Bicycle theft has been a perennial problem in the UK, with the Office for National Statistics (ONS) recording incidents of stolen bikes ranging from tens to hundreds of thousands each year.
The latest figures from database firm Statista revealed that there were more than 77,300 incidents of bike thefts in England and Wales during the 2020 to 2021 period, dipping from about 88,300 from the previous year. These numbers represent a sharp drop from the almost 116,000 cases in 2011 to 2012, when bicycle theft reached its peak.
But although the country is seeing a decline in such incidents, law enforcement authorities are wary that the recent cycling boom brought about by the pandemic, coupled with the easing of restrictions, may also lead to an increase of opportunistic thieves.
Given the circumstances, bicycle insurance may be worth considering for many cyclists in the UK, particularly the avid ones who own high-spec and expensive bikes.
Unlike car insurance, which is a legal requirement for drivers before they can take to the road, there is no law requiring cyclists to get bike insurance before can they turn the pedals. However, both types of coverage yield benefits.
Standard bicycle insurance covers the cost of repairing or replacing the two-wheeler in the event that it is damaged, lost, or stolen. Most home contents insurance policies already provide this type of coverage as long as the damage or theft happens within the insured’s property. This may be enough for some leisure riders, but for cycling enthusiasts looking for comprehensive protection, a standalone bike insurance policy may be more appropriate.
Bicycle insurance typically provides coverage against theft, and accidental and malicious damage. From there, policyholders can add extra levels of protection, including:
However, most specialist bike insurance policies stipulate that for claims to be valid, the policyholder must have taken all reasonable precautions to keep their bicycles safe. These include having an approved lock, usually with a Sold Secure rating, and securing the bike against an immovable structure if it is being kept in a communal area or sometimes even at home. Some policies also require that the bicycle is kept in an area not visible to outsiders and not left for more than 12 to 24 hours.
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The cost of premiums typically depends on the value of the bicycle and the type of coverage needed. Premium prices often start at £50 annually and can reach £200 to £300 each year for custom-built bikes and comprehensive cover.
Read more: Bike insurance: Everything you need to know
Financial comparison website Bought By Many ranked the leading specialist bicycle insurance providers in the UK based on the type and extent of coverage they offer and customer feedback. These are the ones that came out on top. The list is arranged in no particular order and excludes companies that offer bike insurance as part of their home contents policies.
Bikmo
Bikmo offers a range of coverage options for different types of bike enthusiasts, including road cyclists, mountain bikers, e-bike owners, and triathletes. Standard policies protect against theft and accidental damage, and provides up to £100,000 cover for legal expenses, and up to £250 each for clothing, headgear, accessories, and race fees. The limit for the last can be increased up to £1,000. Coverages of up to £2 million for public liability, £20,000 for personal accidents, £5,000 for medical costs, £2,500 for counselling expenses, £1,000 for dental injury, and £500 for optical injury can be included as add-ons.
Yellow Jersey
Yellow Jersey offers three levels of coverage designed for different types of cycling enthusiasts, from leisure cyclists to professional racers. Each package provides protection against accidental damage, vandalism, and theft, and up to £2 million coverage for public liability. Cycling accessories, physiotherapy, and dental cover limits start at £250, while permanent injury cover begins at £10,000. These values can increase depending on the level of coverage. Yellow Jersey policyholders are also covered for overseas travel lasting up to 120 days.
PedalSure
Just like other bike insurance, PedalSure’s policy offers coverage for theft. But one of the policy’s most prominent features is its focus on cyclists’ health. PedalSure’s bicycle insurance provides coverage for personal accident, physiotherapy, and loss of earnings due to injuries sustained while biking. Customers also have the option to purchase personal accident and liability cover without the need to insure their rides. The firm’s policy suits new cyclists, mountain bikers, and commuters.
Cycleplan
Cycleplan provides bike cover for theft and accidental damage up to £30,000. It also offers up £5 million coverage for public liability, £50,000 limits for personal accidents and legal expenses, and up to £1,000 payouts of cycling accessories. Apart from these generous coverages, what sets Cycleplan’s policies apart from others is the customer’s ability to include and exclude different coverages from the plans, giving them lots of flexibility. The insurer’s policy also includes team and coach cover for professional cyclists.
CycleGuard
CycleGuard’s standard bicycle insurance provides up to £2,500 coverage for accessories and £500 for hiring a replacement bike if the insured’s ride is out of commission. It also offers roadside assistance services, new for old replacement, and £1 million public liability coverage, which can be extended up to £5 million. Up to £25,000 personal injury protection, and various race and competition coverages can be included as add-ons.
Velosure
Velosure provides insurance for all types of bicycles, including road, electric, mountain, and leisure bikes. Its policies provide cover for accidental damage and theft, cycling accessories, organised events, personal accidents, and road rage assault. Velosure also offers up to £2 million public liability protection, Europe and worldwide coverage, cycle rescue services, and new for old replacement.
Assetsure
Just like other standard policies, Assetsure’s bike insurance protects against theft, and accidental and malicious damage. It also pays out the cost to hire a replacement bicycle and automatically covers the cycle box storage. The public liability cover limit is £100,000.
ETA
Apart from covering theft and damage, ETA’s bicycle insurance provides up to £2 million public liability coverage, £500 of cover for cycling equipment and accessories, £20,000 personal accident protection, and up to a £250 weekly payout for loss of earnings. It also offers up to £250 of coverage for hiring a replacement bike and provides cycle rescue services within a 25-mile radius.
