Bicycle insurance

The summer is on its way and people are choosing pedal power to propel themselves to work or about town. It’s cheaper, greener and keeps you fit at the same time.

But beware, bike theft has increased by almost 10% in the last five years; during 2005 alone, 131,000 bikes were reported stolen.

Protect your bike
The cost of decent bike security can add up but be wary of cutting corners as insurers will usually only cover bikes that have been properly secured. Remember to lock your bike up when you get home. A leading insurer reported that 52% of bikes are stolen from the home from within a garage or shed. Make sure you secure your bike to the wall or the floor using an anchor locks. Always keep the garage or shed door locked securely and always park your bike in bike racks that are well-lit. Remove all removable parts!

Keep a note of the make, model and frame number of your bike as this will make it easier for the police to reunite you with it if they recover it. The police recommend marking your post code on the frame with an ultraviolet marker and keeping a photo of the bike to give to them in the event of theft.

Cover up
There are two main options. Some home contents insurers will automatically cover bicycles or will let you add them on to your existing cover for an additional premium for around £20. Make sure you read the small print and understand exactly what you are insured for. Is your bike only covered if it is stolen from the home or will the insurer pay out if it goes missing away from home?

Check the limit on the amount you can claim for; this is usually around £500. Alternatively, if your home insurer will not cover your bike, you could opt to take out a specialist bike insurance policy. These policies are especially suitable for cyclists who have more expensive bikes or are taking part in racing and other competitive cycling.