Bicycle insurance – do you really need it?


Britain loves its bikes, but do we really need bicycle insurance? 42% of people aged five+ (25 million people, if applied to the whole of Great Britain) own or have access to a bicycle. (Source: We use them for leisure, fitness and commuting. In fact, the number of people commuting by bicycle is over 800,000 per year. It’s this love of cycling that has seen how much we spend on bikes rise above £3m a year and the average bike now costing £500. So, if you too are a bike lover, could you afford to replace your bicycle if stolen?

If you’re a homeowner your home insurance may already cover your bike, as many insurers cover bicycles under a standard content policy, but do contact them and check first. Even if it is covered under your home insurance policy, it’s also worth checking to what value it’s covered too. If you’re a very keen cyclist and have spent thousands rather than hundreds on your bike then it may be worthwhile declaring it to ensure it’s fully covered. Often home contents insurance only covers items that are lost or damaged at home, rather than away from it, so a little call to your home insurer or read through your policy will put your mind at rest and ensure you’re properly covered. You may even be able to boost your contents insurance to cover your bike, which may work out cheaper than a separate bicycle insurance policy, so do some checking first.

So is a bicycle insurance policy right for me?

If you’re a serious cyclist and spend thousands on equipment and bike(s), then a separate bicycle insurance policy is perfect. It will ensure you’re properly covered no matter where your bike is. Cyclists who race, whether professional or amateur, can often carry their bikes around on the backs or roofs of cars and vans, so having adequate cover no matter where you are or how much your bike costs is a must. If your bike costs upwards of £2,000 you can expect to pay approximately £250 per year for cover or £30 a month. These kinds of policies will also cover your equipment too, which can also cost hundreds or thousands of pounds.

What does bicycle insurance cover?

Standard Policies

Below is a list of what a standard bicycle policy will cover, but please check as some can vary slightly.

  • Theft or damage while stationary in the United Kingdom, some policies go further afield to Europe and Worldwide.
  • Bicycle damage due to an accident while riding on the road.
  • Accessories that are attached to the bike itself, such as lights.

Mid – Premium Policies

The following list is what you can expect from a mid to premium range bicycle insurance policy. Please note that these policies normal only cover the named person on the policy and if in the possession of that person.

  • Damage to your bike when in a race.
  • Race fees if you are unable to compete.
  • Personal accident cover for any serious injuries or death whilst cycling.
  • Public liability insurance if you are the cause of an accident where someone is hurt and you face legal action.
  • Accessories that are not attached to your bike, such as a pannier.
  • Cycling clothing.
  • Roadside assistance.

Be aware of the depreciation value and excess

Just like car insurance, your bike insurance will take into account the depreciation value of your bike over time. Meaning the amount the insurer will payout may not cover how much you paid for your bike when new. This is normal, but something to be aware of. For example, if you purchased a bike for £600, 2 years later the value may have dropped by 20%, and then this percentage increases every year after. So a 10-year-old bike could have a 50% depreciation value, meaning the amount you would get from your insurer if stolen would be £300 and not the £600 purchase price. This combined with your excess amount, usually anywhere from £50 – £100 with most insurers would mean you really would only receive £200 but is certainly better than nothing if you weren’t insured.

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Please note
All the information shared in this article is to help you make your own decision. It is NOT intended as financial advice so use the information at your own risk as we can’t accept liability if things don’t go as you intend.

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