How to find cheap bicycle insurance

Why should I get insurance for my bike?

You can buy a new adult bicycle for as little as £200, but top of the range models or folding or electric bikes can easily cost thousands of pounds. Research by Aviva in 2021 found that the average price paid for a bike was £835.

It's a significant investment - and a lot to lose if your bike is stolen or damaged in an accident.

In this guide we'll take you through why you might need bicycle insurance, how much it can cost, and if you already have cover through your home insurance.

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Is my bike already covered under my home insurance policy?

Most home contents policies offer some protection for bicycles - including all 78 we reviewed in our last analysis in April.

However, 'offer' is the operative word. In the home, most contents policies will cover your bike, but protection for when you're out and about is usually an optional feature. 

And cover levels vary a lot. Your policy may provide thousands of pounds protection or as little as £100, and you may have to pay an excess. 

• Find out more: contents insurance explained

Adding bicycle cover to home insurance

Insurance for your bike may either be available through your policy's personal possessions cover or through a specific 'bicycle cover' add-on.

It's likely to add a few extra pounds a month to your home insurance.

It can be cheaper than buying specialist bike cover - but check carefully that it will provide the degree of protection you need. Things to consider include:

• The cover limit (£500 of cover won't be enough for a £1,000 bike)
• What excess applies? Is it an amount you can afford if your claim?
• Where does the cover apply - for example, will it cover you if you're planning an overseas cycling holiday?
• Are there other features of cover you want - such as public liability cover which pays out if you injure another person or damage their property?

Find out more: home insurance add-ons explained

Should I take out specialist bike insurance?

If you own an expensive bike (or several), you might be better off taking out specialist bicycle insurance.

This is also the case if you ride your bicycle competitively, as these activities are less likely to be covered by general insurance policies.

If you have a very cheap bike, paying for cover may not be worthwhile as the cost of your insurance excess in the event of a claim may be more than the bicycle is worth.

Specialist bicycle insurance policies usually cover theft or damage while the bike is stationary. They may also pay out if you're injured while riding, liability costs if you cause damage or injury, and cover for accessories.

How much does bike insurance cost?

How much you'll pay for a bike insurance policy depends on a series of factors, including the value and age of the bike, what you use it for, and the level of cover you require.

We ran a series of quotes from some specialist insurers (Ala, Assetsure, Bikmo, CoverCloud, Eversure, Pedal Cover and Yellow Jersey) to get an idea of how much a policy might cost. 

The illustrative prices below are based on insuring one mountain bike from a London address for leisure use. These include UK and worldwide cover for theft, damage, personal injury cover, liability cover and legal protection. 

Source: Protect Your Family, 11 May 2023

How can I save money on bike insurance?

As with all types of insurance, don't settle for the first quote you're offered - an increasing number of comparison sites now include bicycle insurance.

Paying annually is likely to be cheaper than paying monthly, for which some insurers charge interest. 

Also consider paying by cashback credit card, but only if you can afford to repay your balance in full every month, as interest payments could wipe out any cashback you recieve.

Opting for a high excess will reduce your premium, but make sure it's still worth you claiming.

• Find out more: how to get cheap home insurance

What does bike insurance cover?

Most policies will cover:

• Theft
• Accidental damage
• Malicious damage - this could be caused by vandalism

Most also offer extras including:

• Personal accident - a cash sum in the event of serious injury or death sustained from riding your bike
• Commuting cover - if you use your bike everyday for your commute some policies will cover this as you wait for repair/replacement
• Third party liability - this will cover you if you injure another person or damage their bike or car
• Accessories
• Cycling abroad
• Legal expenses

What does bike insurance not cover?

If you take out bike insurance make sure you know the policy exclusions. These could include:

• If you use the bike for monetary gain such as being a courier
• When you can't prove you own the bike
• Cosmetic damage including scratches
• If you've left the bike unattended for more than 24 hours
• Theft of your bike when you have not secured it properly
• Damage caused if you were under the influence of drugs or alcohol

Your claim could be rejected if your insurer believes any of their stated exclusions apply.

Tips to keep your bike safe

There were 77,201 recorded offences of bike thefts in England and Wales between in the year to December 2022, according to the Office of National Statistics. This is an average of around 212 every day.

Failing to protect your bike adequately can result in your contents insurance protection or specialist bike insurance protection being invalidated.