Is it Worth Taking out an Insurance Policy for My Bicycle?

Is it Worth Taking out an Insurance Policy for My Bicycle?

With the rate of bicycle theft almost doubling since the 1990s and more and more people taking to their two wheels to get to work or play, insurers everywhere are offering dedicated policies to protect cyclists from damage or theft. But is it worth insuring your bicycle?

Bicycles are an expensive and essential purchase for many commuters, professional racers and individuals that ride for pleasure, there are a number of flexible policies that provide the cover you need, whatever your cycling activities and with rates as low as just a couple of pounds a month, it pays to be covered whether you are commuting to work, riding to school or taking a bike ride into the countryside during your weekend off.

As well as providing compensation should your bike become stolen or damaged, bicycle insurance policies also provide third-party coverage and whilst this is not compulsory for cyclists in the UK, it is worth taking out if you are in contact with motorists, pedestrians and other cyclists on a daily basis. There are a number of accidents that can happen on that commute to work and coming into contact with other vehicles on busy roads during rush hour is a common occurrence.

If you are in the wrong during one of these incidents then you could be liable for hundreds or even thousands of pounds. It’s not just collisions with cars that can mean a hefty bill for cyclists, claims for medical damages are also common and can run into the millions leaving the responsible party in major debt.

There are a number of cycling organisations that provide third-party coverage for its members and for a small annual fee you can get the insurance you need as well as ultimate peace of mind. When taking out a policy however, you must be sure that you are fully clued up on cycle storage and security. A stolen bike that was left unattended or unsecure by its owner won’t lead to a payout. Get the most competitively priced insurance policy by investing in a high quality lock (preferably a D-lock), never leave your bike unattended and always find secure cycle storage that is well-lit and in a public area.

Cycling in urban and rural areas does have its risks but you can make sure you, your bicycle and fellow cyclists, motorists and pedestrians are covered with a bike insurance policy that suits your cycling needs and your budget.

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