Bicycle Insurance
In the week following the 7 July 2005 bombings in London, bicycle use in the capital increased by 40%, adding to the five million people in Britain who regularly cycle to and from work.
But despite the increase in the popularity of the pushbike, still only 2% of dedicated cyclists are
More than 130 cyclists were killed in 2004, and another 2,174 were reported injured. (This is likely to only be a fraction of all accidents involving bicycles. The British Medical Association estimates that nearly 75% of “slight” incidents and more than half of “serious” accidents go unreported.)
And yet hardly anyone who takes to the roads on two pedal-powered wheels is covered for personal injury or liability for accidents, causing damage to vehicles or harming pedestrians.
In fact, many cyclists aren’t even insured for theft, despite the fact that about 150,000 bikes are stolen every year (and only approximately 15% are recovered). With cycles regularly retailing for several hundred pounds, cover would seem eminently advisable.
“It seems barely credible, but many people rush out to buy a bike and simply do not consider whether they are underinsured or have any insurance at all,” says the CTC.
This popular omission is probably because, unlike cars, bikes do not legally require insurance. The main reasons for this are that compulsory cover would be difficult to enforce and that many cyclists would simply abandon their cycles and get back into their cars – not a popular move when the Government wants to encourage less motoring.
Before buying specialist bicycle cover, check to see if you are covered by your household contents insurance – particularly for third party liability (which will pay out if you cause damage or injury to a third party). However, not all household policies include this, while others only cover people living at the stated address and not, for instance, children living away at university.
Bike cover can usually be added to your
However, there may be a ceiling on how much you can insure your bike for, and its value may be marked lower by your lender for wear and tear. This means that your cycle will be considered to be worth less than its original price if, for example, you make a claim a year after buying it.
New-for-old cover is likely to be more costly, but means you will receive the full value of your bike should you make a claim.
Some insurers won’t take you on if you live in London or other cities including Bristol, Cambridge and Manchester. And premiums can sometimes be much higher for addresses in areas deemed to be ‘high risk’.
There are, however, some specialist policies that are reasonably priced and come with appealing extras. The London Cycling Campaign, for instance, offers third party insurance, advice and a magazine for the annual membership of £27.50.
