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Bicycle insurance
Get cheap cover for your bike
If you cycle, you don't always need bike insurance – but lack of cover could put a nasty spoke in your wheel if the worst happened. This guide is designed to help you decide if you should get insured, or ride without a financial safety helmet.
Who is this guide for? Anyone with a bike wondering whether to get specialist cover.
Other related guides. MoneySaving tips for cyclists | Cheap contents insurance | Motorbike Insurance. Or, see all our insurance guides.
Do I need bicycle insurance?
This all depends on how risk averse you are, and how much your bike costs. Bike insurance can offer a financial safety blanket if your bike gets stolen or damaged in an accident.
However, it can be expensive over the long run, so if you're unlikely to claim or don't have an expensive model, you may be better off sticking the money in a top savings account, so the cash is there if you need to repair or replace your bike.
Your bike may also already be covered (up to a limit) if you have home contents insurance. Here are two scenarios to consider...
Whether insurance is worth it largely depends on the value of your bike, as well as the excess you'd need to pay and how long you keep the bike for.
Is my bicycle covered under home or renters insurance?
Home insurance policies will often cover your bike when in the home as standard, though you may have to pay extra for this to be extended to outside the home. Check your policy carefully to determine if this is the case. If your bike is protected, it will likely only be up to a certain value.
So you need to decide whether that's enough or whether to extend that cover by bolstering your home insurance, or whether to buy a specialist bicycle insurance policy. If you rarely lose or damage things, and you'd get little after a claim and paying the excess, you've less need. If your bike is worth £1,000s, consider specialist cover as home insurance probably won't protect it.
If you choose to pay extra, we've best-buy tips in the section below.
What does bicycle insurance cover?
Specialist policies are largely targeted at serious cycling enthusiasts who race competitively and often spend four-figure sums on their bikes. Costs differ based on your bike's value and the type of cover, but our top picks for a £3,000 bike are between £150 and £300 a year.
As well as covering expensive cycles, specialist insurance covers lost race fees and cycle clothing, which can be expensive. As standard, most standard policies cover...
- Theft, loss or damage while the bike's stationary. You're covered anywhere in the UK, though only some policies extend to Europe or worldwide.
- Bike damage due to an accident while riding on the road. This often includes medical cover, though you may have to pay more for this with some policies.
- Accessories that are part of the bike itself. For example, where you don't detach the light.
If this doesn't quite meet your needs, mid-range/premium policies tend to include, as standard...
- A personal accident pay-out. If you're seriously injured or killed while riding.
- Cover for third-party injuries/damages. If you cause an accident or hurt somebody, and face legal action.
- Accessories that are not part of the bike. For example, lights that clip on and off, locks and bike clothing.
- Roadside assistance. If your bike breaks or you're in an accident and need help with repairs or getting to your destination.
- Damage while in an official race. Or lost race fees if you can't compete.
Most policies will only cover the bike if in the possession of the person named on the policy at the point of the incident.
Wear and tear and the excess can limit how much you can claim
If you claim and are given a new bike or repair, you have to pay towards the cost in two ways. Firstly, the insurer will deduct an excess (often £50-£100) and secondly, it will deduct an amount for 'depreciation' that takes into account wear and tear on the bike.
Depreciation takes effect after two or three years, and can deduct as much as 20% for a three- to five-year-old bike, 30% up to seven years old, 40% up to 10 years and 50% above. So you may only get £1,600 back (before deducting the excess) on a five-year-old bike worth £2,000.
Bicycle insurance need-to-knows
You can get insurance for your bicycle via your home insurance or via a specialist policy. You can also go without, and hope for the best. These 'need-to-knows' should help you decide...
How to buy bicycle insurance
Step 1: Get quotes from your home insurer
Almost all insurance policies cover cheap and mid-range bikes in your home anyway (though check before assuming you're covered), so the question for most is whether to pay extra to cover your bike outside your home.
If that's your choice, here are the two steps to take.
Firstly. Find out how much it costs to cover your bike outside your home on your home contents policy. Depending on your insurer, the add-on can just cover your bike or all valuables outside your home (incl a bike, laptop, jewellery, handbag and more).
