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Why You Need Bike Insurance More Than You Might Think

If you are a keen cyclist, or you use your bike as a practical way of getting around or commuting to work, you probably rely on it a fair bit. You may also have spent a significant amount of money on the bike itself, and accessories and clothing for using it. Having your bike stolen or irreparably damaged, then, would be a major hassle. Why is it, when this is the case for most cyclists, so many riders are so in the dark about the benefits of a specific insurance policy for their bike?

bike thieveryPhoto by Bogdan

You would buy car or motorbike insurance, of course, at the very least because it is a legal requirement. While this isn’t the case with a bicycle, most of the other reasons for insuring a motorbike and taking the time to search for a suitable package* actually apply to a bicycle too – you may find replacing it a major financial burden, they are stolen quite often, you may be liable if your using one causes someone else injury or damage to property, and without your missing bike getting quickly replaced you may be stuck for a way to get around.

Home Insurance and Bikes

One of the main reasons a lot of cyclists think there is no need to buy a stand alone insurance policy for their bike is that they believe it will be covered by their home insurance policy. This issue is actually usually a little more complicated than that, however.

Bikes, by their very nature, are taken out and about a lot and so are usually, when stolen, not taken as part of a wider theft of property from the home. Because of home insurance limitations and excesses, it can often not be worth trying to claim on your home insurance for one stolen bike and losing your no claims bonus if you have to pay a large part of the cost of a new bike yourself. This means you are effectively in the same boat as not having your bike insured at all. Also, as with other items that are commonly stolen and often removed from the home like phones and laptops, there are quite often serious limitations to the coverage you get for a bike.

Bike Insurance Policies

Because insurance policies for cyclists, just like those packages that exist for drivers and motorbike riders, exist solely to take care of the needs relating to that one item, they offer a lot of benefits you may well be grateful for. Depending on the package they can cover all sorts of eventualities, including damage to your bike accessories, or even using your bike abroad (which can be a big help if you fancy a cycling vacation).

The cost of bike insurance is generally pretty low for casual or commuter riders, and it can save a lot of pain and hassle if something ever happens to your bike. For more cyclists, it should be something to look into.

*This article has been sponsored by Motorcycle News.


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