There are countless insurance companies offering bike coverage, so it can be difficult to choose the right one. It’s tempting to choose the cheapest policy you find however, you might save money overall by opting for the cover you really need while leaving behind the cover you don’t.
We outline what to look for in a policy depending on how you use your bike. Commuters, touring cyclists and racers will need a unique set of coverage options. You’ll find a breakdown of prices and coverage options from eight popular providers. Find the perfect package to protect you on the road – or mountain!
When it comes to making a bike insurance claim, you need a provider that has your back. ALA Insurance is rated the number one Cycle Insurance Company on Trustpilot for its excellent customer service, amazing value insurance and generous payout rates.
There are several factors to consider when choosing the best value insurance policy. It can help to work out what kind of cover you need and then compare policies on this basis. The cheapest standard cover you’ll find will be around £30-60 per year for a £1,000 bike. This will cover bike theft and damage, at and away from home. It’s important to ensure you meet all of the security requirements of your chosen policy – with ALA this means that your bike should be is stored correctly at home and when you go out, which includes using the correct Sold Secure lock.
ALA’s standard policy is one of the cheapest for comparable cover – find our policies on comparison sites such as Money Supermarket and you’ll struggle to find a trusted provider offering a cheaper price. Moreover, we have Worldwide cover as standard which is ideal if you enjoy travelling with your bike.
A £1,000 bike would cost as little as £37.42 per year to cover!
Compare Cycle Insurance quotes and coverage for a £1000 bike
What insurance excess should you choose?
The insurance excess is an amount that you pay as the policyholder when you need to make a claim. There are often different amounts to choose from and your excess should be an amount that’s affordable for you if the unexpected occurs. Selecting a higher excess can also reduce the overall cost of insurance.
A general rule is choosing an excess which is 10% of the bike’s value, so if your bike is £500 you should choose a £50 excess. ALA offers three levels of excess: £50, £150, and £250 so you can choose a specified amount. Some other providers have a mandatory 10% excess, meaning you have to pay 10% of your claim total.
The best cycle insurance policy for touring
If you like to cycle overseas, you should think about using a cycle insurance provider that offers worldwide cover – that way, you don’t need to buy additional and potentially expensive travel insurance to cover cycling overseas. Most insurers offer worldwide bike cover as a paid option but ALA includes this on all policies as standard.
We’ll extend your usual coverage for a 30-day trip overseas at no extra cost. Moreover, you can go on as many trips as you like throughout the year! With our unbeatable prices on standard policies, touring cyclists have endless possibilities.
The best insurance policy for commuters
More and more cyclists are joining the roads for their journey to work and it’s always worth having protection in place in case you’re in a cycling accident. Commuting cyclists should look for coverage options such as public liability insurance, cycle hire replacement and personal injury cover, as well as other, possibly more costly options such as taxi fare reimbursement or lost earnings cover.
Of these, ALA offers five optional add-ons – that could be useful to cover you, your bike and accessories. Choose from the following cover for your ride to work:
Accessory cover – helmets, panniers, GPS, lights and many more
Cycle hire replacement
Public liability cover
Personal injury compensation
Legal expenses – claiming uninsured losses
The best insurance policy for bicycle racing
Not all providers have this as an option so you’ll need a cycle policy that specifies race cover or professional use. This is always a a paid option and often on more expensive packages. Race fee coverage is often excluded as standard, so look out for that. Alternatively, if you are looking for temporary race cover, you can buy short-term cover from a cycle racing insurer online – this way, you can keep your daily bicycle insurance costs low with a basic plan.