Does cycle insurance insist on evidence of a broken lock?

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We’ve never understood why some insurers insist on evidence of a broken lock before honouring a claim for cycle theft. They assume thieves leave smashed locks at the scene of the crime. We know different. We’ve been providing specialist cycle insurance longer than anyone else in the UK and in our experience they’re just as likely to remove the evidence.

We believe any requirement to see a broken bike lock before paying out is illogical as well as unfair. It’s why we’ve never made it a condition of our cycle insurance.

A piece in the Guardian this week about insurers demanding evidence of damaged locks highlighted how the devil can be in the details. And the risk of assuming home insurance will provide adequate cover for your bikes.

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If you're a home owner, the contents insurance you already have may offer a fair level of cover, but if you're serious about cycling, it may be too basic for your needs.

Everyone's after a good deal, but be mindful of buying the cheapest bicycle insurance. It can be a false economy if it's not the right cover for you. At its most basic, cover will offer only limited protection against theft and may be subject to onerous restrictions buried in the small print.

Beware the dreaded insurance exclusions

If you have house insurance there's a good chance you'll be offered bicycle cover for very little money. It might even be included as standard. Wherever you get your cycle insurance, check the small print marked 'limitations and exclusions'. Things to look out for go beyond the onerous lock policy mentioned above.

Check it covers your bicycle away from home, the excess you'll pay on claims and (if it's a house insurance policy) whether your no-claims discount is at risk. You might also want to check what level of shed security is required, whether or not quick release components are included and whether you'll be covered in the event of a road traffic collision.

Always compare cycle insurance like for like

When you research cycle insurance, it’s vital to compare policies on a like-for-like basis as some companies tempt you with a cheap up-front price before charging extra for additional benefits.

The ETA offers a fully-comprehensive level of cover as standard. It works out better value for you and we think it’s a fairer way of working.

Devaluation: The hidden cost of cycle insurance

It's easy to assume that new-for-old means just that. However, many insurers start to devalue your bike after three years. For example, a policy with a 20% excess and 30% devaluation pays out less than £600 on a six-year-old £1,000 bicycle. By contrast, a cycle insurer with an excess of 5% and no devaluation - such as the ETA - would settle the claim for £950.

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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 and that the bicycle is out of view – 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 in the first place? ETA cycle insurance covers all bike parts against theft and vandalism, including quick release components such as saddles and wheels.

E-bikes

ETA cycle insurance covers all road-legal e-bikes as standard. The battery is covered against theft and Cycle Rescue breakdown cover will recover you in the event of a puncture, mechanical failure or even a flat battery.

The ethical choice

The ETA was established in 1990 as an ethical provider of green, reliable travel services. Over 30 years on, we continue to offer cycle insurance , breakdown cover  and mobility scooter insurance while putting concern for the environment at the heart of all we do.

The Good Shopping Guide judges us to be the UK's most ethical provider.

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