One of the most common misconceptions faced by the cycling insurance business is that standard home insurance will adequately cover your bike. If something does happen to your beloved (and expensive) bike, then the last thing you want to have to deal with is a technicality on your home insurance leaving you out of pocket. This article is going to outline some of the main reasons why cyclists of any level should be looking at cycling insurance by looking at some common areas where your home insurance may not be up to the job.
Here are a few scenarios. If you are considering just including your bike in your standard home insurance, take a minute or two to read these and check that none apply to you.
Scenario 1: Bicycle theft from outside the home:
Let’s imagine you have just bought a brand new bike lock for the significant sum of £800. While out on a Sunday ride, you park up your bike in the city centre, lock it safely and go for a refuel stop, safe in the knowledge that your pride and joy is protected. When you return, however, the only thing left of your bike is a tattered lock hanging in the wind, as some persistent thief has found a way through. There are few worse feelings in the world than that. If it has happened to you, the shock, disbelief then anger is memorable.
The Significance: A lot of home insurance companies won’t actually cover you against bike theft when you’re away from your home, whether that’s in another country or just around the corner. Even if they do cover it, they are unlikely to pay a cash payment. With PedalSure specialist cycling insurance, theft outside the home is standard in a policy. As long as you use an approved lock, and these are readily available online or in any major bike shop you are covered. PedalSure will also offer you a cash payment.
Scenario 2: Accidental Damage:
You’re out on a particularly hilly route, enjoying the thrill of the downhill curves, when you lose control and swerve off course, landing painfully in a hedge. If you’re injured in your fall, then specialist cycling insurance can cover you. But even if you’re OK, what happens if your bike is lying 20 feet away, completely damaged.
The Significance: Interestingly, people tend to assume that theft is the only thing you need to cover your bike against. At Pedalsure, we have found a high number of claims relate to accidental damage, which is outside the cover offered by almost all home insurance companies. Even the most accomplished riders crash, so it’s important to have the peace of mind that if you do, your bike is covered.
Scenario 3: Event Cover:
You’ve arrived at an event for which you’ve been training for months, but after racking up your bike there overnight, you return in the morning to find that the area has been ransacked, despite the heavy security detail supposedly guarding it. Not only has your bike gone, but your chance at racing is over.
The Significance: Almost every home insurer excludes damage or theft that takes place during competitive or mass participation events. PedalSure offer competition cover as an option, and sportive cover at no additional expense.
Scenario 4: Bike Holiday
You’re heading away on a trip to France, hoping to get some scenic rides in along the way. While at the airport, you watch your trusty bike being lifted onto the plane, but recoil as 100 other bags are carelessly thrown on top. When you arrive on the other side and open your bike box, you find it in pieces.
The Significance: Home insurers don’t normally offer protection against damage, especially not during air-transit. With PedalSure cycling insurance, even if the baggage handlers are careless, your bike is still covered. Total piece of mind.
Scenario 4: The Shed
You lock your bike up in your ‘man cave’, shed, outhouse etc., as you always do, but when you head off to work the next morning, the bike is gone.
The Significance: Raiding of ‘man caves’ for bikes is all too common, but surprisingly sheds often don’t count on home insurance for any meaningful amount, meaning that even if your bike is above the threshold value and is technically on your property, you can still find yourself without cover. As long as your bike is correctly secured in a shed, PedalSure cycling insurance will provide the cover you need.
Scenario 5: Personal Cover
You take a taxi, you’re a passenger in a car, you slip in a shopping centre – chances are, you are covered on a policy somewhere. But, when you take to the saddle, open to the environment and dangers of the road, the risk is even higher and you might not be covered.
The Significance: PedalSure provide a choice of three levels of personal accident cover between £35k-£150k.
Another main reason to get specialist cycling insurance is the value of your bike: most home insurance companies place an upper limit on the value of the bikes you can cover, which can be as low as £500, before you need to get them specifically declared on your policy. Even if you’re not a super serious cyclist, whose bikes are worth more than your car, this sort of upper limit is much too low for most cyclists. Specialist cycling insurance isn’t just for professionals and super-keen riders, it’s designed for anyone who enjoys a bike ride, so you don’t need to rely on home insurance and all the pitfalls that come with it.
At PedalSure a claim will not put up your home premium.