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Pedal Bike Insurance: compare cheap insurance quotes for your pedal bike
More than 5 million people in the UK cycle at least once a week, according to the Department for Transport’s Cycling and Walking Statistics reports, and approximately 1.5 million people ride a pedal bike on a daily basis – many of them commuting to and from work.
Given the growing popularity of pedal bikes in the UK (supported in part by the UK government’s range of initiatives designed to foster the growth of British cycling), it should come as no surprise that bikes are a prime target for opportunistic thieves… not least because many pedal bikes can cost upwards of £1,000, and some of the most high-end models can cost £10,000 or more.
In fact, data from an annual crime survey carried out by the Office for National Statistics indicates that approximately 300,000 bikes are stolen each year in the UK, which is one of the reasons many cyclists decide to invest in pedal bike insurance.
Does pedal bike insurance protect cyclists against anything other than bicycle theft?
Yes, the best pedal bike insurance policies can protect cyclists against a range of other risks besides bike theft.
For instance, some of the best pedal bike insurance policies include cycling liability cover, meaning the insurer could cover the cost of legal fees and compensation payments if the cyclist injured a pedestrian or damaged a third party’s property.
When you insure your bicycle you may well find that your policy includes some level of personal injury cover too, which could mean you might receive a pay-out if you’re injured during a cycling accident (the size of this pay-out will obviously vary from provider to provider, and some pedal bike insurers may also assess the extent of your injuries in order to calculate the pay-out).
How much does it cost to insure a pedal bike?
As with most insurance policies, there’s no one-size-fits-all premium when you’re insuring a pedal bike. Insurance providers will take a wide range of factors into account when calculating your premium, such as your location, the crime rate in your area, the type of pedal bike you’re insuring, the pedal bike’s insurable value, the type of locking device you use when securing the bike and whether or not that lock has a ‘Sold Secure’ rating.
The best way to get an accurate idea of how much your pedal bike insurance is likely to cost is to use our bicycle insurance comparison service to compare quotes from a range of providers.
How can I find cheap pedal bike insurance?
There are a number of things you can do that will increase your odds of finding cheap pedal bike insurance. Here are four, for starters:
* Add your pedal bike to your home insurance policy: This is often the cheapest way to insure your pedal bike, because it means you don’t have to take out a separate pedal bike insurance policy. There are some conditions to bear in mind, though – your home insurance provider may cap the amount you can claim for your pedal bike (a typical limit might be £500, for instance), and with some insurers you may only be covered while the bike is at your own home.
* Use an insurer-approved bike lock: Locks that are rated as ‘Sold Secure’ are approved by most pedal bike insurers, but whether or not you need a Gold, Silver or Bronze ‘Sold Secure’ lock will usually depend on the value of your pedal bike. If your bike’s insurable value is more than £1,000 your insurer may insist on a Gold-rated lock, whereas Silver or Bronze locks may be acceptable for pedal bikes that are worth less.
* Register your pedal bike on bikeregister.com, the UK’s national bike register database: It’s free to register, and if you also buy one of the register’s security marking kits the cost of your pedal bike insurance could fall a little.
* Agree to a higher insurance excess: If you agree to a higher excess you’ll be committing to covering a larger proportion of the cost yourself if you ever have to make a claim, which sometimes means you’ll be offered cheaper premiums.