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How To Choose The Best Bike Insurance Policy

In just under a months time, I will be in sunny Lanzarote, swimming, running and riding my bike. I figured it would be a more enjoyable experience to take my own bike which means, it’s about time I sorted out some bike insurance.

Now bike insurance is not mandatory in the UK and nor is it the sexiest topic but it’s a pretty important one. If you sit down and add up how much all your kit costs (bike, jerseys, shorts, shoes, Garmin GPS, helmet…. etc), you might be in for a surprise. If you’re unfortunate enough to have an accident uninsured, then the cost to replace all that kit is on you.

There’s also the (not so) small matter of bike theft. If you’ve been lucky enough to have never had a bike stolen then kudos to you – go and touch some wood. I’ve had one (uninsured) bike stolen and I’ve vowed not to let it happen again. You won’t find me locking up my bike and leaving it anywhere!

If like me you’re planning on travelling with your bike then you 100% will need insurance for the peace of mind. That and the fact I just wouldn’t risk it… I love my bike too much. So, this post was to answer all my own questions about how bike insurance works and to serve as a resource to share with others looking for the same information.

Of course when I started thinking about buying a policy, I asked around to see who others used. I mentioned a few insurers that came recommenced in my cyclocross kit post, but as part of your British Cycling (BC) Membership you can get a discount with Bikmo. You’re also partly covered through your BC membership…

A Bit ABout Bikmo

I got in touch with Bikmo to see if they would chat to me about bike insurance and fill me in on all the need to knows so I could share in this post. Izzy from Bikmo, kindly gave me some of her time to grill her with all the questions I had. All the info she shared with me is in this post along with my own experience…

Bikmo actually started back in the day a bike parts comparison site then evolved into the company they are today. They’re in their 6th year, have been in partnership with BC since May 2019 and currently cover the U.K., Ireland, Germany and Austria.

British Cycling Legal & Insurance Benefits

As part of your BC membership, you get third-party liability insurance cover. This means that if you are involved in an incident causing injury or property damage that was (or is alleged to have been) your fault the cover will help you out with the legal costs of the claim and any resulting damages awarded against you. 

So beyond this, you need to choose a bike insurance policy that will protect your bike from theft, and potentially cover other costs such as loss of earnings.

How Bike Insurance Works

When choosing your bike insurance, you’re gonna want it to at least cover you for the basics like theft and accidental damage. Cover for your clothing, accessories, technology and even participation in mass events (sportives) are added bonuses.

If you ask around about bike insurance, a lot of people will tell you that they are covered under their home insurance. In some instances this can seem like a good idea but should you need to claim, your premiums will sky rocket in future!

Tip – your home insurance won’t cover for worldwide and accidental damage

    Insuring Your Bike Abroad

    A benefit of having standalone bike insurance is that you are covered should you choose to take your bike abroad. Although the initial “set-up” costs of travelling with a bike can seem hefty, it does become cost effective if you travel at least a couple times per year. Then, the cost will be comparable with hiring a bike.

    Tip – always check your cover when hiring a bike. Although Bikmo do not cover hire bikes, your kit and accessories will be covered (within your allowance)

      How Much Does Bike Insurance Cost

      Sadly, I can’t answer that specific question for you and your bike but I can share some general thoughts. Below is a quote I pulled from Bikmo with the options of cover available for a £3000 bike in Greater London.

      Bike insurance quote options from Bikmo for £3000 bike in Greater London – dated 28/01/20

      If you have a British Cycling membership your quote will only offer two options (Protect and Protect-R) to compensate for the benefits that are already included with your BC membership.

      How To Protect Your Bike From Theft

      Although I don’t take my bike out and leave it locked up, I still have a solid collection of bike locks. Bikmo told me that your bike lock needs to be SOLD SECURE rated in order for your insurance to cover you. My number one recommendation for bike locks goes to the Hiplok GOLD.

      My collection consists of:

      • Hiplok GOLD; SOLD SECURE Gold, can be worn on your hips.
      • Hiplok FLX; not sold secure rated, perfect cafe lock that can fit in your jersey pocket
      • Hiplok SPIN; not sold secure rated, combination lock so no keys required

      You can read more about the lock requirements for Bikmo here.

      Tip – make sure you keep the receipt for your bike and / or have photographs of your bike and locks to validate your ownership should you need to make a claim

        Top Tips To Choose The Best Bike Insurance Policy

        Incase you skipped directly to the bottom, here are the top tips Izzy shared with me to help you choose the best bike insurance policy.

        1. Know exactly what you are covered for
        2. Know the current market value of your bike(s)
        3. Use your local bike shop to get your bike serviced regularly

        Izzy shared with me that many of us underestimate the cost of replacing a bike; so when you are valuing your bike for your policy ensure you take into account how much it would be to buy the current model right now.

        She also highlighted that a lot of claims are made from accidental damage – damage that could probably be avoided if you ensure your bike is serviced regularly. That’s definitely an area I could improve on!

        Info – Curious to know if insurers pay out?! Check out the Bikmo Open Project which shares an overview of all their claims in 2019

          Summary

          Although it perfectly legal to ride your bike without insurance, there are many situations in my opinion that warrant the investment in getting some cover.

          Do you think bike insurance is the right investment for you?

          Elle

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