Cycle Insurance

Who,What, Where, How and Why

Cycle insurance is like most other insurance types, it’s a price to pay to cover you on your bad days. So how is this different to the other types you pay? Why do you need it? 

We have gathered the relevant information to answer all the questions that need answering.

WHO provides it?

British Cycling has teamed up with Bikmo to provide this policy which has received many positives reviews. Often given 5-star reviews has given the company an overall score of 4.6/5 on Trust Pilot.

There are many trusted cycle specific insurers to choose from; however, British Cycling is the main governing body for cycle sport in Great Britain which guarantees a level of trust and quality when debating if this is the right choice for you.

WHAT does it cover?

The policy covers typical issues that incur with insurance, along with beneficial extras that are relevant to cycling; whether you use your bicycle for commuting, racing, or merely as a weekend hobby with friends and family you can receive peace of mind.

Benefits include:

• Theft and vandalism
• Accidental damage
• Cycling Specific clothing & helmets (£250 or 10%)
• Accessories (other than phones/smartphones) (£250 or 10%)
• Competition cover
• Race fee cover
• 50% multi bike discount
• £500 or 10% bike cover
• £150 returning home cover (taxi/public transport following theft or accidental damage to your cycle)
• £500 alternative cycle hire
• £100k legal expenses

WHERE am I covered?

Another large factor in the decision to purchase cycle insurance is that it provides 365 worldwide coverage, including during transit.

This means excess-free replacement options for claims over £400 in value. Bikmo must source the parts from your local bike shop; excess is £40 or 10% of claim value (whichever is greater) for all cash settlements.

There will be no depreciation on the evaluation of your bike’s value, you will be covered up to your insured values.

General insurance often highlights the compensation of material possessions, cycle insurance compensates for possessions and your general wellbeing, in the result of a worst-case scenario.

How cycle insurance can help YOU:

£20,000 personal accident cover provided in the event of your death or an accident resulting in an accidental bodily injury.

£5000 additional personal accident cover for medical expenses related to an Accidental bodily injury.

£2500 additional personal accident cover for counselling expenses related to an accidental bodily injury.

£1000 additional personal accident cover for dental expenses.

£500 additional personal accident cover for optical expenses

£2m public liability cover, for any claims made against you.

HOW much is it?

If you become a member of British Cycling, you can get the insurance cover you need under the price of a membership along with many other benefits, such as Halfords discounts, tips & advice, exclusive rates, and many other perks.

Ranging from £26 to £78, visit the website to find a deal that suits you. If this interests you, follow the link to find out more. https://www.britishcycling.org.uk/membership

Additionally, if you decide not to become a member, the price of the cover varies based on several factors: the make of your bike, its cost, and if it’s an E-bike. It will also vary based on what coverage you choose: standard ‘protect’, or ‘Protect R’. (This will only be necessary of you race competitively).

See average pricing levels for both Protect and Protect R below:

WHY do I need it?

In short, you don’t need it; but having cycle specific insurance can provide you that peace of mind that you may not get with your typical house insurance policy. Here’s why:

Home insurance will often have a value limit, which could be as low as £500.

Many home insurance policies will not cover accidental damage away from home.

Home insurance may exclude events and competitions.

Home insurance excess fees may be steep, which then doesn’t make sense to claim on home insurance. It may also be likely to increase your premium.

Specific insurance will allow no stone to be left unturned, and you can rest easy knowing that any incident effecting you and your bicycle will be resolved with ease.

Small Print…

You must be aged 18 or over.

Be resident in the United Kingdom.

You must not use your cycle for professional purposes other than commuting;

or

If you receive annual competition appearance fees of less than £5,000.

No cycle to be covered by this insurance is subject to the requirements of the Road Traffic Act which states E-bikes must be pedal-assisted, have a maximum power output of 250 watts and are restricted to 15.5mph.

If you leave your bike unattended when ‘away from home’, the lock must be approved by Sold Secure, a premier testing and certification house for security products. Their ratings system is used as a minimum requirement for a lock used to secure a cycle.

Which Sold Secure rating do I need?

It’s dependent on the ‘as new’ replacement value of the bike as to which lock rating you’ll need:

Under £250 – Bronze Rating

£251- £1500 – Silver Rating

Over £1500 – Gold Rating

The rating is based on the amount of time and the tools required to try to break the lock, so it’s always worth buying the highest rating if it’s in your budget. The higher the rating, the longer it takes to break – if that’s even possible! There are some great deals out there, and you can often get a Gold rated lock for the same price as a Silver.