Compare Cycle Insurance
In the midst of a cost-of-living crisis, every little helps. But when it comes to bicycle insurance, opting for the cheapest policy could be a decision you live to regret. The truth is, not all insurance policies are created equal, and the cheapest option could leave you exposed to a whole host of exclusions and limitations.
When browsing for cycle insurance, you might come across bargain prices that seem too good to pass up. However, budget options often come with limited protection against theft. Remember, the devil is in the detail. Onerous restrictions buried in the small print can make a claim more hassle than it’s worth, potentially leaving you out of pocket.
Take home insurance, for example. Many policies offer bicycle cover for a nominal fee or even included as a standard benefit. However, the catch may lie in the ‘limitations and exclusions’ section of the policy document. Many home insurance policies fail to cover your bike away from home or risk wiping out your no-claims discount. Additionally, these policies might not include cover for quick release components, or provide adequate protection in case of a road traffic collision.
Compare Bike Insurance like-for-like
It’s essential to compare bike insurance on a like-for-like basis to ensure you’re getting the right level of cover. Some insurers lure you in with a low initial price but then charge extra for essential benefits.
When shopping around, make sure to scrutinise what each policy covers and whether there are any hidden costs. Check whether the policy includes emergency dental treatment, loss of earnings cover, and replacement bike hire. These benefits can make a significant difference if you’re unfortunate enough to need them.
No-Claims Discount: A valuable perk
At the time of writing, the ETA is the only cycle insurance provider offering a no-claims discount. If you’ve covered your bike under home insurance and make a claim, you’re likely to see a hike in your premium the following year..
The Importance of Specialist Cover
Specialist cycle insurance providers offer benefits that are specifically tailored to cyclists. For instance, if you’re involved in an accident, a policy from the ETA includes emergency dental treatment up to £750 and covers loss of earnings. These are benefits you’re unlikely to find in a standard home insurance policy.
Quick Release Components: Are they covered?
One often overlooked aspect of bicycle insurance is quick release components. These parts, such as seat posts and wheels, are vulnerable to theft and may not be covered under a basic policy. Ensure that your insurer provides adequate cover for these components and does not impose unreasonable requirements, like insisting that both wheels and the frame must be locked. The ETA covers quick release components as standard without specifying that they need to be locked, offering peace of mind.
Racing and training cover
Most home insurance policies won’t cover you if you’re training for, or participating in, races. However, the ETA covers theft, accidental damage, and vandalism during training and non-professional races, including triathlons.
Making a Claim: What to expect
The true test of an insurance policy is how well it performs when you need to make a claim. Check whether you can submit claims online, if the process is managed internally or outsourced, and whether you can choose your bike shop for repairs. Also, consider the insurer’s reputation by reading reviews and checking Trustpilot ratings.
Devaluation: The hidden cost
It's reasonable to assume new-for-old means you’ll get a brand-new replacement if your bike is pinched or written off. However, many insurers with a new-for-old policy start to devalue your bike after just a few years. For example, a policy with a 20% excess and 30% devaluation might only pay out less than £600 on a six-year-old £1,000 bike. Conversely, an insurance provider like the ETA, with a 5% excess and no devaluation, would settle the claim for £950. It’s a stark difference that highlights the importance of choosing the right policy.
Storage requirements
When considering insurance, check how your bike storage arrangements affect cover. Some policies require specific levels of shed security or particular types of locks.
The ETA simply requires that the shed door is locked and that the bike is out of view, without specifying the type of lock. If you have questions about your storage setup, it's worth discussing them with your insurer to ensure you’re adequately covered.
Theft of components
Another critical factor is whether your policy covers the theft of components like the saddle and wheels when your bike is locked in public. Some policies have high excesses or minimum claim amounts that make it hardly worth filing a claim. ETA cycle insurance covers all parts against theft and vandalism, including quick release components.
E-Bikes
Electric bikes are increasingly popular, and it’s crucial to ensure they’re covered under your policy. ETA cycle insurance covers all road-legal electric bicycles as standard, including battery theft and breakdown cover.
Breakdown Cover for your Bicycle
Most home insurance policies don’t offer breakdown cover for your bicycle, leaving you stranded if you have a mechanical failure. The ETA was the first in the UK to provide a breakdown service for cyclists. The service includes puncture cover and flat e-bike batteries.
Custom and vintage bikes
If you own a custom, vintage, or self-built bike, finding insurance that covers these unique models can be challenging. The ETA doesn’t charge extra for such bikes, making it a good option for enthusiasts.
Cycle Touring Cover
For those who take their bikes on holiday or travel to sporting events across Europe, ETA Cycle Insurance offers coverage for theft, accidental damage, and vandalism worldwide for up to 60 days per year. The policy also covers damage caused while your bike is in the care of an airline, rail, or coach operator.