When searching for cycle insurance you’ll inevitably end up comparing different companies. One such comparison might be between Bikmo and Pedalcover. To help you with this we’ve done the comparison for you, to find out what differences there are in the level of cover and how the two policies compare on cost.
We compared quotes from the two companies for insuring a £5,000 bike based on a typical residential scenario* and the table below shows 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||X|
|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|
|Replacement bike hire|
|Race fee cancellation cover||X|
|Price (£5000 bike)||£277.13||£406.85|
Our comparison highlighted a number of key differences between the two policies, probably the most noticeable of which is that the Bikmo policy doesn’t cover all the bikes in the home. In contrast, the Pedalcover policy doesn’t limit the number or value of the bikes in the home (up to the £75,000 total contents limit), meaning if there are other bikes in the household they would also be covered.
Another big difference is the provision of cover for additional items. The Pedalcover policy provides cover for accessories, such as cycling clothing, helmets and bike computers, as well as cover for jewellery, phones, watches and other personal possessions away from home (up to £9,000) whereas these items are not covered by the Bikmo policy. And if you’re into racing it’s worth noting that race cancellation cover is not covered by Bikmo. It’s also worth noting that it’s a requirement of the Bikmo policy that you use a Gold standard lock when securing your bike away from home, whereas Pedalcover make no such stipulation.
Finally, there is the biggest difference of all. The Pedalcover also includes home contents (up to £75,000) and buildings (£1million) insurance, whereas the Bikmo policy is purely for the bike alone.
With all of this additional cover offered by the Pedalcover policy you could be forgiven for thinking that their policy would be more expensive. However, in our comparison exercise the opposite was true. The Pedalcover policy was in fact 31% less than Bikmo, giving a saving of £129.
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. Bikmo Plus Policy Quote accessed 20/06/2018.