It’s a sad fact
that, with the increase in popularity of cycling, there’s been a recent
increase in bike theft. And while having a good lock and understanding
the best way to lock your bike can reduce the chance of your bike
being stolen, you may also want to get some bike insurance.
If you want to insure your bike, you
have two options:
§ Household Insurance – some insurers will provide cover for a bicycle as part of your house
contents insurance, but you need to check the small-print to see what’s
covered. Some policies don’t cover bikes outside the home, will place limits on
the value of any claim, or require a large excess.
§ Dedicated Bike Insurance – a separate policy just for your bike, which can be more expensive, but
you get more comprehensive cover.
The things you need to look for in
selecting your insurance are:
§ The conditions of storage at home – often policies will place restrictions on how and where the bike must
be stored at home, and how it needs to be secured. You may be required to
secure the bike to an immovable object inside your house. Locking a bike inside
a shed or garage may be subject to strict conditions, and keeping your bike outside
in your garden may not be covered at all.
§ The conditions for leaving it outside the home – some policies limit the amount of
time the bike is covered when away from home (e.g. up to 12 hours), and many
place a restriction on the quality of lock that must be used. Also check
if the cover outside the home differs from that at home.
§ Any cover limits – some policies limit the amount of any pay-out for bike theft to a
fixed amount (say €650) or a percentage of the total contents cover (say 15%),
regardless of the value of the bike
insurance. The insurer may also cover what the bike is worth at the
time of theft, rather than the replacement cost, and so look out for “New for
Old” cover.
§ Any excesses – some policies charge a large excess (say €150, or 10% of the bike’s
value) which is deducted from the value of any claim. Any claim may also
lead to higher premiums when renewing insurance – something to bear in mind
especially when covered under house contents insurance.
§ Any exclusions – some policies don’t cover damage to bike caused by vandals, and
policies often do not cover the bike if used for sporting events, or if taken
out of the country.
Basically, when selecting insurance,
you need to follow these steps, and then check which policies out there match
your needs:
1. Work out the value of cover you need for your bike and any fixed
accessories (replacement saddles, pedals, racks, and so on). Check if the
purchase price for your bike has gone up since you bought it, and adjust your
cover accordingly.
2. Decide what level of excess you are willing to live, and if any
particular policy limitations are deal-breakers.
3. Decide if you need accidental damage cover, for if your bike is damaged
in an accident.
4. Decide if you need personal accident cover, to cover medical and other
costs if you are injured in an accident.
5. Decide if you need public liability cover, in case you injure someone
else or damage their property.
Generally, a dedicated cycling
insurance policy will offer the most comprehensive cover for regular cyclists,
and if the worst happens and your bike is stolen, at least any claim won’t
affect your house insurance.
I have my cover
through Cycle Sure, who have comprehensive new-for-old cover, and a low excess
(€25) for claims. The value of replacing my bike plus fixed accessories is
around €1,000, and the premium is just over €100 – which seems about equivalent
to all the other specialist bike policies.
Other specialist
bike insurance providers include chill.ie and One Direct.
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