Insider guide to cyclist insurance
Cycling is a simple pleasure, free from the expense and bureaucracy of driving. It’s a good thing cycle insurance is not mandatory, but that’s not to say it isn’t an extremely useful thing to have.
At its most basic, bicycle insurance protects against theft. However, cover from a specialist is similar to the fully comp policy you have for your car. It protects against accidental damage, vandalism, third party claims, breakdowns and includes personal accident and European cover.
There is a wide range of cycle insurance to choose from, and while they might appear the same, each company offers a slightly different level of cover and imposes different restrictions. The devil is in the detail, so it pays to do your homework. It’s important to read the small print and to check a company’s reputation online. Pay particular attention to the following:
Devaluation
If your policy claims to offer new-for-old replacement, check that it applies to bikes of any age. Being told that your four-year-old bike is worth only half the amount of a new bike is a kick in the teeth that will leave you out of pocket if your bicycle is stolen.
Excess
An excess is the amount you will be asked to contribute towards a claim. If the excess is low or non-existent, check the minimum claim amount as this is effectively the same thing. In other other words, an insurance company may have zero excess, but a minimum claim amount of £100. The ETA has a low standard excess of 5% (with a minimum excess payment of £25). A higher excess (10% / minimum £100) applies to bikes stolen from a public place between 1am -4am.
Quick release components
What is the insurer’s policy on quick release seat posts and wheels? Does it require that wheels are locked? A good policy should cover these against theft, with a low excess and understand that it’s not always possible to lock both wheels as well as the frame. The ETA covers quick release components as standard and does not require that they be locked.
Racing and training
All ETA cycle insurance covers against theft, accidental damage and vandalism when you are training for, or competing in, races, sportives and other mass-participation, non-professional events. During triathlon events, the insurance covers your bike while it is in the transition zone (as long as the area is being supervised by a marshal, which is usually the case).
Making a claim
The best test of an insurer is what happens when you claim. Can you do it online? Is your claim farmed out to an external company? Will one person deal with the claim or will you be passed from pillar to post? If your bike is stolen, will you be forced to use a supplier of their choice or will you receive a cheque so you can choose to use the bike shop you want? These are not answers you will find without looking carefully at an insurer’s website or asking them directly.
Storage
Check whether the way you store your bike – both at home and when you’re out and about – is covered. For example, if you keep your bicycle in a shed, is a particular level of security specified for the door or padlock? If so, you can end up having to fork out for an expensive lock. ETA cycle insurance simply requires that the shed door is locked – it does not specify the lock type. If you have any questions about the way you store your bike, please get in touch as we are happy to assess storage arrangements on a case-by-case basis.
Theft of components
When you lock your bike in public, are parts like the saddle and wheels covered against theft? And if they are, does a minimum claim amount, or high excess, make it hardly worth putting in a claim? ETA cycle insurance covers all bike parts against theft and vandalism, including quick release components such as saddles and wheels.
Electric bicycles, e-bikes and pedelecs
ETA cycle insurance covers all road-legal e-bikes as standard. If your e-bike does not exceed 250 W/15.5 mph, it can be covered under our cycle insurance at no additional cost. The battery is covered against theft and Cycle Rescue breakdown comes as standard.
Custom, vintage and self-build bikes
We build our own custom bikes, so we have first-hand experience of how precious they are. It’s the reason we don’t charge extra for custom, vintage or self-built bikes.
Cycle touring
If you take your bicycle on holiday with the family, travel to sporting events across Europe, or go cycle touring further afield, ETA Cycle Insurance extends cover for theft, accidental damage and vandalism worldwide for 90 days per year. The policy covers your bike for damage caused while in the care of an airline, rail or coach operator.