As the name suggests, Cyclecover provide insurance cover for cyclists and so here at Pedalcover we were keen to see how our policy compared in terms of both cost and the level of cover provided. We based the comparison on insuring a £5000 bike in a standard residential scenario* and the results are in:
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||(competition incl. sportives and triathlon not covered as standard)|
|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 only covered if bike damaged at same time)|
|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|
|Excess||£100||£25 (£100 minimum claim)|
|Price (£5000 bike)||£277.13||£308|
As you can see from the above table, there are some distinct differences as well as some similarities between the policies offered by the two companies. The major difference is of course that PedalCover provides both home and bike insurance as part of their policy and this includes all of the bikes in a household (as long as the value isn’t in excess of £75,000). This is compared to the Cyclecover policy which provides cover for just the single bike in question.
While both insurance companies offer up to £2 million worth of public liability cover in the UK, Cyclecover does not cover competitions, sportives and triathlons as standard. As with any mass participation event there is a risk of accidents happening so if you’re intending to participate in such an event it’s worth checking that your policy covers you.
In terms of similarities, both policies cover against theft, worldwide crash damage and airline damage so are great for those who cycle abroad. Likewise, both policies also provide cover for personal accidents, cycle breakdown and replacement bike hire.
There are a couple of additional elements of the PedalCover policy that aren’t included by Cyclecover. Firstly, PedalCover look after any race fee cancellations and also provide cover in transition, both of which could prove valuable elements if you’re a triathlete. Secondly, your all-important accessories (bike pedals, helmets, sunglasses, gadgets etc) are covered under the PedalCover policy, whereas Cyclecover will only cover against accessories if the bike is damaged at the same time. Further personal accessories (phones, jewellery, wallets) are also covered when you are away from home (up to a standard limit of £9000) by PedalCover.
Based on like-for-like quotes, there is only a £30.87 difference, with the PedalCover policy being 10% cheaper. However, when you factor in the extra elements as described above, not least the fact that PedalCover also includes home insurance, the difference in value-for-money is significant. Therefore, on this occasion, PedalCover rides away with the victory…
Our comparison test was of course based on one particular set of circumstances*. To find out the cost of a PedalCover policy for yourself, get a quote today.
*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. Cyclecover quote accessed 17/10/2018 http://cyclesure.uk/cyclinguk.