With the Tour de France heading across the channel and Chris Froome continuing to defend his 2013 title – Gocompare.com warns newly inspired cyclists that many home insurance policies exclude bicycles or restrict cover to theft from your home.
Cover for bikes stolen away from home is usually included under the personal possessions section of home insurance policies. This provides an additional level of protection for your belongings outside your home - such as bikes, cameras, purses. Most home insurers (83%)don’t include personal possessions cover as standard, but offer it as an option, for which an additional premium is charged. But not all insurers include cycles within this section, requiring cyclists to buy additional bike cover.
A comparison of 319 home contents insurance policies* by Gocompare.com Home Insurance revealed that:
- 41% of policies cover bikes away from the home as an optional extra
- 50% of policies provide cover for cycles away from home under personal possessions as standard
- For cycles stolen away from home, where cover is available and specific monetary limits apply, 42% of policies will only pay £500 or less per bike. Where specific monetary limits apply cover ranges from £149 to £10,000, however a number of providers offer cover in different ways for example cover is provided within the overall contents sum insured, or up to certain percentage of the overall personal possessions sum insured.
Ben Wilson, home insurance spokesperson at Gocompare.com, said: “The Tour de France Grand Depart in Yorkshire and the subsequent race stages through England will no doubt inspire many people to take to two wheels and often spending a fair bit in the process – in fact, the average value of a bike is now over £700**. But with more than 95,000 bikes stolen in England and Wales in 2013 alone***, we urge people to check whether their bike is covered by their home insurance. Cyclists also need to check the level of their sum insured against the policy excess to check that they have sufficient insurance to replace their bike if it gets stolen. And we recommend that owners of expensive, high performance bikes speak to their insurer to arrange specific cover.”
“Bike theft is a common crime so insurers expect cyclist to take reasonable steps to secure their bikes at home and away. At home, we advise cyclists to keep their bike in a securely locked shed or garage and not leave it lying around in the open. Some insurance policies stipulate that particularly valuable bikes will only be insured against theft if they are secured to an immovable object inside a locked shed or garage.
“When out and about always lock up your bike when leaving it unattended, even if it’s only for a couple of minutes. Use a robust, good-quality lock and secure the cycle through the frame and both the wheels to an immovable object. Remove small parts and accessories that can’t be secured, especially lights, pumps and quick release saddles.”
Notes to editors:
* Source: Defaqto Matrix of 319 home contents insurance policies. Correct as of 2 July 2014
** Based on home insurance quotes completed between January and May 2014 by customers using Gocompare.com where a bicycle value was entered. The average value was £704.20.
*** Source: http://www.ons.gov.uk/ons/dcp171778_360216.pdf