People regularly cycling need to seriously consider bike insurance
Bike insurance a must
Tuesday, 19 Jun 2007 09:04
People cycling need to make sure they have insurance in place or risk not only paying out if their cycle is stolen, but also being hit with costly law suits.
Britons are increasingly saving money and improving their health by cycling rather than driving or using public transport, but unlike motorbike insurance they are often ignoring cover.
"With an increasing number of bikes on the road and more people cycling to work as an alternative to using the car or public transport, it's important to consider how well insured your bike is, just as you would your car," said Richard Mason, director of insurance at comparison service Moneysupermarket.com.
There are three types of bike insurance that should be considered, cover for the cycle itself, third-party cover and personal accident cover.
The first pays for a replacement machine, should yours be damaged or stolen. The second covers you if you damage someone else's property or injure them in an accident - without this cover you could be left footing the bill or faced with a court case. The third sort of cover will offer you a pay-out if you are hurt while riding.
"Getting bicycle insurance does not cost the earth. For about £20 a year with esure.com or Lloyds TSB Insurance you can add your bike onto your contents insurance," Mr Mason noted.
"For £56.50 a year, with E&L Insurance you can get insured for every eventuality, including personal liability, personal injury and third party cover, should the worst happen. Last year, 2,240 cyclists were killed or seriously injured on roads in Britain.
"However, consumers really ought to weigh up whether getting specialist bike insurance is justified, especially as it can be over double the price."
Things to consider when taking out bicycle cover, from Moneysupermarket
Have your bike marked by the police
Check if you need a specific log
See if your accessories are covered
Make sure you have the make, model, type, size and colour of the bike written down in case it is stolen
Check whether you are covered for a replacement or for the value of your bike.