Do cyclists need insurance?

Bike Week is the UK’s biggest awareness event of the year for cycling. Each year, Bike Week sets out to remind people about all the positives that riding a bike can bring, for health and wellbeing and the wider impact on our communities and the planet.

If you own a bike and regularly ride it out and about, you may have wondered do cyclists have to have insurance? Unlike car insurance, bicycle insurance isn't compulsory in the UK. But there are a variety of reasons why it's worth considering insurance. In this article, we've got all the information you need about bicycle insurance so you can make an informed decision about whether to buy it.

What does it cover?

Some providers offer one umbrella policy that covers both your bike and you whilst you’re riding it. Others separate these into two policies: cover for the bike itself and cover for the cyclist. So what does bicylce insurance cover? Like any insurance policy, what is and what isn’t covered will depend on the provider and the policy itself.

A standard combined policy may include:

●Theft

●Damage & vandalism

●Bike accessories

●Legal costs

●Medical expenses

●Public liability cover

Depending on your circumstances, you may require a specialist policy. Some standard policies will cover travel abroad, but often with limitations. For example, there may be a limit on how many days per year you are covered overseas. A combined policy may also only cover your bike whilst travelling, not you whilst riding abroad.

There are specialised cycle travel insurance policies available for strengthened protection overseas. These often cover similar elements to standard policies, as well as:

●Repatriation

●Replacement bike hire overseas

●Third-party loss or damage, caused by an airline, courier or other transit method

Another example of where a specialised policy may come in handy is for cyclists who compete in regular races or events.

Specialist competition policies usually cover most of what a standard policy does but with a few extras, such as:

●Damage, theft and injury cover whilst participating in races and events

●Cover when riding or racing abroad, including damage, theft and personal injury

●Race entry fee reimbursement if you are ill or injured and unable to attend

You may also require a specialised policy if you have an electric bike or a bike of high value.

Is my cycle covered by home insurance?

Some home insurance policies will cover bicycles as standard, but others offer an additional add-on for bicycle protection. However, they typically offer less coverage than specialised bicycle insurance policies. For example, some home insurance policies will only cover the bike when it’s at home, not whilst you're riding it.

Most home insurance policies have a single item limit, the maximum you can claim per item. If your bike is worth more than the limit, it must be individually registered as a high value item on the policy.

If your bike is protected under your home insurance policy, it’s important to check how it is covered. Your home insurance may cover damage or theft, but it’s unlikely to cover you whilst you are riding it. This means that if you have an accident, you may not be covered for medical expenses, legal fees or public liability. Home insurance is also very unlikely to cover your bike when you compete in races or events.

Finally, it’s important to consider the impact that making a claim for your bike may have on your home insurance policy. Claiming may affect your premium. This will have a much larger impact on a home insurance policy than a claim on a specialised cycle policy would have.

Policy exclusions

As with any type of insurance policy, bicycle insurance will not pay out in every circumstance. Often, theft is excluded if the bicycle was not properly stored and secured in line with the policy guidelines. And you may not be covered for personal injury if you were not wearing the correct safety equipment, such as a helmet. The same applies if you are breaking the law or the rules of the road when you get into an accident. Exclusions will differ between providers and policies, so be sure to check the policy wording thoroughly.

What’s the best bicycle insurance?

The right insurance policy for you will entirely depend on your needs, circumstances and requirements. You may need a specialised policy if you compete in races or events, or if you travel regularly with your bike. Similarly, a bike of high value will likely require a more comprehensive policy. It’s important to do your research into the providers and policies on the market to find the best one for you.

Researching cycle insurance reviews from other customers is a good way to see what it's really like to be a customer. You want to be confident that the provider is reputable with a good customer service record. This will ease the situation if you ever do need to make a claim.

If you have bicycle insurance, consider leaving a review for the provider and policy. Whether good or bad, an honest review can provide valuable insight to others who are yet to insure with the provider. Together, we can help other people like you make better financial decisions.