

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

Yellow Jersey

http://www.yellowjersey.co.uk/

Estimated premium: £93

Includes: Very comprehensive: accessories, worldwide cover, cycle security marketing, public liability insurance, racing insurance, new for old, bike box insurance, transit, theft from vehicle.

Limitations: Due to the extra, the price is high for a £500 bike, but becomes more reasonable as you go over £1000. Insurance better suited to more expensive bicycles. They have clear guidelines on their website about keeping your bike at home etc.

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:

• Save 40% on folding bicycle insurance with ETA