Bicycle insurance: All you need to know

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Bicycles are rarely insured sufficiently for theft or damage.

To complicate matters, even if you have bicycle insurance, there are different policies needed depending on the circumstances.

Below we highlight the specific policy needed whether you take part in events, commute, ride on the open road or do off-road cycling.

Theft

At home

Your bicycle is stolen from inside your house or garage
– Household content insurance

In transit

Your bicycle is stolen from your car or at the airport on the way to an event
– All risk insurance policy

Hijacking

Your bicycle is taken from you while out riding
– All risk insurance policy

Damage

A bicycle can be damaged in a number of ways

Accident – While riding

While out riding, traveling or in transit
– All risk insurance policy

Accident – While at home

– Household contents policy

Wear and tear

Frame or tyres are damaged over time
– No insurance policy cover

Events

Many all risk policies will not cover riders taking part in events. Taking out a specialist bicycle policy for events is recommended for;

  • Trips cancellations
  • Event accidents

A good trip cancellation policy should cover you for financial loss due to:

  • Illness, injury or death
  • Illness or death to a close relative
  • Natural disasters
  • Hijacking
  • Fire or flood at home
  • Accident en route

Medical

Most general medical aid policies will be sufficient cover in the event of a bicycle accident.

Many active sports people also get essential medical emergency protection.

The key requirement here is to get immediate medical attention in the event of an accident or emergency.

If you would like more information, contact your broker.

* This article is informational and educational and should not be used or relied on as financial or professional advice. No liability can be accepted for any errors or omissions nor for any loss from reliance upon any information herein.

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