Bicycle insurance gives you financial protection if your bike is lost, stolen or damaged, but is it worth the cost? Here is how to work out if you need bicycle insurance.
Bike insurance can cover things like:
Theft, vandalism or accidental damage
Third party liability
Taking part in competitions
Your accessories, including GPS computers, lights or clothing
Bicycle breakdown cover
Some bike insurance policies give you the option to cover:
Just your bike
Both in a combined policy
Not all bike insurers offer separate policies, so use our comparison to find those that can.
A bike 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 policy that can cover the cost if your bike is damaged or stolen.
You use your bike every day: If you are injured in a road accident, or damage someone else's property while riding, bike insurance can cover the costs.
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.
You might not need a bike insurance policy if:
Your bike is old or cheap: If your bike is inexpensive it may not be worth buying cover, especially as many policies charge an excess of £100 per claim.
You do not use your bike often: If you rarely take your bike out of your home a policy may not be worth getting.
Your bike is already covered: If your home insurance can cover your bike at home and on the road, you might not need a standalone bike policy as well.
Check your home insurance policy if you have one, because it may include cover for your bike.
Most policies cover your bike when it is kept in your home or locked away in a garage.
Not all policies can cover your bike when it is away from your home, so you may not be covered if you crash and damage your bike. You may be able to add this cover, but it could cost you extra.
It depends on your bike and how you use it. If you keep your bike at home most of the time and only ride it occasionally, home insurance probably gives you enough cover.
Some insurers set a separate claim limit when your bike is outside of your home, for example £500.
If your bike is worth more than this, you should consider getting a specific bike insurance policy, or paying extra to increase the cover limit.