Insurance, inflation, and getting the right pay-out for your stolen bicycle

Over recent years, Brexit and inflation have combined to send new bike prices soaring. For example, we received a cycle insurance claim last month from a customer who had paid £7,000 for the bike a year before. The exact same specification bike today will set you back whopping £9,000.

With prices so volatile, how should I value my bike for insurance?

Over-insure your bicycle and you'll be paying too much for your premium. Under-insure the same bike and not only will you be out of pocket if it gets pinched, but in the case of a claim for accidental damage, you may be penalised.

When you come to renew your cycle insurance, check how much you'd need to replace your bike and don't forget to account for inflation.

To complicate matters, it's not just the retail price of bikes that changes from year to year - specifications change and models are discontinued.

If it sounds confusing, it's because it is. Please feel to get in touch if you have any questions.

Getting an insurance valuation for my bicycle

When you insure a bicycle you'll often be asked its replacement value. If it's brand new, you'll have a receipt. However, that's not always the case with a second-hand bike.

If the bike you're looking to insure is discontinued, your local bike shop can point you towards the today's equivalent model. We accept a valuation from a VAT-registered bike shop as a proof of ownership.

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'New for old' cycle insurance? Check the small print

Some cycle insurance providers boast about replacing stolen bicycles on a new-for-old basis, but read the small print and you soon discover the promise falls short. If your bike is a few years old when stolen, you receive only a fraction of its insured value. Here at ETA cycle insurance, we don't think that's right and it's the reason we've never devalued bikes in that way - no matter their age.

Are all cycle insurance providers the same?

If you do a quick back-to-back comparison it can certainly seem that way, but the devil is in the detail. The different ways insurers interpret the term 'new for old' is a good example. For our part, we do all we can to offer a transparent and fair service. After all, the ETA judged to be the UK's most ethical provider by the Good Shopping Guide and we have an envious rating on Trustpilot.

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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