Bicycle insurance

Quick Questions

• Do you always have to tell your insurer you have a bike?

  If it covers bicycles as standard and your bike's value is below the home policy's single item limit, your bike's covered, and you don't need to tell it (though it's still worth checking to be safe). Plus, unless you're an insurance expert, you may not know your firm's precise policy, so it's useful to confirm it anyway.

• How do I work out the value of my bike?

  It's always the price to buy a bike of the same specifications new, rather than what you'd get for it if you sold it second-hand.

• What's covered on insurance outside your home?

  Generally it covers things you'd leave your home with, such as jewellery, handbags, laptops, clothes and bikes.

  Usually, if your bike (or any other item) is worth more than about £1,500 you need to declare it, but limits vary from insurer to insurer.

  If it's less (and your insurer should explain what the cut-off is), you instead must choose the overall value of goods you want to have insured outside the home, often known as 'unspecified items'.

  Say you want to cover a £500 bike, £500 camera and £400 iPad, you'd typically choose a round figure of £1,500. Of course, the greater the value of 'personal possessions' you take out of the home and wish to insure, the more you pay.

• What counts as in the home or outside it?

  In the home is anywhere within the legal boundaries of your property so would include a garage, driveway or garden.

  If you live in a communal block, you're insured within the boundaries of the block itself, which should include communal hallways, garages, bike storage areas or gardens. Where the area is shared (ie, hallway, bike shed) theft restrictions usually apply.

  Outside is anywhere in the world on many policies, yet to be covered outside the UK, most policies say that the bike can only be abroad for a maximum 60 or 90 days a year.

• Are accessories such as lights and helmets covered?

  They usually are covered as long as they're attached to the bike. So with a helmet, it's best to lock it to the bike when not in use - or take it with you when you lock the bike up.

• If I make a successful claim, will I get a new bike, a repaired bike or cash?

  As a rule, a home contents insurance policy will in the first instance give you back a new bicycle equivalent to the specifications of the one you originally bought, if it's stolen or damaged beyond repair, no matter how old it is – usually via a retailer of the insurer's choice.

  You could opt for cash instead but you'd only get back the cost price to the insurer, which is likely to be much less than retail price.

  Whatever the outcome you'll have to pay the excess – a sum you give to the insurer before it pays out for a new bike. Often this is around £100, but could be as high as £500 depending on what sort of policy you've opted for, so find out your excess from your policy documents.

  If the bike is damaged yet repairable, you'll be told where to take it for repairs. You'll need to pay the amount of the excess to the repairer, but your insurer will cover costs above this. Some insurers will pay the shop directly for the work LESS the excess; others might ask you to pay everything and then reimburse you (less the excess).

• Is my bike insured if someone else rides it?

  As long as the bicycle is used by an immediate family member, you're usually covered though we have spotted one or two that don't allow it.

• Do I need special insurance for an electric bike (or e-bike)?

  This will depend on the insurer you have your contents policy with. Insurers such as Direct Line, Sainsbury's and Aviva allow contents policies to be extended to cover e-bikes from the likes of Gtech, Raleigh, Gocycle and many others.

  However, you may need to specify the make, model and cost of the bike, so it's always good to call to check. Depending on the e-bike's value, there may also be an extra premium to pay.

  For more, see how to insure an e-bike for additional information, and insurers to try.