Now seems like the perfect time to take to the open roads on an environmentally friendly, cheap and healthy mode of transport. The good old fashioned bike is being heralded as the ideal vehicle in todays world.

Moneysupermarket.com warns that if you are opting for cycling, you should be aware that bike insurance is vital and take the time to make sure that your bike is correctly insured.

Peter Gerrard, head of insurance research at moneysupermarket.com, said: "With petrol prices hitting astronomical heights there seems no better time than now to get peddling. However, it's important to consider how well insured your bike is, just as you would your car."

It really does seem that amid rising petrol prices, increasing concerns about the environment and with summer well and truly here at last that cycling should be everyones favoured mode of transport.

In just a few weeks the Tour de France is starting as well, an global even which will perhaps encourage people to use their bikes more.

However, according to research, the bike is struggling to make its mark as a popular way of getting around. Each day in London, over 11 million journeys are made by car, compared to well under half a million journeys by bike.

This despite the fact that the government has ploughed over £36 million into promoting cycling since the year 2000.

On top of saving you money on petrol, purchasing a bike, even a brand new top of the range model will be cheaper than buying a new car. And insurance could cost you as little as £10 according to moneysupermarket.com.

As with all types of insurance there are many options when looking at insuring your bike. Many simply add their bike onto their home and contents insurance, probably the cheapest way of doing it.

Whether you are tacking your bike insurance onto your home insurance or taking out a separate policy, there are three types of cover to consider looking at.

You can either purchase cover for solely the bike, third party insurance or personal accident cover as well. If you are adding your bike insurance onto your home insurance you should always double check exactly how you are covered and what the costs of insuring more would be.

Adding your bike insurance onto your home insurance policy will no doubt work out as the cheapest option, although you might want to consider the more comprehensive cover you will get if you take out a separate policy.

Home insurance policies may not pay out in as many circumstances as an individual bike cover policy and they may have a limit on how much they will pay out for a bike.

Peter Gerrard outlines the benefits of an separate bike insurance policy: "If your bicycle is an especially valuable model I'd advise weighing up the advantages of separate bike insurance.

"While stand-alone cover could cost well over the price of adding it on to your existing home policy, it has added benefits such as emergency recovery, replacement hire, and even worldwide use for the cycling enthusiasts who take their bikes abroad."

However you choose to ensure your bike, moneysupermarket.com advise having your bike marked by the police and checking whether you are covered for a replacement bike or for the value of your bike.