You can buy a new adult bicycle for as little as £200, but top of the range models or folding or electric bikes can easily cost thousands of pounds. Research by Aviva in 2021 found that the average price paid for a bike was £835.
It's a significant investment - and a lot to lose if your bike is stolen or damaged in an accident.
In this guide we'll take you through why you might need bicycle insurance, how much it can cost, and if you already have cover through your home insurance.
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Most home contents policies offer some protection for bicycles - including all 78 we reviewed in our last analysis in April.
However, 'offer' is the operative word. In the home, most contents policies will cover your bike, but protection for when you're out and about is usually an optional feature.
And cover levels vary a lot. Your policy may provide thousands of pounds protection or as little as £100, and you may have to pay an excess.
Insurance for your bike may either be available through your policy's personal possessions cover or through a specific 'bicycle cover' add-on.
It's likely to add a few extra pounds a month to your home insurance.
It can be cheaper than buying specialist bike cover - but check carefully that it will provide the degree of protection you need. Things to consider include:
If you own an expensive bike (or several), you might be better off taking out specialist bicycle insurance.
This is also the case if you ride your bicycle competitively, as these activities are less likely to be covered by general insurance policies.
If you have a very cheap bike, paying for cover may not be worthwhile as the cost of your insurance excess in the event of a claim may be more than the bicycle is worth.
Specialist bicycle insurance policies usually cover theft or damage while the bike is stationary. They may also pay out if you're injured while riding, liability costs if you cause damage or injury, and cover for accessories.
How much you'll pay for a bike insurance policy depends on a series of factors, including the value and age of the bike, what you use it for, and the level of cover you require.
We ran a series of quotes from some specialist insurers (Ala, Assetsure, Bikmo, CoverCloud, Eversure, Pedal Cover and Yellow Jersey) to get an idea of how much a policy might cost.
The illustrative prices below are based on insuring one mountain bike from a London address for leisure use. These include UK and worldwide cover for theft, damage, personal injury cover, liability cover and legal protection.
| Bike value | Cheapest policy | Cheapest policy excess | Most expensive policy |
|---|---|---|---|
| £500 | £57.30 - CoverCloud | £50 | £106.56 |
| £1,000 | £72.83 - CoverCloud | £100 | £130.44 |
| £2,000 | £91.89 - CoverCloud | £200 | £229.08 |
| £5,000 | £167.52 - CoverCloud | £250 | £639.36 |
| £10,000 | £442.88 - Eversure | £100 | £1,265.16 |
Source: Protect Your Family, 11 May 2023
As with all types of insurance, don't settle for the first quote you're offered - an increasing number of comparison sites now include bicycle insurance.
Paying annually is likely to be cheaper than paying monthly, for which some insurers charge interest.
Also consider paying by cashback credit card , but only if you can afford to repay your balance in full every month, as interest payments could wipe out any cashback you recieve.
Opting for a high excess will reduce your premium, but make sure it's still worth you claiming.
Most policies will cover:
Most also offer extras including:
If you take out bike insurance make sure you know the policy exclusions. These could include:
Your claim could be rejected if your insurer believes any of their stated exclusions apply.
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There were 77,201 recorded offences of bike thefts in England and Wales between in the year to December 2022, according to the Office of National Statistics. This is an average of around 212 every day.
Failing to protect your bike adequately can result in your contents insurance protection or specialist bike insurance protection being invalidated.
is a national cycling database that can help you trace your bike if it's stolen. It's free to register and you can purchase police-approved bike markings.
Your insurer is likely to insist on a lock that meets certain standards, most commonly Sold Secure or Thatcham Approved.
There are three levels of Sold Secure locks: Bronze, Silver, Gold and Diamond. Look for the Sold Secure badge on the packaging or check the product on Sold Secure's website
If your bike can't be stored in a secure private area, like a locked garage, then it's important to attach it to something that can't be moved or lifted easily.
For example, it's best to avoid attaching it to wire fences, as your bike could easily be removed with wire cutters.
Some insurers may require you to lock your bike even if it's in your own shed or garage.
It might be worth claiming on your insurance if your bike is stolen - but what about the front wheel?
Pairing a D-lock with a chain lock, for instance, can help avoid your wheels being stolen and makes the bike less inviting for thieves, who may have the tools to break one lock, but not the other.
Find the right policy for your home using the service provided by Confused.com
Find the right policy for your home using the service provided by Confused.com
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