As more and more people take up cycling to improve their health and help the environment, cycling accidents on the road are also on the rise. Most accidents can lead you to needing a new bike entirely, which isn’t financially possible for some people. Cycle insurance can help you make up the cost of a brand-new bike if yours is damaged beyond repair or stolen, giving you peace of mind should the worst happen.
In this guide, we will explain everything you need to know about Cycle insurance, from how it works to the documentation needed and the various requirements.
What is Cycle insurance and how does it work?
Cycle insurance provides you with protection if your bike is damaged beyond repair or stolen. Some people choose to put their bikes on their home insurance policy, but this won’t protect your bike if it is stolen away from your home. Cycle insurance will cover the cost of your bike if it is damaged or stolen, regardless of where the accident or theft occurs.
Cycle insurance is recommended if your bike is used frequently or if it is top-of-the-range. Cycle insurance can also provide compensation for injuries or permanent disability. At ALA, we will replace your bike on a new-for-old basis if it is less than three years old, and on a like-for-like basis if the bike is older than three years.
There are various types of Cycle insurance, including BMX, mountain bike and commuting Cycle insurance. Each policy is tailored to your needs and preferences, ensuring you have the best cover. Our Cycle insurance policies protect bikes worth up to £6,000. You can also add further cover, such as accessories, personal accident and legal expenses. You can read more about how Cycle insurance works in our full guide here.
Comparing Cycle insurance with home and travel insurance
Although some may assume that bikes are covered as standard in home insurance policies, it may actually be classed as an add-on that you have to pay extra for. Also, bikes are usually only covered if they are stolen on your property, whereas Cycle insurance protects you no matter where you are. The value of your bike on a home insurance policy may also be limited, and it will only cover the bike. With ALA, you can protect your accessories too. You can read our full comparison guide here.
If you want to take your bike abroad, you can choose from single trip or multi-trip cover for up to a year when looking for travel insurance. You can also opt for backpacker insurance for 18 months. Travel insurance covers you for a number of instances, and if your belongings are stolen, you could get cover between £1000 and £3000. Your bike would be classed as one item, so you may not receive anything close to what the bike is worth. Mountain biking also wouldn’t be provided in standard insurance, and you should also read the fine print.
Cycling insurance will cover you abroad, and the claim limits are much higher. You can read more in our full guide here .
Cycle insurance documentation
There are two documents that you receive when you take out an insurance policy with ALA: a Policy Wording and an Insurance Product Information Document (IPID). The Policy Wording outlines the terms and conditions, including the policy eligibility criteria, security requirements and how to make a claim. The IPID is a document that acts as a summary of the Policy Wording. It presents information such as what is and is not insured, any restrictions and your obligations as the policyholder.
The IPID is the first document you should read before buying a policy. It breaks down your policy so that it is easy to understand, but it shouldn’t replace your Policy Wording as it does not include the full terms and conditions. The Policy Wording helps you understand the procedures relating to your cover.
If your bike is stolen or damaged through vandalism, you must obtain a crime number before you try and make a claim. You will also need evidence of ownership and the bike’s frame number. To find out more about documentation, read our full guide here .
Cycle insurance requirements
Like all insurance policies, there are some restrictions and requirements that you need to be aware of with Cycle insurance. You must be at least 18 years of age and reside in the UK. Proof of ownership, a frame number and the value of the bike is also required. The bike should be in good working order be in your possession at the time of the theft or damage.
There are also several security requirements to be aware of. Your bike must be kept at an insured location with a lock that has been approved by your insurance provider. It must also be kept in a self-contained space that only you or your direct family members can access. If you are away from your insured location, the bike must be secured using a lock, and not left for more than 24 hours at a time.
If the bike is in a vehicle, all windows and doors must be closed and it must not be in clear view. When travelling in the vehicle, it must be insured by a valid motor insurer, be taxed and have a valid MOT certificate. You can read more about Cycle insurance requirements in our full guide here .
Here at ALA, our Cycle insurance policies are tailored to suit you, your needs and your cycling circumstances. Depending on the value of your bike, we can provide you with a fixed premium to help protect you and your bike. You can retrieve a free quote from us on our website.