If you have a bicycle, have you insured it? This may sound like an odd question and bicycle insurance is probably not near the top of your list of priorities. If, however, you were to think about it for a minute, consider the statistics regarding bicycle thefts, and the cost of replacing your bike if you lost it, you might have second thoughts. Reports suggest that in the UK a bike is stolen every minute, aned only about 5% are ever recovered.
You might think, "I always lock my bike to railings or some immoveable object so I don't need to worry", but unfortunately this is not the case. There seems to be an increase in organised bike theft by professionals who walk about with bolt-cutters under there jackets and can "boost" a bike in a matter of seconds. Thanks to quick release systems on some modern bikes, thieves may steal the frame leaving you with just a wheel! There is little you can do to stop a determined bicycle thief but you can protect yourself by adequately insuring that bike against loss.
When looking for the best bicycle insurance you need a comprehensive policy as if for a car. You need cover against accidental damage, vandalism, and theft, and you might also consider liability to a third party in the event you were involved in an accident that was at least partly attributed to you.
By going online you can compare policies from different companies and their terms and benefits, and may be surprised at the degree of variation. Some policies for example, have a maximum payout benefit of £1500, whereas others may pay up to £5000.
You need to check that a policy meets all your requirements. A good policy protects you against damage from fire, accident, theft or vandalism, as well as total loss, and includes replacement hire, emergency recovery, personal accident, and public liability. If your bike is reasonably new you may be able to get new for old cover at reasonable cost. You might need special cover if you are planning to take your bike abroad or cycle in competition. You can check for these and other restrictions on your policy, such as whether you are required to adequately lock your bike every time you leave it, and what degree of excess you would have to pay in the event of a claim. An excess is an agreed amount that you would have to pay in a claim situation, before the insurer's benefit kicks in.
There is no point in having insurance unless it is guaranteed to meet your needs if you have to claim so it's worth spending a little time on making sure of this before committing. A good insurance policy though, will give you the freedom and peace of mind to enjoy your cycling
