Should I cover my bicycle under my home insurance?

You'd expect specialist cycle insurance providers like us to try and steer you away from covering your bike on your home insurance. After all, we're both competing for your hard-earned cash. But what are the cons of taking the house insurance route for a cyclist looking for peace of mind? If you're a home owner, the building and contents insurance you already have may offer a fair level of cover, but - and it's a big but -if you're serious about cycling, it may be too basic for your needs.

Buy cheap, buy twice

With a cost of living crisis in full swing and everybody looking to save money where they can, 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.

{{cta-cycling}}

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. However, while it's tempting to protect a bike in this way, not least as it's often the cheapest cover available, the devil is in the detail - specifically in the small print marked 'limitations and exclusions'.

Check whether the house insurance policy covers your bicycle away from home, the excess you'll pay on claims and whether they'll affect your no-claims discount in the future. 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 – something that’s not as easy as it sounds. Some companies tempt you with a cheap up-front price before charging extra for additional benefits.

The ETA offer 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.

Specialist cover, specialist benefits

Cover from a specialist provider should, by definition include benefits tailored to cyclists. If you're unfortunate to be involved in a crash, a policy from the ETA includes emergency dental treatment up to £750 and loss of earnings cover. For full details see our policy wording.

Putting a bicycle on home insurance

When comparing home insurance with cycle insurance, pay particular attention to the following:

How much is the excess...and will you pay for it later in higher premiums?

An excess is the amount that you'll contribute towards a claim. We have heard of home insurance policies charging high excess charges. Conversely, a zero excess should ring alarm bells as it may signal a minimum claim amount. On a related matter, will you earn a no-claims discount? At the time of writing, we here at ETA cycle insurance are the only specialist provider to offer our customers NCD.

Are quick release components covered?

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 specify that they need to be locked.

Racing and training

It is unlikely that home insurance will cover racing or training. ETA covers you 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 if you need to make a 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 can you choose to use the bike shop you want? These are not questions answered without looking carefully at an insurer’s website or asking them directly.

Devaluation: The hidden cost of cycle insurance

It's easy to assume that new-for-old means new-for-old, but its definition varies. 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.

{{cta-cycling}}

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.

Electric bicycles, e-bikes and pedelecs

ETA cycle insurance covers all road-legal electric bicycles, e bikes and pedelecs as standard. If your e-bike weighs less than 60 kg, and its output does not exceed 250 W/15.5 mph, it can be covered at no additional cost. The battery is covered against theft and Cycle Rescue cover is included as standard.

Breakdown cover for your bicycle

Although some home insurance policies will offer limited cover for damage to your bicycle, you'll be hard pressed to find one which helps get you home should your bicycle break down. We were the first company in the UK to offer a breakdown service for cyclists a service we sell as a standalone product or included for free when you buy cycle insurance from us.

Custom, vintage & self-built bikes

We build our own custom bikes, so we're happy to cover the unusual. We don’t charge extra for custom, vintage or self-built bikes - get in touch for a chat.

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.

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.

{{cta-cycling}}