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Bike Insurance -
Bicycle insurance something to consider?
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With continuous price rises in petrol transport is becoming more expensive, so many are forced to look into cheaper options. One of these options that are growing in popularity is cycling. This is because most bicycles are cheap, environmentally friendly and also act as a good form of exercise. However with all the increase of cyclists on the road it has resulted in more than 26,000 accidents each year and that’s not all bicycles have now become an easy target for thieves and on average around 1,000 bicycles are stolen every day.
Bicycle insurance has been created to cover a vast number of incidents such as fire, theft, accidental loss, damage, cover for bike accessories and a sum of money through an accident.
If you own a bicycle or considering buying one, taking out an insurance policy could be something to consider, however many things do need to be considered such as what you will use the cycle for? How often will you be using it? And also where you would keep your bicycle? As this all will affect your premium. Also as with most insurance policies it is important to check exactly what the bicycle insurance policy will cover you for. For example, many insurers will specify that policyholders must “take reasonable care”. Despite protests from cycling groups the phrase “take reasonable care” is still legitimate, but is filled with ambiguity as there is no clear example of this.
However if you already have home contents insurance then your bicycle may be automatically insured under your existing home contents policy. If not you could be able to extend the cover that you already have to include you cycle, which could then work out cheaper than taking out a separate policy for your bike. It is recommended to find out if the insurance company will only insure your bike if it is stolen or damaged whilst it’s in your home. If you want cover for your bicycle whilst you’re away from home, you could look into adding personal possessions cover away from home to your existing home contents insurance and that could cover your bike should it ever be stolen when it’s not at home.
It is important to take into look into your existing insurance policies and find out what they can cover you for instead of taking out more and more policies that you find you may not need. As it has been reported that many consumers in the UK are paying for unnecessary insurance policies.
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