The cost of adding cover for all valuables can vary massively depending on what you want to cover, from £10 to £100s. Just adding a bike is usually much cheaper, from £10 to £100 for a £1,000 bike.
- Then ... get a quote for a new insurance policy altogether. You may need to do this if your bike is too expensive for your current insurer, if your insurance becomes expensive once you've added the bike, or if it may have been expensive to start with. See our full home insurance cost-cutting system to find out how to get a better deal.
Once you know the cost of a cheap new policy or extending your current one, choose the best of the two, then compare it to the costs below.
If you are looking for a bicycle insurance policy, a good way to get a benchmark for cheap insurance is to have a look through some comparison sites.
Comparison sites zip your details to a number of insurer and broker websites to find the cheapest quotes.
These may not be for everyone, and have been known to list some insurers we do not recommend you use. Once you've got an idea of the kind of quote you can get, have a look at our best buys below from verified insurers.
For a wide selection of insurers, try these three comparison sites (listed in alphabetical order):
- CycleInsurance offers a smaller choice of insurers, but allows you to easily select add-ons and levels of cover.
- Protect Your Family* lists a wide range of insurers and allows you to rank quotes by annual and monthly price.
- Quotezone* lists a wide range of insurers, plus you get access to Rewards+ within 60 days after buying a policy (includes discounts and offers at 1000s of UK retailers). You will have to set up a password at quotation point.
Please give us feedback on these comparison sites, and let us know if they worked for you..
If a comparsion site doesn't work for you or you're still unable to find cover you are looking for, the next step is to try a specialist which are not always listed on comparison sites.
We've picked policies with low-ish excesses and we've tried to balance getting the cheapest deal with policies that actually provide decent cover (eg, many below provide cover while racing, which is popular among enthusiasts).
Our top picks are for bikes worth £500, £1,500 and £3,000 for owners based in London and Manchester. The prices should apply to much of the UK, though there may be some regional variation so it's worth checking.
Top picks for cycles worth up to £500
The prices below are for bikes worth £500, so the top of this price range. If yours is worth less, the premium will likely be lower. Of those we list, only Velosure offers personal accident cover and public liability cover (£2m) as standard – the others all offer these as optional add-ons.
Policy | Price/yr | Excess | Lock Required | Breakdown cover | Legal Fees |
---|---|---|---|---|---|
Eversure* | £26.43 (1) | £50 | Silver | Optional | Optional |
Velosure | £34.14 | £75 | Bronze | Yes | No |
Cycleplan* | £34.69 (2) | £50 or 10% | Silver | No | Optional |
Pedalsure* | £37.09 | £75 or 10% | Silver | No | Optional |
Sundays* | £40.68 (3) | £25 (4) | Silver | No | No |
Correct as of July 2024. (1) Premium includes MSE blagged discount of 10% (2) Premium includes 60% intro offer. (3) Premium includes an MSE blagged discount (of 20%), if you use the code MSE20. (4) MSE blagged reduced excess if you use the code MSE20, £50 without. This will not appear on your policy document, but will be applied if/when you claim. |
Top picks for bicycles worth between £501 and £1,500
The prices below are for bikes worth £1,500, so the top of this price range. If yours is worth less, the premium will likely be lower. Of those we list, only Velosure offers personal accident cover and public liability cover (£2m) as standard – the others all offer these as optional add-ons.
Policy | Price/yr | Excess | Lock Required | Breakdown cover | Legal Fees |
---|---|---|---|---|---|
Eversure* | £62.89 (1) | £75 | Gold | Optional | Optional |
Cycleplan* | £64.04 (2) | £50 or 10% | Gold | No | Optional |
Sundays* | £81.90 (2) | £25 (3) | Gold | No | No |
Pedalsure* | £37.09 | £75 or 10% | Gold | No | Optional |
Velosure | £104.91 | £75 | Bronze | Yes | No |
Correct as of July 2024. (1) Premium includes an MSE blagged discount of 10%. (2) Premium includes 60% intro offer. (3) Premium includes an MSE blagged discount (of 20%), if you use the code MSE20. (4) MSE blagged reduced excess if you use the code MSE20, £50 without. This will not appear on your policy document, but will be applied if/when you claim. |
Top picks for bicycles worth between £1,501 and £3,000
We ran the quotes for cycles worth £3,000, so if yours is worth less, it's likely the annual premium will be lower. Of those we list, only Cycler offers personal accident cover and public liability cover (£1m) as standard – the others all offer these as optional add-ons.
