Bicycle theft insurance

You could protect your finances from theft by taking out bike theft insurance. Compare quotes for bicycle theft insurance cover whether you have a mountain or road bike.

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Last updated: 26 October 2020

How to insure your bike against theft with bike theft insurance

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

You can find out more information on bicycle theft insurance here

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.

Here is how to make a bicycle insurance claim

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

  • Protection when you take your bike abroad

  • Cover for any accessories like protective clothing or GPS

Here is everything a bicycle insurance policy can cover

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 financial ombudsman. They will make an independent assessment of your claim.

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.

Bicycle theft insurance FAQs

Will my bike be covered if I do not use a lock?

No, you must lock you bike up to an immovable object if you leave it in a public area. If you keep it at home it must be locked inside, or in your shed.

Do I need to use a specific lock for my bike?

Yes, most insurers only accept a claim for theft if your bike has been secured using an approved lock. Find out what Sold Secure locks you need here.

Will my contents insurance cover my bike against theft?

Yes, but only when it is in your home or locked away on your property. Most contents policies do not cover expensive bikes; find out more here.

How do I claim if my bike is stolen?

You must report it stolen to the police first, and then contact your insurer. Here is how to make a claim on your bike insurance.

Will my bike be covered against theft if I take it abroad?

Most policies offer foreign travel cover of around 60 days a year. Check the policy first because you may have to pay extra to include this cover.

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