Bicycle insurance

There are two types of bicycle insurance to chose from and the type of bicycle you have usually determines which you should go for.

Home contents policy - typically up to £500

• Some home contents insurers will automatically cover bicycles or will let you add them on to your existing cover for an additional premium for around £20.

• Make sure you read the small print and understand exactly what you are insured for.

• Your bike may only be covered if it is stolen from the home or will the insurer pay out if it goes missing away from home?

• Check the limit on the amount you can claim for; this is usually around £500.

• Check to see if your home contents policy covers you for personal liability cover before spending money on a specialist policy.

Specialist policy

1. Consider taking out a specialist bicycle insurance policy. These policies are especially suitable for more expensive bicycles or are taking part in racing and other competitive cycling.
2. Claiming on a specialist policy means your home contents policy remains protected.
3. Specialist bicycle insurance not only protects you from thieves but also covers your own personal liability. During 2005, 35,000 cyclists were involved in accidents causing damage to third parties.
4. For cyclists it is up to the individual as to whether their liability is covered. If a cyclist is involved in an accident with a third party, you may face expensive legal action from the third party.
5. The third party may pursue you for damage to their vehicle or injury which could cost thousands of pounds. Without any personal liability insurance you would have to foot the bill.

Questions to ask

Check to see if your home contents policy includes personal liability cover before spending money on a specialist policy.

1. Make sure you read the terms and conditions carefully as you may have to pay extra for personal liability cover. Cyclists need to make sure that they are covered for their own injuries as well as third party. Personal accident cover is automatically included in the standard price of some policies but not all.
2. Cycling abroad, make sure that your cover includes this too or you could find yourself severely out of pocket.

Or before you decide just ask these questions about your policy:

1. How much will I receive if my bike is stolen and not recovered?
2. How much is the excess?
3. Is by bicycle covered for theft or damage away from the home?
4. Is it covered for accidental damage in or away from home?
5. Do I need to have an approved lock?
6. What happens if I hadn't locked my bike?
7. What if my bicycle is recovered but damaged?
8. Is it covered outside the UK?
9. Does this include personal liability cover (how much?)
10. What's not covered?
11. Is there a more comprehensive policy than this and what's the difference?