When shopping around for home insurance, most people base their purchase decision on the cost of the premium along with the level of cover that is being provided. In most cases, the level of cover is sufficient so that, in the unfortunate event of having to make a claim, their most valuable possessions are covered. However, if you’re a cyclist and own one or more bikes, the situation isn’t quite so straight forward. Often your bike, or bikes, can be the most valuable of your possessions (with the exception of your car, perhaps) and it’s therefore natural to want to ensure they are covered.
Whilst many home contents insurance policies include cover for bikes, the restrictions and limitations mean that the level of cover is not sufficient for most cyclists. Factors such as the value of your bike, where it’s kept and where you use it, right down to the type of lock of you use when securing it away from the home, means that a standard home insurance policy is too limited for most cyclists. Add to this some exclusions such as not including the use of the bike in events, like sportives, and it’s clear that a standard home insurance policy simply isn’t suitable for the growing number of cyclists hitting the roads and trails around the UK.
The solution for most cyclists facing this quandary is to purchase separate policies – one for their home insurance and one for bike-only insurance. However, this not only ends up being an expensive solution, but these bike-only policies often come with their own set of restrictions and limitations. For example, these policies often base the premium on the value of the bike and limit the policy to a single bike, which is not ideal for many cyclists who may own more than one bike or live in a household where there are several bikes that need to be covered. As a result, having two policies is also not the best solution for cyclists looking for both home and bike insurance.
Combining bike insurance with building and contents insurance in a single policy not only cuts down the hassle involved in having multiple providers, but can also provide a cyclist with the level of cover they need. Pedalcover’s home and bike insurance is one such example of a policy that brings together all the advantages of home and bike insurance in one single policy. Not only are all the bikes in a household covered by the policy, but there’s no need to specify the individual bikes and there’s no limit on the total value of the bikes. Instead, Pedalcover look at the maximum value of bikes that could be out of the home at any given point and base their calculations on that. For many people this proves to be a real cost saving when compared to a bike only policy. And that’s not all. As any cyclist will tell you, as well as the actual bike there is also a plethora of other kit involved too – from clothing, to helmets, bikes computers and even wetsuits if you’re into triathlon, and all of this can add up to a sizeable cost. The good news is that all of this is also covered with their home and bike policy, along with all the valuables you’d expect to be covered by good home insurance – laptops, TVs etc.
In summary, if you’re a cyclist looking for the best home insurance option, then it clearly makes sense to combine it with your cycle insurance in one policy. The limitations and exclusions of either standard home policies or bike-only insurance mean the policies are not sufficient for most cyclists and often end up costing more than combining the two policies in one. To find out more about the benefits of home and bike insurance, contact the Pedalcover team today.