Cycle insurance: is it worth it?

Cycling is becoming increasingly popular due to several reasons, including sustainability concerns and rising transport costs. There has almost been a doubling of the number of pedal cyclists on UK roads between 2004 and 2020.

Bicycle theft is common in the UK. Moreover, 4,215 cyclists were seriously injured or killed in 2020. Car insurance is a necessity for protecting drivers against theft, damage and injury so why shouldn’t cyclists be supported in the same way?

As standard, ALA Cycle insurance covers theft or accidental damage regardless of whether the insured cycle is on your property or not – ALA will even cover you abroad. This is a benefit of bicycle insurance over home insurance or travel insurance. More comprehensive coverage can include bike accessory protection, injury coverage, legal expenses, public liability and replacement bike hire

This article will help you decide whether bicycle insurance is appropriate for you and your bike, considering key factors such as the value of your bike and what kind of activities you use it for.

Who should get bicycle insurance?

• Value – This is the most obvious reason for getting bicycle insurance. If you own a bicycle that is worth a lot of money, it will not only be a target for theft but will also be a big expense to replace or repair. Insurance helps to cover these costs. If you also have expensive accessories, these can also be covered for an additional premium.
• Risk – People who live in large cities may benefit from cycle insurance as the risk of theft, damage and injury can be higher in these areas. Also, those who cycle for sport such as mountain bikers and BMXers, where the risk of accidental damage and personal injury are higher, may wish to use cycling insurance to cover these eventualities.
• Frequency – If you use your bicycle a lot, regardless of its value, it might be a good idea to get bicycle insurance as high frequency increases the chance of negative outcomes such as personal injury, damage or theft. Also, additional temporary cycle replacement coverage may be beneficial if you use your bicycle on a regular basis.
• Travel – If you frequently take your cycle on holiday with you, you may want to choose cycle insurance that covers you overseas. Bicycle insurance will be more comprehensive than travel insurance at protecting your bike.

Is cycle insurance worth it?

There is no short answer to this question as there are many different factors that affect how cost-effective bicycle insurance will be for each individual. Typically, it is more cost effective to insure bicycles that are either expensive, at high risk of damage or theft, are used daily or near daily or are frequently travelled with.

Low value bikes (under £150) may not be cost-effective to insure, as the premium oncycle
insurance with ALA increases when the cycle value both drops below and exceeds £150. Insuring a low-value bicycle may be advantageous if you typically encounter major incidents (such as theft or damage) more than once every few years. Bear in mind that theft of or damage to your cycle will not be covered by ALA if you fail to look after your bike to an appropriate degree. Read about what ALA cycle insurance does and doesn’t cover
here.

On the other hand, a high-value bicycle (upwards of £1000) would costfrom £58 per yearto insure at £50 excess cover. For most cyclists, depending on use and risk factors, this would work out to be cost effective.

Choosing a cycle insurance plan

Cycle insurance plans can be tailored to any budget. However, choosing the right plan to satisfy both your budget and your activities is important. ALA offers multi-bike insurance, such as road bike and mountain bike insurance, which may be a cost-effective way to cover the whole family in addition to your travel insurance and home insurance policy.

Additionally, choose appropriate add-ons for your lifestyle. Here are some example ALA plans calculated with the bicycle value of £1000 and a compulsory excess of £75:

●City commuter: Basic plan + £500 Cycle Hire Replacement + Legal Expenses (excludes public liability cover) =£90.88pa

●Road cyclist: Basic plan + Cycle Rescue =£80.85pa

●Touring cyclist: Basic plan + £500 Cycle Hire Replacement + Cycle Rescue + Worldwide Cover =£89.58pa

●Mountain biker (non-competitive):Basic plan + £10,000 Personal Accident Cover + Cycle Rescue + Worldwide Cover =£88.79pa

Basic plans are more budget friendly, but ALA provides a generous, tailored insurance service at a very competitive price.Build your cycle insurance quote here.

Learn more aboutcycle insurance calculations here.

Is ALA cycle insurance for everyone?

ALA is suitable for a wide range of cyclists. ALA offers a budget friendly, customisablecycling insurance servicethat can cover many potential risk factors so that cyclists can be protected from almost any eventuality.

We specialise in:

● Commuters

● Road bikers

● Mountain bikers

● BMXers

● Touring cyclists

● Electric bike users

Also, we will be offering optional extra cover for competitive cycling events – it extends cover for cycles and cycling accessories when used for competitive cycling events. Additionally, it provides cover for race fees if you are unable to participate for specific reasons such as illness or injury. ALA also does not offer insurance for motorised bikes.

Unfortunately, ALA does not currently offer cyclists public liability cover in the event of injury or damage involving a third party at the fault of the insurer.

Our insurance plans cover cycles of up to £15,000 or less in value and there are a few requirements. These are: proof of ownership, a frame number; the insured cycle must be in your possession; and it must in full working order on the date of policy initiation.

Common queries

How much is bicycle insurance?

Bicycle insurance varies across providers, depending on the value of the bike and depending on the coverage you need from your insurance provider. ALA offers cycle insurance plans from as little as £56 per year and covers cycles worth up to £15,000

Are bikes covered under home insurance?

Bike can be covered under your home insurance or contents insurance, but many home insurance providers may not cover the entire cost of the bike in the event of accidental damage or theft. Also, contents insurance cannot cover the bike when it is not on your property.

Can I claim insurance for bike scratches?

ALA unfortunately doesn’t offer scratch insurance; we only cover damage to bicycles that affects the function of the bike. It is not common for bicycle insurance to cover aesthetic damage to bicycles.

Are there common exclusions in cycle insurance policies?

Common bicycle insurance policy exclusions include:

● Photos of the bike and lock must be taken and uploaded within 14 days of the policy inception (at ALA, some provider time frames may be shorter or longer)

● Evidence of ownership must be provided

● Bikes must be secured with a Sold Secure Gold or Diamond Standard lock

● If your bike is loaned or hired out to someone else, you won’t be covered