If you cycle frequently, you may not consider insuring your bike a top priority. However, according to Cycling UK, almost 300,000 bikes are stolen every year in England and Wales alone, and without insurance, some may never see any compensation. Cycle insurance helps protect you from any shortfall and get you back on the road as soon as possible.
In this guide, we will explain the basic criteria for qualifying for cycle insurance, the restrictions in place, and why having cycle insurance is so important.
Cycle insurance is a great asset for many keen cyclists, protecting you against accidental damage and bike theft. Our policies at ALA even protect you if you go cycling abroad, so you don’t have to add on to your travel insurance. If you cycle often or use your bike as your main mode of transport for commuting, having it damaged or stolen can leave you stranded and cause various issues. By insuring your bike, your insurer will cover the cost of repair or will replace your bike if it is damaged beyond repair or stolen.
Cycle insurance is incredibly important if your bike is valuable, as you don’t want to lose out on its cost. Our policies cover bikes worth up to £15,000 in value, and we will replace the bike on a new-for-old basis if it is less than three years old, or like-for-like if it is older.
Our policies also come with optional extras, such as public liability, replacement hire and personal accident cover.
To retrieve a quote for bike insurance, there are criteria you must meet in order to be successful. Policy requirements include:
● Finding your frame number: each bicycle has a frame number, usually located under the bottom bracket. If your bike has a carbon frame, it will be displayed on the surface or on a sticker. Sometimes, it will be on the inside of the chainstay or on the down or top tube.
● Being a UK resident: only those living in the UK, Northern Ireland, the Isle of Man, or the Channel Islands will be eligible for cycle insurance.
● The Value of your bike is worth less than £15,000
● The bike is in good working order: if your bike was already worn or wasn’t working optimally, you may not be able to claim for accidental damage or theft.
● Proof of purchase: for both new and second-hand bikes, you will need either a receipt or evidence of insurance for a replacement.
Cycle insurance may not be available to you on an ALA policy for several reasons. If you do not qualify for one or any of the eligibility points mentioned above, then you may not be able to apply for or retrieve a quote for cycle insurance.
If your bicycle is worth more than £15,000, you won’t be eligible for an ALA cycle insurance policy. Also, for all claims to be valid, you will need your bicycle’s frame number. Failure to provide one will result in an unsuccessful claim. The bike must also be in good working order, and you must have proof of ownership, such as a receipt.
Other restrictions in place to apply for a bicycle insurance policy include:
● Security restrictions have not been followed: this includes leaving the bike unattended without proper security and in an unsafe location.
● Your bike was not secured using a required Sold Secure Gold or Diamond-approved lock
● Original photos of your bike, accessories, and lock were not uploaded within 14 days of the policy starting
● The bike is used for business, courier, hire, or professional cycling purposes
If you believe that you are eligible for cycle insurance, you can retrieve a quote from us here.
By choosing cycle insurance, you can have the peace of mind knowing your bike will be protected in the unfortunate event of theft or accidental damage. Whilst some may believe that their bike will be covered under their home contents insurance, this isn’t always the case. If your bike is insured under your home insurance plan, it will more than likely only be covered at the property.
Home insurers won’t pay out as much as you would expect for the theft or damage of your bike, whereas a cycle insurance policy will either make up the value or replace your bike completely. Cycle insurance policies can be tailored to your needs, with optional add-ons to protect you in most worst-case scenarios. One of our extras includes public liability, which means we can cover you if you injure someone else or damage someone’s property whilst out on your bike.
With a home insurance policy, you may not see the benefit of having your bike included as an asset. A cycle insurance policy is dedicated to you and your bike and will cover you whether your bike is damaged or stolen at your home or away. We do, however, require you to select a Sold Secure-approved lock if you choose a policy with us.
Compare cycle insurance and home insurance with our expert guide here.
Here at ALA, all our cycle insurance policies cover bikes worth £15,000 or less, no matter whether they are damaged or stolen. As part of our standard bicycle policy, we cover:
● Comprehensive theft cover: at home or when out and about.
● Accidental and malicious damage cover: if damaged in an accident or through vandalism.
● Repair or replacement cover: up to your insured value.
● Flexible payment options: pay annually or monthly by subscription.
For added peace of mind when travelling abroad, we offer coverage wherever you ride, with optional worldwide cover for up to 90 days. We also provide specialist cycle insurance for bikes such as BMXs, electric bikes and mountain bikes.
Interested in protecting your bike? Contact us today to request a quote or create your own one online here.
The general cost for cycle insurance for a new bike on an ALA policy is based on the value of your bike. For example, for a bike worth around £1000, this results in paying around £56 per year; for more expensive bikes worth around £5000, insurance works out at around £190.75 per year.
Various factors may affect the final price of your quote, including add-ons such as public liability cover, replacement bike hire, and cycle accessories, as well as where you live and how much excess you choose to pay.
For more information, read our expert guide to how much cycle insurance usually costs here.
A dedicated cycle insurance policy can offer you a broader scope and higher-quality protection. You will benefit from cover outside of your property, which may be more suitable for commuters, enthusiasts and those new to cycling.
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