Guide to Bike Insurance

Protect

11th April 2022

Whether it’s riding round the park with the kids, commuting across town or taking on a triathlon, we love our bikes - but what would you do if yours was damaged or stolen?

With prices now ranging from a few hundred pounds to several thousand, our cycle habit doesn’t come cheap so making sure you’re insured is a good idea.

But where do you start?

Our comprehensive guide is here to help; explaining how the market works and the best options for you and your family.

Do I need bike insurance?

Unlike a motor vehicle, there is no legal requirement to take out bike insurance. But if you want to protect your bike against theft or accidental damage, it’s a good idea to look at getting some sort of cover.

According to the latest annual report from Cycling UK, quoting figures from industry body The Bicycle Association, we bought 3.1 million bikes in 2020, not including e-bikes, at an average cost of £332.

And data from 40 police forces, compiled by the Economic Policy Centre, there were 64,000 bike thefts in 2021.

Is my bike covered by my home insurance?

There are two common ways to insure bikes - as part of a regular or existing home insurance contents policy or via a stand-alone, specialist policy.

Generally, with home insurance, if your bike is taken from your home, it should be covered. You should also be able to add cover to your policy for a bicycle away from home. But every home insurance policy is different, and they usually have a relatively low ‘single item limit’ - the most you can claim for one thing - so it’s important to check the detail.

For example, you may have a single item limit of £500, which would not cover the cost of a more expensive bike.

However, if you have a cheaper bike, your home insurance may provide sufficient peace of mind.

What does specialist bike insurance cover?

If you have several bikes or have spent a lot on your bikes, specialist cover may be a good and cost-effective idea.

Policies can cover theft or damage to the bike and accessories, including when you’re out and about, something not usually covered by standard household policies without adding additional cover.

How much does bike insurance cost?

An annual policy can cost from less than £100 to several hundred pounds - depending on the value of your bike and equipment, where it is stored, how you use it and the excess you’re prepared to pay.

But all policies are different, and your cost will depend on your circumstances, and level of cover.

Is my bike covered if I travel abroad?

Some bike insurance policies cover cyclists for 60 - 90 days worldwide travel as standard so if you’re taking your bike on holiday or participating in a sporting event abroad, you’ll have peace of mind.

A policy will normally cover accidental damage, theft, third party, personal liability and the cost of repairs and could include renting a replacement during your stay. Always check your policy for any exceptions - often travel to the US or Canada won’t include third-party cover and if your bike is damaged in a race or wasn’t secured using an approved lock you might not be covered.

Does bike insurance always pay out?

Like other forms of insurance, you should check the terms of your policy carefully. Most policies require the use of a secure lock when you are away from home, and there may also be conditions about where your bike is stored at home, such as in a locked shed or garage.

Can I insure an electric bike?

Some insurers provide e-bike cover. But you must check the details of the policy to see whether this is included, and that you have enough cover, especially if your e-bike is valuable.

However, an e-bike is unlikely to be covered under conventional bike insurance, or on your household policy, so check carefully.

TSB’s Pick and Protect bike insurance covers:

All non-motorised bikes at your home address when you insure the most expensive one.
Bicycles worth between £250 and £3,500.
Loss or damage to your bike including the hire of a replacement bike up to £25 per day.
Theft provided the bike is with you at the time or is locked to a fixed object like a bike rack or railing.
Public liability up to £2 million if you were to cause accidental bodily injury or illness.
Worldwide cover for temporary visits.

*Terms, conditions, and policy exclusions apply. Must be a UK resident and aged over 16 to apply.

TSB Pick and Protect home and travel insurance is brought to you by TSB Bank plc and underwritten by Aviva Insurance Limited. Registered in Scotland, No. 2116. Registered Office: Pitheavlis, Perth, PH2 0NH. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.