Policy | Price/yr | Excess | Lock Required | Breakdown cover | Legal Fees |
---|---|---|---|---|---|
Cycleplan* | £111.61 (1) | £50 or 10% | Gold | No | Optional |
Eversure* | £118.89 (2) | £100 | Gold | Optional | Optional |
Sundays* | £132.90 (3) | £25 (4) | Gold | No | No |
Cycler* | £172.55 (5) | 5% | Gold | Yes | No |
Pedalsure* | £173.11 | £75 or 10% | Gold | No | Optional |
Correct as of July 2024. (2) Premium includes an MSE blagged discount of 10%. (3) Premium includes an MSE blagged discount of 20%, if you use the code MSE20. (4) MSE blagged reduced excess if you use the code MSE20, £50 without. This will not appear on your policy document, but will be applied if/when you claim. (5) Premium includes an MSE blagged discount (of 20%). |
We checked dozens of policies to whittle down the list above and the providers should work for most, but not for everyone. Policies that didn't make the cut aren't necessarily bad value but may have a high excess, for example.
Where they may not be best is if you don't fit what insurers consider to be 'standard'. This can include:
- If you've made a previous bike insurance claim.
- If you live in an area where prices are higher than those listed above.
- If you want cover for a long trip overseas.
- If you have a disability which means you won't get the same level of cover as above.
- If you want a policy which includes racing.
If that doesn't help, you could try a broker, via the British Insurance Brokers' Association broker search, though be aware not all will be specialists in bicycle insurance.
A few companies have special deals – and we have one for you. So benchmark your cheapest cycle insurance quote against the following to see if it is right for you.
Buy a new policy via this MSE Blagged Cycler* link, using the code MSE20, and you'll get 20% off the premium for as long as you renew.
Plus, if you refer a friend to Cycler and they take out a policy using your referral code (they will give you this if you buy a policy), you get £25 and they get £25 off their premium.
Buy a new policy via this MSE Blagged Sundays Insurance* link, using the code MSE20, and you'll get 20% off the premium, and a reduced excess of £25 for the first year.
You'll get the option to select a variety of optional extras, such as liability, cover for accessories and much more.
Buy a new policy, via this MSE Blagged Eversure* link and you'll get 10% off the annual premium. It also allows you to choose a variety of optional extras, and whether you will be using the cycle for commuting or competitive purposes.
How to claim on your bike insurance
Claiming on your bike insurance shouldn't be daunting and – if you understand the terms and excesses on your policy – you shouldn't be in for any nasty shocks. Follow these three simple steps in the event you need to claim.
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If it's a theft, notify the police quickly
If your bike's stolen, you'll need to get a crime reference number to make a successful claim on a home or specialist policy. Report the incident to the police as soon as you can – you often have to do it within 24 hours – to make sure your claim doesn't hit the skids.
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Submit your claim as soon as possible
Contact your insurer as soon as you can to avoid any administrative hold-ups; if it's a complex claim, it may take a while to be processed, so the sooner you start the better.
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Keep your receipts
If you're claiming for accessories as well as for a bike, you'll need the receipts as proof of loss. For those who buy all their accessories at the same time they buy the bike, this won't be a problem. But if you buy them over a short period from various retailers, make sure you hold on to the receipts.
How to complain about your insurance provider
The insurance industry doesn't have the best customer-service reputation and while a provider may be good for some, it can be hell for others. Common problems include claims either not being paid out on time or at all, unfair charges, or exclusions being hidden in small print. It's always worth trying to call your provider first, but, if not, then…
You can use free complaints tool Resolver. The tool helps you manage your complaint, and if the company doesn't play ball, it also helps you escalate your complaint to the free Financial Ombudsman Service.
Bicycle insurance FAQs
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