Cyclists, Are You Insured Correctly?
More insurance claims are made for stolen bicycles than any other item taken by burglars, an insurer has said. Bikes account for 17% of all theft claims with by a leading insurer. A basic cycle insurance will cover you against theft, in fact there is a good chance that you will be covered up to a certain value by your home or contents insurance though In many cases though this will not cover you for little more than the theft of your bicycle.
Most cyclists know that there are far more risks involved in cycling than simple theft but most don’t know that losing your cycle, no matter how expensive it is no where near the worst financial loss a cyclist can suffer. The financial risks vary from accidental damage to a vehicle or property, even more potentially risky an accident involving a person who may not have seen you coming.
Having an insurance policy for cycling is not compulsory for taking your bike onto the road, but with more and more cars taking to the roads every year over 19,000 cycling accidents are recorded every year, with severities varying from broken bones to fatalities.
Did You Know?
Accidents can happen at any time, and while taking as many precautions as possible, an accident may happen through no fault of your own. being clipped by a wing mirror whilst being over taken can cause severe bruising or even broken bones, worse if the incident results in a crash. 65% of cycle accidents result in an arm or leg injury of some type and 40% of cyclists suffer some type of head injury.
Most Common Cycling Accidents
Why should I buy Cycle insurance?
Good cycle insurance not only covers you against the loss of your bicycle, but also covers you against vandalism, third party damage, accident and injury and breakdowns. If you’re more adventurous some cover European cycle costs or special charity event coverage.
A replacement wing mirror for a Ford Focus is around £100, a heated folding mirror on a Mercedes S-Class is approaching £300 so it pays to be prepared, even if your bike isn’t that expensive an accident can be.
Tips for buying cycle Insurance
How much are you covered for?
Your bicycle might be your pride and joy but it isn’t worth more than you are, so firstly find an insurer who puts your own safety and well being before that of your bicycle. Look for a cycle insurance policy with the following options:
How much is my bike covered for?
Your bike is your pride and joy and it goes without saying that any cycle insurance you take out should cover it, but take care some insurances depreciate the value of your bike. If you have multiple bikes then a policy that covers an individual on declared cycles might be the way to go.
Doing your homework on your cycle insurance policy can be a large benefit to you in future.