Bike Insurance

Bike Insurance the Easy Way
Executive Summary by Hadassah

Bike theft is on the rise with thieves running off with hundreds of millions worth of bikes every year, a third of which are taken from outside people's homes. The majority of home insurance policies will cover the theft of bikes within the overall cover of home contents if personal possessions are included within the policy, but not all insurers will offer to include bikes so it is important that you ascertain this information when shopping around for an insurance provider.
Personal possessions insurance will have differing stipulations, for example some will include push bikes but not motor bikes. Cyclists are warned that unless they apply a proper lock and security administration to their bike they are at high risk of having it stolen. They should ensure that their bikes are post-coded, securely locked and out of view, preferably hidden within a locked garage or outhouse.

When buying a bike, budget for security. Take out insurance, either by extending your home contents insurance or through a separate policy.

Bike Theft Increases Insurance Concerns
Executive Summary by Tom H.Hughes

Bike thefts are becoming increasingly common as thieves cash in on those who have dumped their cars, for more eco-friendly cycles.
Figures released last year by Halifax Home Insurance showed that a bike was stolen somewhere in the UK every 71 seconds. Government figures for Hertfordshire for example have increased by 30 per cent since 2001, with reports of similar increases in Lancashire, Essex, Somerset and Cambridgeshire to list a few. A major factor in this has been the pilot of an electronic tagging scheme for bikes that allows them to be traced easily if stolen. The electronic tag is inserted into the frame of the bike and cannot be removed. A warning label is displayed on the bike frame to deter thieves.
The Government desperately wants people to get out of their cars and does not want people feeling that they have to take out separate bike insurance or add the bikes to their home insurance because in most cases, bikes should be cheap, disposable forms of transport that should have minimal financial risk.
That is fine if you damage a bike, because unlike a car repairs are very cheap and insurance will rarely come into the equation. Halfords insurance scheme offers free repairs if you should damage your bike purchased from them and you take out an additional policy. Theft is different, as some bikes can now cost in excess of £1000 and replacing such desirable bikes frequently under a policy system will inevitably push up premiums for the rest of us.
The government issues the following advice for bike insurance, they say: "When buying a bike, budget for security. Take out insurance, either by extending your home contents insurance or through a separate policy. Cycling organisations and bike shops may offer specialist cover.
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