Is bicycle insurance worth it?

Is bicycle insurance worth it?
Image source: Getty Images

Government figures show that during the first lockdown, the number of people cycling increased by as much as 300% on some days. So, it’ll be no surprise to hear that queries about bicycle insurance have also risen by as much as 60% according to some providers. But with some premiums coming in at more than 20% of your bike’s value, is bicycle insurance worth it?  

When bike insurance might be worth the cost

We’ve previously covered bicycle insurance in detail and found that your policy should (typically) cost no more than 10% of your bike’s value. For a £600 bicycle, that’s £60. 

After a quick check on a couple of comparison sites, lots of quotes for an average £600 bike did roughly hit the 10% mark, but some were much higher, especially if we wanted to pay monthly. Some providers quoted premiums just over £100, which for a £600 bike, might make you think twice. 

So, to help you make a decision, bicycle insurance could be worth it if:

  • Your bike is highly valuable
  • You rely on your bike to get to work or for work (for example, if you’re a courier)
  • Where you live is heavily built-up or congested, making accidents more likely to happen
  • There’s a higher than average crime rate in your area (for instance if you live in a city or large town)
  • You cycle competitively and need cover for race days and events
  • You leave your bike locked but unattended

And when it might not be worth the cost

On the other hand, bicycle insurance may be an unnecessary expense, particularly if:

  • Your bike is not particularly valuable and you don’t rely on it every day
  • You only occasionally cycle for leisure
  • Your home insurance already covers your bicycle to a sufficient level 
  • You can store your bike securely

Do I really need bike insurance?

Ultimately, only you can answer that question. Perhaps ask yourself whether you can afford for your bike to be out of action. If you rely on it or it’s a particularly pricey racing or bespoke bike, then perhaps bike insurance is worth the premium. 

If you do decide that bike insurance is worth it, it’s a good idea to compare quotes and be mindful of:

  • Terms and conditions – including any exclusions.
  • Excess – for bike insurance, this is usually a percentage of the claim value, a percentage of your bike’s value or a fixed amount. 
  • Optional extras – you can help keep premiums down by cutting optional extras only buying what you need. 

Even if you do use your bike to commute, you could save money by investing in a solid bicycle lock instead. A friend of ours used to cycle to work every day and chose a foldable Abus bike lock over bicycle insurance. These aren’t cheap (£50+) but in the long run, they can save you considerable sums of money. If you do opt for a lock, our friend’s personal preference is to avoid combination locks as they’re too easy to break. 

If, like my family, you only cycle for leisure, there’s a good chance bicycle insurance simply isn’t worth it. But it’s totally your call. 

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