Here at Pedalcover we’re always keen to make sure we’re providing our customers with the best cycle insurance cover at the best possible price. This of course means comparing ourselves to others in the market, so in this piece we’re putting ourselves up against Cycleguard to find out what differences there are in the level of cover provided by the two companies and how the two policies compare on price.
We compared quotes from the two companies for insuring a £5,000 bike based on a typical residential scenario* and the table below show the results:
|£1 million home buildings cover||X|
|£75,0000 home contents cover||X|
|£2 million public liability in the UK|
|Unlimited bike cover at home (up to £75,000 total contents limit)||X|
|No gold standard lock requirement whilst away from home|
|Theft away from home worldwide|
|Worldwide cover for crash damage|
|New parts, accessories and bikes automatcially covered for free (within policy limits)||X|
|Accessories, additional wheelsets and additional bikes automatically covered (up to standard policy limits)||X|
|Cover for jewellery, phones, watches and other personal possessions away from home (up to £9000 limit)||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|
|Replacement bike hire|
|Race fee cancellation cover|
|Excess||£100||£100 minimum or 20% whichever is highest|
|Price (£5000 bike)||£277.13||£455.30|
Looking at the table above, the biggest difference between the two policies is, of course, that the Pedalcover home and bike insurance policy not only covers the bike but also includes building and contents insurance too. What’s more, the Pedalcover policy also doesn’t limit the number or value of the bikes in a home (up to the £75,000 total contents limit) so if there are other bikes in the household they would also be covered by the policy. In contrast, the cover provided under the Cycleguard policy is purely for the one specified bike.
Another big difference is the provision of cover for additional items. The Pedalcover policy provides cover for accessories up to the standard policy limit of £9,000 and this includes bike computers and cycling clothing, as well as cover for jewellery, phones, watches and other personal possessions away from home, whereas Cycleguard limit this cover to £250. Likewise, the Cycleguard policy does not provide new-for-old cover of up to 10 years, which is a feature of the Pedalcover policy.
So that highlights the differences in the level of cover, but what about cost? Does the additional cover offered by the Pedalcover policy mean it’s more expensive? Our comparison shows this not to be the case. In our comparison exercise the Pedalcover policy was in fact £178 cheaper than Cycleguard. That’s a lot of additional cover for a 39%
saving in premium.
But don’t just take our word for it, why not do the comparison yourself…
*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. Cycleguard with Personal Accident/Personal Liability, Worldwide Cover, Race Fee Extension and Cycle Rescue selected – Quote accessed 20/06/2018.