Read our guide to learn about whether you should get extra home insurance cover for your bike or specialist bicycle insurance
If you have home contents insurance, your bicycle might be covered but most policies have several limitations that might make it hard if your bike breaks or is stolen and needs to be replaced.
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Hundreds of thousands of bikes are stolen in the UK each year and they are certainly not cheap to replace, so taking out insurance on your bicycle might be worth the cost.
If you are planning to get insurance on your bicycle then you will need to look at a few factors first to see what the best options are available to you. This includes the value of your bike, how often you take it out of the house and how you use it, and where you lock it up late at night.
Should I get my bike insured on my home contents policy?
You may already have home contents insurance. If so, it is likely that your bike, which is included in your ‘contents’, will be insured. However, there are likely to be several limits on this, so don’t take it at face value.
Firstly, your contents are usually only insured when they are valued up to a certain limit, usually around £500, so this will cover general items around the home that have been damaged or stolen. You will usually need to inform your insurer if you want to cover any single items that are expensive, such as jewellery or a high-end bicycle.
Most standard contents policies will only cover items while they are in your home, so if you have your bike stolen from somewhere other than your home you may not have it covered with your home contents policy. If you want your bike to be covered away from home, you'll need to add personal possessions or away from home cover to your contents insurance policy.
Bear in mind that your home contents policy may not insure your bicycle if you use it at competitive races or mass participation biking events. The insurers are likely to see any event where you are cycling at high speed or amongst several other cyclists as high risk and will exclude it from the scenarios where they will insure your bike. So if you have an accident and damage your bike during a cycling event you are unlikely to be covered with your home contents insurance policy.
The same goes for lending your bicycle to someone else — many home insurers will not insure your contents that are damaged or stolen while being borrowed by someone else. If your bike is worth more than £500 then adding personal possessions and accidental damage cover could give you more protection.
However, it is worth also looking at specialist bicycle insurance. Naturally, it will probably cost a little more than simply adding on an extra item to your home contents insurance, but specialist insurers can often tailor the cover to meet your needs.
Finally, if unfortunately something happens to your bike and you do have to make a claim on your home contents insurance policy, you could have higher premiums the following year on your entire home insurance policy. Read on to find out more about bicycle insurance and see what type of cover is right for you.
Should I get bicycle insurance?
Specialist bicycle insurers will have more experience in insuring bikes and thus a better understanding of the risks involved and of cyclists in general than a regular home insurer would.
If you have a really expensive bike you could be better off taking out a specialist bicycle insurance policy as the cover will consider how you use your bike. This means you could get more comprehensive cover than if you added your bicycle on to your home contents policy. Many home insurers might just see it as an expensive item with plenty of risk attached, and in some cases will not risk even insuring it if it’s too expensive.
Some specialist insurers can insure bikes worth anywhere up to £20,000 so if your bike was a big purchase you should be able to get covered with bicycle insurance.
In contrast with many of the limitations on home contents insurance policies, you should be able to include third party cover and protection when racing and taking part in events as well as when locking it up outside of the home.
How to get cheap bike insurance
Insurers always weigh up the risk of insuring your items, and with bicycle it’s no different. However, because many bikes are high value items that are fairly easy to steal the risk is already quite high for the insurer.
It may seem like a no brainer but investing in a good lock and keeping your bike locked up in a secure location is likely to signal to insurers that there is less of a risk involved. Showing insurers that you take your bike’s security very seriously means you are more likely to get a replacement when you make a claim.
Weigh up whether or not it will be cheaper to add your bike to your home contents insurance or taking a separate bike insurance policy — either one can be cheaper depending on your circumstances and what kind of cover you need.
Finally, always compare the wider insurance market for the best deals on bicycle insurance and home insurance. Get started below: