The Olympic effect seems to be holding on tight to the British imagination, and more of us than ever are getting back on our bikes for fun, fitness and as an environmental lifestyle choice. The result is that sales of bicycles, especially more expensive mountain bikes, has boomed, with a 14% rise in 2013 to a staggering £million worth of sales across the country. People of all ages are puffing, peddling and occasionally free-wheeling their way around the highways and byways of Britain but are cyclists getting the protection they need from their home insurance policies?
With this rise in interest comes a greater need for cyclists to protect both themselves and their bikes. With some top of the range bikes costing close to a thousand pounds, normal home insurance policies may simply not be enough to offer consumers the protection they need against loss, theft or damage. And when it comes to personal injuries, cyclists are certainly not as comprehensively covered as other road users.
Home Insurance
Many brokers see expensive bicycles as ‘Add Ons’ to normal household policies, but they’re not covered while you’re out and about actually using the bicycle. Many brokers feel that insurers are overlooking Bicycle Insurance as a commercial proposition, but with the massive interest in cycling showing no signs of abating, perhaps they should be paying more attention to this growth area. Pedal-powered consumers are being left exposed, with limited cover and no cycling-specific benefits provided under their home insurance.
The trouble is that there are very few providers offering stand-alone ‘comprehensive’ bicycle insurance policies. And with the average bike costing around £200, many home-owners who are also keen cyclists are feeling a little left by the wayside when it comes to adequate cover for their hobby.
The devil’s in the detail…
If a bicycle is lost, damaged or stolen it can result in another problem – a loss of your no-claims benefit on your home insurance policy. Most bicycles are transported on a rack attached to a vehicle, and many home insurance policies exclude theft of a bicycle from a vehicle unless it is locked in the vehicle, out of sight, with evidence of forcible entry or exit to the vehicle.
Protecting the rider
According to The Royal Society for the Prevention of Accidents (RoSPA) around 19,000 cyclists are killed or injured every year in the UK. This number is thought to be much higher as many minor incidents go unreported. Home insurance policies are designed to protect possessions, not people, so cyclists will need to think about taking out separate cover to provide protection against cycling-related incidents such as Personal Accident, Public Liability and Legal protection.
Stand-alone bicycle insurance policies are available, and as the Olympic effect (as well as enthusiasm over British involvement in high-profile cycle races such as the Tour de France) means that cyclists are a growing consumer base. And they’re all looking for good quality cover for both themselves and their machines that doesn’t impact on their home insurance policies. It’s the industry’s duty to recommend and offer relevant, adequate protection, and we should not overlook the added benefits and protection a Bicycle policy can bring to our pedal-powered consumers.