Latest cycle insurance includes free race cover

A new type of cycling insurance protects against theft and accidental damage at race events, and as standard includes a breakdown recovery service that will rescue riders that have suffered a mechanical failure.

The fully-comprehensive cover is unique in offering the following features at no extra cost:

• New-for-old replacement (*Free race event cover*)
• Cover for accidental damage (*Free race event cover*)
• Free Cycle Rescue breakdown cover for bike and rider (*worth £34*)
• Third-party cover up to £1million
• Personal accident cover up to £20,000
• Cycle hire following a claim
• 90 days’ European cover plus 60 days’ worldwide

• ‘Get you home’ cover – reimbursement for a taxi home should your bike be stolen or damaged

Folding bikes

Cover for folders is offered at a 40% discount – the rate is not affected by post code and is calculated solely on the value of the bicycle. For example, one year’s cover for a £500 Brompton would cost just £31.80.

A spokesperson at ilovemybike.co.uk said: “Just as with any other type of insurance, people need to shop around – many cyclists are paying over the odds for the extras we include for free.”

Why do cyclists need insurance?

Bicycles are vulnerable to theft and in the case of an accident you may need to seek compensation or even deal with a claim by someone else. Some household insurance policies cover bikes, but it’s important to check the small print as some do not cover road traffic collisions.

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