You have probably experienced the pain of deciding whether or not to pay out an extra monthly sum to insure something you have just bought. Do you take the risk and hope nothing happens or do you take the cover and be safe in the knowledge your protected? It’s a big decision, but is insurance worth it when it comes to your bike?
What is bicycle insurance
How it works, in truth is like most other insurances. Simply put, it insures the owner against the cost of your bike being stolen, damaged or for coving the costs of repairs.
When it comes to choosing a policy, it is important to know what you want your insurance to cover. Do you just want to cover your bike for damage or theft or do you want to have personal cover to protect you as the rider? Some will just cover the bike or just the rider others will do both.
Is it for me?
There are a couple of questions you need to ask yourself which could lead your decision.
Is your bike expensive? If you own an expensive bike you may want to consider getting bicycle insurance. If it is insured, you would then have the peace of mind that should something happen you would be able to replace or repair it easily and worry-free.
Do you race or compete? If you take part in road races or compete on your mountain bike, you are at a higher risk of causing damage. Therefore, it may be worth considering specific insurance as you would be more likely, than your average cyclist, to cause damage to yourself and your bike.
Do you ride your bike regularly? Similarly, to racing if you are taking your bike out daily you are increasing your risk of damage or theft. If your bike spends most of the year locked up in the garage it’s probably not worth taking out specific bike insurance.
Do you depend on your bike for transport? If your bike is your way of getting from A to B you are more reliant on it being in working order. It may also be at greater risk of theft or damage if you’re securing it in places such as outside your office, a train station or shops.
It’s also important to consider when cover wouldn’t be needed, examples of this would be; if your bike is not worth a lot, is old or is easily replaceable, your bike is not used very often and spends its days in a secure garage or outbuilding or if your home insurance already covers you.
What should I be aware of when looking for cover
Excess. It is important to understand what kind of excess you would be expected to pay in the event of having to make a claim. If the excess is more than the cost of the bike itself, it’s probably not worth doing.
Read the terms and conditions of the policy before purchasing. There can be specific rules that could affect a claim such as; how a bicycle is secured or not having proof of ownership.
Is your bike already covered? You may find that your bike is already sufficiently covered by your home insurance so make sure you check before taking out any extra policies
So, Is it worth it? For the occasional biker with a low-value bike, it’s probably not going to be needed but if your kit is worth a lot of money, used every day or for competitive sport, it’s worth considering.