Cycle insurance: is it worth it?
Depending on a range of factors, getting cycle insurance can save you money and give you peace of mind. If your bike is worth a lot of money, getting it insured could protect you from theft or damage. Also, if you cycle frequently or live in an area where risks are more present, getting insured can cover you for most eventualities. Those who cycle competitively may also want to consider insurance, as well as anyone who travels with their bike.
It is much more cost-effective to insure a bike that is frequently used or high in value, and can provide more benefits than if it was placed on your home or travel insurance. Home insurance policies will not cover the bike if it is stolen or damaged away from your property, whereas cycle insurance can be tailored to your preferences.
It is important to choose the right policy for you to ensure you get your time and money’s worth. Each basic plan from ALA includes cover for theft or damage to the cycle, as well as worldwide coverage if you decide to take your bike abroad. Optional coverage includes public liability, personal accident and replacement hire .
For more information, you can read our previous guide here.
Do I need cycle insurance?
Although cycle insurance is not a legal requirement, it is highly recommended for avid cyclists and those living in areas where the risk of theft or damage is higher. There are different plans available for different types of bikes or circumstances, allowing you to choose the very best policy for you.
If you go touring with your bike, you may wish to take it abroad with you. If you get into trouble with your bike, your travel insurance may not cover you for anything related to the theft or damage of your bike. Touring bikes are durable and sturdy, but they can still be damaged if you are involved in an accident. Therefore, it is better to protect yourself and your bike, so you can make up the cost for a new bike or have it replaced, whether that is new for old or like for like.
BMXs and mountain bikes are often taken onto bumpy, rough terrain and can become susceptible to damage. Taking out insurance is a smart option and comes with all the benefits of a standard policy, including protection against theft and damage, with worldwide coverage. You can retrieve a quote for your bike here.
Can I have cycle insurance?
Although cycle insurance is a smart option, there are certain criteria you must meet in order to qualify for a quote. Before you apply for cycle insurance, you should check your bike for its frame number. This can usually be found under the bottom bracket. You must also be a UK, Northern Ireland, Isle of Man or Channel Island resident to be successful in applying for cycle insurance, and your bike must be worth less than £6000.
Importantly, your bike must be in good working order. If your bike is already partially damaged or does not function properly, you may be unsuccessful. You must also be able to provide proof of purchase, such as a receipt or evidence of insurance replacement. At ALA, we also require you to own a suitable Sold Secure lock appropriate for the value of your cycle, and that your bike be secured and stored according to the policy requirements. If these security requirements are not met, you will not be able to make a successful claim. We recommend the Sold Secure website when looking for a lock.
If you believe that you and your bike meet the criteria above, your claim should be successful. However, you can discuss any reservations or queries with a member of our team. You can read our full guide here.
Our cycle insurance policies here at ALA come with protection against damage and theft worldwide, with plenty of additional extras to give you extra peace of mind. Our public liability cover protects you if you cause damage to someone else’s property or injure another person, and we can also protect your accessories, such as your helmet or clothing. You discover more about our additional policies here.
To find out more, you can get in touch with us today