Are you in need of bicycle insurance? Does it really pay to invest in bike insurance coverage? These are a couple of the questions we’ll review in this article! Also, in this article, you’ll find a list of the best bicycle insurers for 2020!
Do You Really Need Bicycle Insurance?
What would happen if your bicycle was stolen? How would you pay for another one? This is just one instance where bike insurance could come in handy. While you’re not legally required to carry bicycle insurance in the UK, it’s still a good idea to have coverage for things like public liability cover. This would protect you in case you were responsible for damaging or injuring someone while riding your bike. Accidents can happen!
Some people choose to rely on their contents insurance to protect their bicycle if it’s stolen, rather than buying regular bicycle insurance. However, the problem with these policies is that your bicycle is only covered if it happens to be at home when it’s stolen.
For these reasons, and more it’s a good idea to invest in good bicycle insurance. The policy will protect you and your bike and may even offer protection when you’re traveling. It may also include personal injury insurance, making this type of insurance cover a great investment.
Talking about investments, did you know that if you’re a member of a bicycle organization such as British Cycling or Cycle UK, that you could get a discount by choosing one of their preferred providers with an annual membership? This way you’ll save money on bicycle insurance, and be able to take advantage of other discounts, and more.
Now, let’s get started on the list of best bicycle insurers for 2020!
1). Laka: this is a relatively new name in bicycle insurance. Laka doesn’t charge you an annual fee; instead, your policy is contracted on a monthly basis. This means your insurance premium can go up or down; however, there is a maximum cap on the premium, meaning the cost of the premium will never go over that price.
Laka offers bicycle protection that covers the bike and equipment (including clothing, GPS, helmet, and more) from theft, damage, and vandalism. The policy also includes losses caused by airlines, couriers, or when traveling abroad.
They also have a public liability insurance policy that costs only £1 for the rest of 2020! And the policy includes a lot of benefits such as discounts on coffee, bike cleaning products, and magazine subscriptions.
2). Pedalsure: offers fixed rates on their policies, but you can score a discount if you choose to pay annually for your bicycle insurance. In addition, Pedalsure has a current offer that if you insure a bike that’s worth more than £1,500, they’ll include a free Hiplok D-lock, valued at £69.99 for free!
Their cycle insurance policy protects bikes valued between £400 to £1500, and the policy covers theft, damage, public liability, overseas travel, and loss of earnings if you’re injured while riding the bike and aren’t able to work.
For this policy, you’ll need to make sure to buy an approved lock that’s on their list. If the lock isn’t on their list, Pedalsure will not cover your bike from theft if the lock’s broken when secured away from home.
3). Cyclesure: this is the preferred insurance provider for Cycling UK. This is a great choice if you’d like to ensure your family and their bikes. The provider will ask you for the total value of the bikes at your home, along with your postcode in order to provide you with an insurance quote.
This coverage provides protection around the world, new for old replacements (due to theft or damage), and protects any family member and their bike, as long as they live with you on a permanent basis.
In addition, more than 10% of your premium is donated to Cycling UK to help fight and lobby for local and national cycling issues!
4). Yellow Jersey: this insurance provider names after the Tour de Frances’s leader’s jersey, which is yellow. They’re considered one of the best bicycle insurers around. They offer three levels of coverage which include Essential, Performance, and Ultimate.
Essential coverage protects your bike against accidental damage, theft, vandalism, public liability and includes unlimited new for old coverage, along with free DNA +bicycle security marking kit, which is valued at £36, with ever policy.
Other things that make this insurance a great choice is the 60% multi-bike discount, and a 25% renewal discount, which is available if you’ve made a claim. The one downside is that you’ll need to pay an excess for each claim you make, The excess is 10% of the claim, capped at £100. This is one of the lowest excesses on the market. However, this is an excellent bicycle insurance provider.
5). Pedal Cover: this cycle insurance provider does offer standalone bike insurance, but it shines with its home and bicycle insurance policy.
Pedal Cover’s policy goes way beyond contents insurance policies, many of which only cover bikes if listed as valuable on your policy when they’re home. Instead, Pedal Cover provides protection against public liability, theft protection when away from home, damage, and even taxi reimbursement up to £200! This would come in handy if your bike suffered mechanical issues on the road, and you have no other means to get home.
6). Bikmo: this is the insurer of choice for British Cycling, and the company is underwritten by Hiscox, a major insurer in the UK. Bikmo offers three tiers of bike coverage including Go, Plus, and Race.
Go is best for regular cyclists; this coverage includes theft, accidental damage, legal expenses, and excess-free replacement. And for those who have more than one cycle, Bikmo offers a multi-bike discount of up to 50%!
Their Plus insurance cover includes medical expenses, new for old cover. Race bicycle insurance is a great choice for anyone planning on racing. The policy even reimburses fees for canceled races and protects against road accidents or crit races.
7). Wiggle: the retailer who has you covered for all things dealing with your bike happens to also provide bicycle insurance, too! Their policy protects you and your bike and comes in three tiers: Assist, Essential, and Elite. Each of these tiers protects you from public liability and personal accidents. It also includes reimbursement for emergency medical and physiotherapy!
Wiggle’s Essential package protects you against theft, accidental damage, offers new for old replacements, and they have a multi-bike discount of up to 60%.
There you have it! These are some of the best bicycle insurance providers for 2020! We hope this list has helped you find the best policy for your bike!