So, now you’ve got your lovely new bicycle and an approved lock, have you considered cycle insurance?
It isn’t just about insuring your bike against theft, having specific cycling insurance protects against financial loss and inconvenience when an unexpected event happens. That could be an injury, damage to your bike or someone else’s property.
Whether you use your bike for leisure, commuting or amateur racing there is a level of cover suitable for you. You can choose cover for you, your bike or you and your bike.
Selecting the best policy for your needs will depend on how you use your bike. There are particular features that may be more beneficial to certain cyclists.
Commuters being on the road during rush hour brings greater risks and having a policy that gives you an extra level of protection that pays out for broken bones, physiotherapy and out-of-pocket expenses you might incur, can give you peace of mind.
If you bought your bike under a ‘cycle to work’ scheme and your bike is stolen, you will still have to continue to pay for the bike through your monthly contributions, as per your hire contract, even though you no longer have the bike to commute on.
You may already have cover for bicycle theft under your home insurance to meet the costs of replacing a bike, however it may be less comprehensive than having specific insurance, it’s important to know what level of cover you have.