If you regularly ride a bike, you can buy insurance that’ll compensate you if it’s stolen or you’re in a road accident.
If you’re caught up in a traffic collision, without insurance you’re faced with the cost of repairing or replacing your bike. You could also potentially be sued as part of a public liability claim and have to pay legal fees.
The best bicycle insurance will offer some form of financial protection for every eventuality cyclists face on the road.
A comprehensive policy can include:
You can cover a bicycle under your home’s contents insurance policy, or buy a specialist stand-alone policy that’s specific to bicycles.
Just make sure you’re not doubling up on cover by buying both, or you’ll be paying for insurance you don’t need.
Many insurers cover bicycles as standard under a contents insurance policy. If you already have home insurance, it’s worth checking your documentation to see whether your bike is currently covered.
Some insurers will only cover theft or damage to your bicycle at home, so you might want to look for a policy that includes ‘items outside of the home’ cover.
Be aware that there will probably be a single value limit for how much your home insurer will cover your bike for - so if your bike costs £1,000 and your insurer’s single item limit is £800, you’ll be £200 out of pocket.
Expensive bikes, like those used for races and competitions, are better covered by a specialist insurance policy.
Specialist insurance covers lost race fees, cycle clothing and accessories, theft or damage, public liability and personal accident cover.
Most policies will only cover the bike if it is in possession of the policyholder at the time of the incident.
According to the Department for Transport
Upgrading your bicycle insurance policy with optional extras could give you the extra cover you need. Common optional extras include:
Public liability covers you for claims made against you by others for injury or damage caused by you or your bike.
Legal cover can assist you financially in cases where someone’s negligence has caused damage to your possessions and you’re looking to sue. Some contents insurance policies include this as standard so it’s worth checking.
If you’re involved in an accident, your insurer will pay for the repair or replacement of your bike.
Transport to get you to your destination or home following an insured event.
European cover insures you and your bicycle for when you're road cycling, mountain biking or cycle-touring abroad.
Covers you for accidental damage or injury during races or a time trial.
Family and friends borrowing your bike can be covered too.
There were 317,000 incidents of bicycle theft in 2018, according to the Crime in England and Wales Survey
You can help protect your bike from criminal theft and damage when you take out bicycle insurance cover
In July 2019, the average annual price for a bought bike policy at GoCompare was £277.[2]
Your actual bicycle insurance quote will be calculated based on your circumstances and takes into consideration what kind of bike you ride and its value.
Mountain bikes, street bikes, pushbikes, road bikes, folding bikes, hybrids and electric bikes are all usually covered. If you’re riding a self-built custom bicycle, you can get insurance for your bike’s unique specification.
If you need to make a claim, it’ll reflect the true value of the bike. Just make sure your insurer’s aware of any modifications before you buy a policy, otherwise you might not be covered.
You should insure your bicycle and accessories for their cost of replacement, if you were to buy them as new.
With our provider assetsure, you can insure up to 5 bicycles at any time. This includes mountain bikes, road bikes, electric bikes and more.
[1]Gocompare.com introduces customers to Assetsure who are authorised and regulated by the Financial Conduct Authority. Gocompare.com’s relationship with Assetsure is limited to that of a business partnership, no common ownership or control rights exist between us. Please note, we cannot be held responsible for the content of external websites and by using the links stated to access these separate websites you will be subject to the terms of use applying to those sites
[2]In July 2019 the average annual price for a bought bike policy at GoCompare.com was £277.27