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Cycle insurance general costs: how much can I expect to pay?

On average, one bicycle is stolen every six minutes in the UK; that’s 240 a day. If you often cycle for commuting or pleasure, or your bike is worth a lot of money, you may want to consider cycle insurance. With bike theft on the rise, this type of coverage protects your bike no matter whether it is stolen or damaged beyond repair on or away from your property. However, some cyclists may be reluctant, as they aren’t too sure how much they are going to pay.

In this guide, we will explain how much you should expect to pay on your cycle insurance policy, and the various factors that could affect this cost. We will also discuss the different bikes that can be insured, whether you have to pay the excess, and why it is worth it for cyclists across the UK.

Is cycle insurance expensive?

Many people may not consider bicycle insurance because it is not compulsory like car insurance is, and they may also believe that it is another expense they don’t need. However, cycle insurance is not as expensive as people may think. It is much cheaper than car insurance, and it is much more beneficial to insure your bike as a separate product rather than add it to your home insurance.

Your bike may be protected on your property in your home insurance, but you may not be covered if your bike is stolen or damaged away from home. Here at ALA, all of our cycle insurance policies come with protection worldwide as standard for up to 30 days, so you can rest easy no matter where you are. Our pricing is affordable, too; for instance, if your cycle is worth £1000, the average cost of your policy is just £3.90 per month or £37 for the year. However, please not that this may cost more on direct debit.

If you would like to work out how much your policy will be, please visit us on our website.

How much does cycle insurance cost, and what factors can affect the cost?

The general cost for cycle insurance on an ALA policy is based on the value of your bike i.e. around £37 per year for a bike worth around £1000, and for bikes worth around £5000, insurance works out at around £181 per year. However, there are other elements that could affect the final price of your quote.

If you choose add-ons to go along with your policy, this could raise the price. For example, adding public liability to your policy will increase the monthly price, as you will be covered if you injure another person or damage their property whilst out on your bike. Other optional extras include personal accident, cycle accessories and replacement hire.

Where you live could also affect the price of your policy. More densely populated areas such as large towns and cities will garner higher insurance costs, as there are more people, and the risk of accidental damage or theft is higher than in more rural areas. How much you choose to pay in excess can alter the final price, as the less you pay, the more your monthly or yearly payments will be. Also, if you add more than one bike to your policy, you should expect to pay more.

What types of bikes are covered with cycle insurance?

There are some restrictions to cycle insurance which may affect your claim. You must reside in the UK, Isle of Man or the Channel Islands, the bike must not exceed £6000, and you must be able to provide a frame number and proof of purchase. There are various bikes that can be insured, although there are exclusions on bikes that are used for racing or delivering goods. The bikes that can be covered include:

All bikes follow the same requirements for a cycle insurance policy. If you use your bike often, or you often cycle on rougher terrain with your BMX or mountain bike, cycle insurance can protect you financially from any possible accidental damage. If you still have questions, you can visit our FAQs page.

Do I have to pay excess on cycle insurance?

At ALA, you must choose an excess amount before a quote can be generated for your cycle insurance policy. Excess is the amount you must pay towards your insurance claim, and the lower the excess, the more your monthly or yearly payments will be. People often choose lower excess amounts, so they don’t have to pay much in the event of an accident or theft. However, by selecting a higher excess, you can keep your monthly payments down.

Here at ALA, we offer excess amounts of £250, £150 or £50. You can find out how much you could be paying using our quote calculator here.

Is cycle insurance worth it?

Cycle insurance can be worth it for all cyclists, especially if your bike is high in value or if you are a keen cyclist. Cycle insurance can protect you from total loss, and you can even benefit from optional add-ons to cover you in almost all instances. Also, if you live in heavily populated areas, where the risk of theft or damage is high, cycle insurance can ensure that you won’t be out of pocket should the worst happen.

As cycle insurance isn’t too expensive, it is incredibly advantageous to anyone who needs to protect their bike, but doesn’t want to break the bank. You can choose your excess and add-ons when building your quote with ALA, so you can see exactly what you’re going to pay.

You can read more about the complete benefits of cycle insurance in our previous guide here.

Cycle insurance cover with ALA

Here at ALA, our cycle insurance policies can be tailored to your preferences. We aim to keep cycle insurance costs as low as possible, which is why we give you total control over the creation of your quote. If you need to discuss the details of your quote, our helpful team will be on hand to assist in any way they can.

To find out more or to receive a quote, you can get in touch with us today.

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This article was written by our Founder & Managing Director.

Simon England

Simon has worked in the automotive and insurance industries for 40 years. He, alongside business partner and wife, Debra...