Are you already covered?
If you are a homeowner, then you might find that your home insurance will cover your bike but this is dependent on the insurer but often, they will put conditions in place meaning that it is vital that you check your policy and read the fine print. As part of your contents insurance, you might find that bicycle cover comes as standard while other insurers give you the option to pay extra to add it on.
However, when it comes to this kind of cover, you will also need to consider the value of the bike itself. The value of the bike might determine that your insurer requires you to chain it to an object that cannot be moved or placed in a shed or an outbuilding but there might also be a single item limit in place.
This means that they will only pay up to a certain amount for each item and so, you need to make sure that the value of your bike is within this limit, if not then you should inform your insurer.
Your contents insurance will also cover all other bikes located at the property, regardless of whether they belong to the policyholder or someone else in the family, however, when it comes to being covered when you use the bike, you will need to check with your insurer.
What are the risks?
Owning a bike comes with the risk of having it stolen and that means that it is increasingly important to make sure that your insurance policy is still in place and if it is due for renewal, you should make sure that you continue to have cover. You never know when a thief will target your bike and that makes it even more important to make sure that you are protected.
For thieves, bikes are easy to steal in many cases as they are often left in places that can be easily accessed. However, bikes are easy to move and they can be sold quickly. The stats are alarming, especially when you consider that around 300,000 bikes are stolen each year and that puts a greater emphasis on ensuring that your bike is protected through the right insurance.
Should I consider bicycle insurance?
If you have found out that your contents insurance covers your bike as well as its value then there is no immediate need for you to take out bike insurance. Despite this, if you did have to make a claim on your home insurance then you would lose your no claims discount. If your bike is worth thousands of pounds, which would make it a genuine target for thieves then bike insurance is more than likely the better option.
Should you be a professional cyclist or part of a cycling club then you might require a specific cover that relates to training and racing along with commuting and leisure. If you opt for a separate bike insurance policy then you will have cover in place for accidental damage as well as a replacement bike while yours is being repaired. This is not a feature that you would get with home insurance cover and so, that could be something that you need to consider.