When purchasing insurance cover for your bicycle, it may be advisable to consider using a company that has developed their policy conditions in conjunction with cyclists and people with experience in the cycle industry. There are different levels of cover to suit a wide variety of cyclists. You may only need cover which is geared for a bicycle that is used to commute or for recreational purposes. If you need insurance cover for racing or competition, that could be arranged by means of an optional extension to your policy.
Cycleguard, is an example of a company that specializes in bicycle insurance in the United Kingdom (UK).
- Their cover against theft and accidental damage is up to £10, 000.
- A bike which is less than three years old will be replaced on a new for old basis, however bikes older that three years old will be subject to depreciation.
- Whilst bikes are being repaired Cycleguard will arrange bicycle hire for you until you get your bike returned to you.
- Your cover may be extended to other areas for a certain period of time, for example:-
EU for 90 days (30 day maximum trip)
Worldwide (45 day maximum trip)
Your optional extensions are: –
- Public liability and accident cover
- Racing or competition use
- Roadside recovery
- Family members option
In regard to USUAL STORAGE LOCATION – What is NOT COVERED: –
- If your bike is left outside of the specified insured location, and stolen, a claim will not be approved.
- Theft at home or the insured location unless there is forcible and violent entry.
- If your bike is in a communal area and not locked with an approved lock and attached to an immoveable object.
In regard to LEAVING YOUR PREMISES WITH YOUR BIKE – What is NOT COVERED: –
- If you have stopped off somewhere and your bike is stolen as it was not locked to an immoveable object.
- If your bike is stolen and you did not use an approved lock (a list of approved locks can be found on Cycleguard’s website)
- A bike stolen which was left unattended anywhere for more than 18 hours.
In regard to ACCIDENTAL DAMAGE – What is NOT COVERED :-
- If you have any cosmetic damage which does not impair the performance of your bike.
- When in transit, the bike should be securely packaged as failure to take this precaution will cause a damage claim to be rejected.
- Should you loan or hire out your bike to any other person, damage caused to the bicycle will not be approved.
- Mechanical or electrical failure of your bike is not covered.
- Any faulty or defective design which results in damage will be rejected.
- Unless you have purchased active cover for racing or competition, a claim for damage to your bike will not be approved.
- Should you use the bike for hire or reward, it will not be insured for damage, theft or vandalism.
Cycleguard’s EXCESS conditions: –
- If you took out your bike insurance on or after 2nd January 2013, there is an excess amount of £25 on each and every claim.
- The first £100 or 20% whichever is the greater will be charged for bikes stored in wooden sheds, communal hallways and communal outbuildings.
- Public liability claims are subject to a £500 excess for third party property damage.
CYCLE INSURANCE FROM THE ETA
- Cycle insurance from the ETA includes cover for race events such as triathlon, time trials, downhill mountain biking, sportifs and other competitive cycling both in the UK and abroad. NO ADDITIONAL COST is made for race cover, but certain exclusions apply.
- When taking part in a cycle race or triathlon, your bicycle is covered against theft, accidental damage and vandalism, but NOT THIRD PARTY COVER, PERSONAL ACCIDENT OR CYCLE RESCUE. Third party insurance is usually the responsibility of the race organiser.
- With the ETA, when you participate in a triathlon, provided the transition area is supervised by a marshal, your bike is covered against theft.
- If you do competitive cycling, you are covered in case of accidental damage.
REPLACEMENT OF BICYCLE (the ETA)
Your bicycle is not devalued by the ETA over time. You should insure your bicycle for its full replacement value (i. e. the bike, accessories plus VAT).
BREAKDOWN (the ETA)
At no extra charge, if you are unable to complete a journey due to an accident or mechanical failure, you and your bike will be recovered from any road in the UK. The average response time is 40 minutes. You and your bike will be taken to your home, railway station, cycle repair shop or back to your car, whichever is the nearer. If your bike has been damaged or vandalised, the ETA will pay for a taxi to take you and your cycle home.
THIRD PARTY INSURANCE (the ETA)
You may need to deal with a civil claim for compensation if you injure someone or damage their property or vehicle while cycling on any bicycle that you have permission to ride. ETA cycle insurance covers you for a pay out of up to
£1 million. This section of the policy has an excess (i. e. that you must pay) of £250.
OTHER EXCESSES (the ETA)
Claims for theft, accidental damage or vandalism have an excess amount of 5% but a minimum of £25
PERSONAL ACCIDENT COVER (the ETA)
ETA cycle insurance will pay out up to £20, 000 if you are seriously injured or killed while cycling on any bicycle.
CYCLE TOURING INSURANCE AND TRAVEL COVER (the ETA)
You are covered for 90 days a year whilst travelling in Europe and 60 days per year worldwide for theft, accidental damage and vandalism. Third party cover does not apply the UK.
HIRE BICYCLE (the ETA)
Reimbursement for cycle hire up to the value of £250 is standard on every policy, if your bicycle is stolen or off the road following a claim.
LOW EXCESS (the ETA)
- Standard excess: 5% of claim value (£25 minimum)
- Third Party Claims: £1 million third party cover: £250
- Unattended bicycles: If a bicycle is left unattended in a public place between the hours of 01.00 am and 04.00 am the excess for theft/damage/vandalism is 20% or a minimum of £100