Bike Insurance. Do I really have to bother?
There are several instances where home insurance may not cover your beloved bicycle/s.
From a travelling athlete’s point of view, I’ve had my fair share of instances.
1. The one where your insides wither.
You buy a snazzy lock for 80 whole pounds. You park up, bolt up, and walk off, full of the vigours of life. You return some time later only to be greeted by the sight of your freshly-snipped chain, alone and dangling like a hangman's noose. Gut-wrenching.
2. The one where it hurts.
You go from free-wheeling down a hill with the wind in your hair, to careering off course and landing with your face in a hedge. You can style it out (sure you can) but unfortunately, the bike’s best days are over.
3. The one where it’s abducted.
Rack up at a race overnight, with a full SWAT team guarding your precious. Return in the morning to find the area’s had a visit from the bike fairies and the Chosen Ones have been taken away to far off lands, never to be seen again.
4. The one where it's manhandled.
Ah, baggage handlers at airports. You watch ‘Faithful Dave’* being lifted in to the plane as you take your seat. “Praise the Lord, it’s definitely on” you think, followed by an “ugghhhhh” almighty, as you witness it being thrown mercilessly into the abyss, with 10,00 bags chucked in on top. Upon retrieval, the bike is a limp and tattered version of its former glorious self.
5. The one where things are not as they seem.
When is a house not a house? When it’s a shed.
Thankfully not one of mine as yet, but the raiding of 'man sheds' for bikes is all too common a scenario. And guess what? Sheds often don’t count on the home insurance. Insert profanity of choice here.
What home insurers often don’t include:
Cover away from the home – A lot of home insurers won’t cover you for theft or accidental damage when away from your home, whether you’re abroad or a metre off the premises. Sheds or garages aren’t always classed as being a part of the house either, so tread carefully with this one.
Competition cover – Home insurers often exclude damage caused when taking part in competitive or mass participation events, and they’ll almost certainly turn down a claim if your bike is stolen from a race transition area. Handy.
Accidental damage – Interestingly, people tend to assume it’s only theft they’ll need cover for. At BikmoTri, 89% of claims come from accidental damage, which is a factor which many home insurers don’t cover against.
Maximum cycle value – With your home contents insurance, there will most certainly be a limit on the value of cycles you can cover, which could be as low as £500. If, like me, your bike/s are worth more than your car, you’ll need to get them specifically declared on the home insurance policy, which of course they’ll want an additional premium for. In many cases, home insurers will decline to provide cover for high value bikes, so again, check the small print.
Alternatively, make life simple and sign up for cycle specific cover. Join the BikmoTri team today at super rates, designed with your protection in mind.
What BikmoTri insurance includes as standard:
Theft, accidental damage & vandalism cover
Up to 50% multi-bike discount
An additional 10% of policy value towards additional cover for bikes accessories (free of charge)
An additional 10% of policy value towards additional cover for clothing & headgear (free of charge)
Worldwide travel cover
Excess free on claims over £1,000
Family & friends on policy
No claims discount
*A lot of cyclists name their bikes. It’s a very close relationship and well worth protecting.