There are many types of cyclists with very different insurance needs. Accordingly, insurance companies have a many types of policies and it can often be confusing to know what applies to you. Bicycle insurance can be broken down into four main types. There is cycle insurance for:
regular cyclists who commute or ride for leisure;competitive cyclists in either road or mountain bike racing;touring cyclists; and bicycles couriers.
Regular Cycle insurance
There are two main types of cover in a bike insurance policy: (a) theft and damage, and (b) public liability (or third-party cover).
Theft and damage insurance is quite self-explanatory, but can encompass cover for fire, accidental damage and loss and may or may not insure accessories. Often these sorts of policies are far more comprehensive than mere home contents policies, which usually only cover a bike when it is locked indoors at your place of residence (which is not the most common place that a bike is stolen or damaged). This cover can be global or local, may give new for old, and more extensive policies will organise emergency recovery and the hire of a temporary replacement bike.
Public liability insurance covers any damage or injury caused by a cyclist to third parties or their property. Essentially, any cyclist can amass a large amount of costs when in an accident (even when they are not necessarily at fault, but are required to pay a percentage of the damages). This form of insurance acts as a safety net, which covers these costs in the case of any mishap.
Mountain bike riders and racing cyclists can take out dedicated policies that are geared toward protecting them when they compete. Often, regular policies have restrictions on the value of the bike (e.g. maximum £5,000), so these more specialised policies are often geared toward more expensive racing bicycles. In addition, many mountain bike insurance policies focus on special cover for injury and any associated health costs.
Touring bicycle insurance policies specialise in emergency evacuation from remote areas and repatriation of a cyclist and their bike. Some policies also have optional cover for theft, damage or loss of luggage.
Bicycle couriers have infamously high rates of injury and, accordingly, pay more for insurance because of their greater risk. In addition, bicycle couriers, like other couriers, can take out goods-in-transit insurance. Obviously, this will cover any clients’ goods which are lost or damaged while in transit.
Acquiring bike insurance is a quick and easy process. Simply follow these 3 easy steps:
1) Make a list of your specific needs/wants for a policy.
2) Phone various insurance companies and check which policies suit your needs.
3) Compare the various policies and select one.