Whether you’ve just forked out on a brand new bike or spent a few quid improving your existing steed, it makes sense to get it insured. However, with a range of insurance options out there on the market, it can be more than a little confusing when it comes to comparing them all. You may initially have thought that your house insurance would cover your bike but then quickly came to realise that it wouldn’t provide you with the cover you need. Even if you extended your home policy to cover your bike, it’s likely that the value limit of the policy is too low and there are numerous other limitations that mean it just isn’t fit for purpose. Inevitably, you then turned to the specialist “bike-only” insurance market where you found a range of providers with varying levels of cover and limitations to their policies. Add to that Pedalcover’s unique combination of home and bike insurance in one policy and you had even more to think about!
So, what’s the right policy for you? Which will give you the cover you need? Is it worth combining home and bike insurance?
To answer these questions, and many others, we’ve taken a look at all of the major cycle insurance companies in the UK and put our home and bike insurance policy up against them to see how we compare. And not purely on price. We’ve taken a look at all aspects of the policy offered by each of the providers to understand where the differences lie and the level of cover you’re receiving from each provider. We’ll also point out a few useful facts that you may not be aware of; For example, did you know that the insurance provided as part of British Cycling’s Gold Membership doesn’t cover you for a member-to-member claim (So basically, if you cause an injury to another BC member, you’re not covered)? Armed with this type of information, you should be able make an informed decision when it comes to your cycle insurance.
To help with the process of comparison we obtained quotes for insuring a £5,000 bike from a collection of the UK’s leading cycle insurance companies which were based on a typical residential scenario*. The table below outlines the level of cover provided by each company and the quoted cost for the cover.
|Policy Feature||Pedalcover||Wiggle||Yellow Jersey||Bikmo||Cycleguard|
|£1 million home buildings cover||X||X||X||X|
|£75,0000 home contents cover||X||X||X||X|
|£2 million public liability in the UK||(£1m limit)|
|Unlimited bike cover at home (up to £75,000 total contents limit)||X||X||X||X|
|No gold standard lock requirement whilst away from home||X||X||X|
|Theft away from home worldwide|
|Worldwide cover for crash damage|
|New parts, accessories and bikes automatcially covered for free (within policy limits)||X||X||X||X|
|Accessories, additional wheelsets and additional bikes automatically covered (up to standard policy limits)||X||X||X||X|
|Cover for jewellery, phones, watches and other personal possessions away from home (up to £9000 limit)||X||X||X||X|
|Personal accident cover (for death, loss of limb and loss of sight)|
|Cycle breakdown cover (taxi fare reimbursement)|
|New for old up to 10 years||X||X|
|Replacement bike hire|
|Race fee cancellation cover||X||X|
|Excess||£100||£100||10% capped at £100||0||£100 minimum or 20% whichever is highest|
|Price (£5000 bike)||£277.13||£517.93||£372.75||£406.08||£455.30|
For a more in-depth analysis of how Pedalcover compares with each of these cycle insurance providers, select from the options below.
*Pedalcover quote based on a 3 bedroom, 2 bathroom, 2000 construction, semi-detached house in a SG4 postcode area . Policy holders are 30 years old, married with 2 children and 10 years no claims discount. Policy includes £9000 of personal possession cover and was quoted 20/06/2018. Wiggle Elite Policy Quote accessed 20/06/2018. Yellow Jersey Ultimate Policy Quote accessed 20/06/2018. Bikmo Plus Policy Quote accessed 20/06/2018. Cycleguard with Personal Accident/Personal Liability, Worldwide Cover, Race Fee Extension and Cycle Rescue selected – Quote accessed 20/06/2018.