Theft is one of the biggest risks to your bike, so having bike theft insurance to cover against it is a key part of any bicycle insurance policy. You need to look at:
The maximum cover each bike theft insurance policy offers
If your bicycle theft insurance has any exclusions that mean you could be rejected if you claim
What else you need the bicycle theft insurance policy to cover
Make sure the cost of your bike is covered by your bike theft insurance
Work out how much your bike is worth and how much it would cost to replace before you compare bicycle theft insurance.
You need a bicycle theft insurance policy that offers a cover limit high enough to replace your bike if it is stolen.
For example, if your bike is worth £7,000, make sure the maximum cover on your bike theft insurance is at least this amount.
Check the bicycle theft insurance policy exclusions
Even if you buy bike theft insurance, UK providers will not cover everything. There will be some situations when your insurer will not cover the theft of your bike; these are called policy exclusions, and can include:
If your bike has not been secured correctly using an approved lock
If you leave your bike unattended for more than 12 hours
If your bike is stolen while you use it to earn money, for example as a courier
Any theft where you cannot give proof of ownership
Read the bicycle theft insurance policy document carefully to make sure you know when your bike is fully protected. You can check what locks you need to use to secure your bike here.
What else do you need to cover with your bike insurance?
Theft can leave you significantly out of pocket, but make sure the policies you compare offer all the cover you need, for example:
Cover if you suffer a serious injury when riding
Protection against third party claims if you cause an accident
Cover for any accessories like protective clothing or GPS
What types of bike can you cover?
With bike theft insurance, UK providers will cover a wide range of bike types, including:
If you are unsure whether you can get cover for your bike after reading the bike theft insurance policy, call the insurer to check before you apply.
Why you may need bike theft insurance
A bike theft insurance policy might be worth buying if:
You have an expensive bike. Top of the range road bikes can cost more than £10,000, so it is worth having a bicycle theft insurance policy that can cover the cost if your bike is stolen.
You use your bike every day. If your bike is stolen, bike theft insurance can cover the costs of a replacement to get you where you need to be.
You use your bike to race. Some bike insurance policies can cover you when taking part in things like triathlons, time trials and road races.
Why you may not need bike theft insurance
You might not need to purchase a bike theft insurance policy if:
Your bike is in poor condition or old. If your bike is low value it may not be worth buying cover, especially if you have to pay an excess of £100 when you make a claim.
You only use your bike occasionally. If you rarely take your bike out of your home, it may not be worth buying a bike theft insurance policy.
Your existing cover is enough. If your home insurance policy provides the cover you need, you might not need a standalone bike theft insurance policy as well.
How your bike theft insurance claim will be settled
If the worst happens and your bike is stolen or even damaged beyond repair, most insurers will either replace it with a like-for-like model or pay out the insured value of your bike.
If your bike is recovered and can be fixed, your bike theft insurance provider will likely arrange for it to be repaired by a specialist of their choice who will bill them directly for the work.
Paying an excess
When you make a claim on your bicycle theft insurance policy, you need to pay the excess amount set out in your policy document.
This amount will either be deducted from the final payout you receive from your insurer, or you will need to pay it to them when they arrange the repairs or replacement.
Check your bike theft insurance policy documents before you make a claim to see what excess you need to pay.
Sometimes it can be cheaper to pay out of your own pocket than to claim on your insurance. If you have an excess which is higher than your costs, it makes more sense to pay out of your own pocket.
What to do if your bike theft insurance claim is rejected
If you believe your valid bicycle theft insurance claim has been rejected, you should contact your insurer and make a complaint.
If they do not change their decision, you can refer your complaint to the
What affects the price of bike theft insurance?
The cost of your cover is mainly determined by factors such as:
The value of your bike
What you use your bike for
Any previous claims you have made
Where you live
Any extras you add, for example accessories cover
The more expensive a bike you have, the more you will have to pay to insure it.
Do not give a lower value of your bike when you apply for insurance. While doing this may show cheaper deals, doing this could invalidate your cover if you make a claim.
How to find the best bicycle insurance
The insurance policy that best fits your needs will likely include a variety of features. It is important to establish what your priorities are, rather than just focusing on one aspect. This way you will avoid holes in your cover, which could stop you getting a payout.
Carry out a bicycle theft insurance comparison to find the cheapest bicycle theft insurance policy for your circumstances and needs.
Unless you have very specialised needs (for example because you compete in cycling events or your bike is very high value), the best insurance cover for you is likely to be a general policy that caters for most circumstances to a consistent level.
You should weigh the main features of these general plans according to how you normally use your bike, to find the most effective cover for you.