Both Pedalcover and Yellow Jersey have many years of knowledge and experience of the UK cycle insurance market, not to mention providing cover for tens of millions of pounds worth of bikes. But how do their policies compare? What level of cover can you expect to receive from each company and, most importantly, how much is it going to cost you?
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:
|Policy Feature||Pedalcover||Yellow Jersey|
|£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|
|Excess||£100||10% capped at £100|
|Price (£5000 bike)||£277.13||£372.75|
The most obvious difference between the two policies is, of course, that whilst the Yellow Jersey cover is purely for the bike, the Pedalcover policy not only covers the bike but also includes building and contents insurance for the customer’s home too. In addition to that, 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 this policy, compared to the Yellow Jersey policy which is purely for the one specified bike.
When it comes to the actual cycle insurance element of the policies, there are a number of similarities. Both provide worldwide cover for theft away from home and crash damage, as well as cover for damage caused on an airline and also new-for-old cover for at least 10 years. They also both provide personal accident cover and race fee cancellation.
However, there are some other elements of the policies where the level of cover is greater on the Pedalcover policy than that provided by Yellow Jersey. The biggest of these is the provision of cover for additional items. In addition to the bike, the Pedalcover policy also covers accessories (including cycling clothing, bike computers, sunglasses etc) as well as providing cover for jewellery, phones, watches and other personal possessions away from home, up to the standard policy limit of £9,000. In contrast, the Yellow Jersey policy limits accessory cover to £250 as standard. For any additional cover an upgrade is required and this is then reflected in the cost of the premium.
Now to the all important question of cost. With all of these additional elements in the Pedalcover policy, you would expect to see a higher premium cost to match. However, our comparison showed the Pedalcover policy was in fact £95 cheaper for the given conditions*, making it 25% cheaper.
In summary, it seems this is one cycling competition where the yellow jersey doesn’t win.
*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. Yellow Jersey Ultimate Policy Quote accessed 20/06/2018