How to choose the best bicycle insurance for you
Have a good look at the conditions of the insurance provider you are thinking of using, as it helps to know what you’re getting. Obviously, everyone needs something different, but we always say you should consider:
● What exactly you need covered
● What benefits you’re getting
● What you use your bike for
● That your home insurance definitely doesn’t cover it
Our partners are all clear with the information they provide, so you can always get in touch to double check and ask any question, no matter how trivial it seems, to help you get a better understanding of a policy.
Key facts on Bicycle insurance explained
With the recent surge in sales of bicycle, it is important to understand if you need a bicycle insurance or you are happy to ride without an insurance.
1.) Bicycle insurance under Home or Content insurance policy
● You might be surprised to know that your bike might be covered under your home or content insurance policy without you even knowing it. So, it might be worth going through the policy document of your home or content insurance policy and check if your bike is covered and if it is, up to what value.
● Over 90% of the home or content insurance policy doesn’t cover your bike if it’s away from home.
● Excess on your home and content insurance could be anywhere up to €500 so it might not be worth putting a claim through if the value of your bike is only few hundred euros.
● Accidental damage is excluded in most of the home and content insurance policies.
● Your home insurance premium might go up on renewal if you do decide to make a claim.
● Clothing and accessories are not covered under content and home insurance policy.
2.) Specialised bicycle insurance policy
● If you are a cycling enthusiast and own an expensive bike, getting a specialised bicycle insurance policy should be on the top of your list. This is a comprehensive policy for bike insurance which provides a range of covers from theft to accidental damage on the road. Cost of insurance is based on the value of your bike and it could cost up to €200 a year to cover a bike worth €2,000. Specialist bike insurance not only covers the cost of the bike but accessories, clothing and lost race fees.
What is covered under bike insurance policy:
● Theft or damage to the bike in Ireland. Some policy also provides worldwide cover for up to a certain number of days during the year
● Accidental damage.
● Accessories that are part of the bike. Most policies also cover bike clothing as they don’t come cheap either.
● Some insurers cover personal accident if you are injured while cycling.
● Some insurers Third party injuries/damages and legal expenses due to an accident caused by you.
● Returning Home cover is also a standard cover in most specialist bike insurance policies.
Some of the key exclusions under bike insurance policy:
● Theft is not covered if you leave your bike unsecured. Failure to use a certified lock could result in your claimed to be declined.
● Normal wear and tear of the bike is not covered under the bike insurance policy. Insurer could also deduct the depreciation amount that takes in to account the normal wear and tear on the bike.
● Damages not covered under your bike insurance policy if you fail to follow the instructions and guidelines from the manufacturer.
● Repair done by un-authorised person are not covered under the bike policy.
● Any claim due to intentional (deliberate) damage to the bike is not covered.
● Most bike insurance companies don’t offer cover if the bike is more than three years old, however, Bikmo insure all bikes, regardless of age.
3.) How to make a claim on your Bike insurance policy
● Notify the police as soon as possible in case of a theft. Some insurance provider requires to report the theft withing 24 hours so make sure you lodge a theft report in the nearest police station as soon as you can.
● Submit the claim as soon as possible to avoid delays.
● Keep all the receipts and other proofs as you will need to submit them with the claim. If you are claiming for the accessories and clothing, you will need to provide the receipts as proof of loss. Insurance company could ask for the receipt of the certified lock in case of a theft so keep all the receipts handy to avoid any administrative delays.
4.) Key data on bicycle insurance claims
● Theft is claimed for the most - 62% claims are for theft.
● 35% claims for accidental damage
● 3% for lost race fees
● 57% claims settles resulted in customer getting a new bike
● Over 80% of claims incidents occurred away from home
● Bikmo have kindly shared above claims statistics with us from their open project, so you can get the complete low-down on everything cycle insurance.
Please note that all above mentioned details may vary from insurer to insurer. It is important that you read the policy wording carefully and thoroughly to understand what is covered and the exclusions on the policy. JAD Marketing Ltd. T/A Ucompare do not provide advice or recommendations.