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Bike Insurance -
Pedal bike insurance is no longer just an option
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Pedal bike insurance used to be a fairly niche market, aimed at serious riders who participated in events using highly expensive frames, with some specific suspension parts costing as much as a second-hand car. Injuries are common-place in the rough and tumble world of competitive cycling and insurance existed not just to protect the value of the bike if stolen, but to save livelihoods.
In recent years however, we are now all being encouraged under Police guidelines to take out separate cover on our bikes. This is regardless of it being a push-bike or a competitive racer.
The reason for this is theft. In the past thieves would never contemplate stealing pedal bikes, as most bought would be basic, simplistic models, often purchased because people could not afford or couldn’t drive. 440,000 bikes were stolen last year in Britain, with the majority of areas reporting increases in excess of 30 per cent since 2001. In contrast, car theft has decreased just as sharply, if over a longer period since 1994.
Security devices in motoring have come a long way, with tracker devices, alarms, immobilisers and deadlocks. Bikes however still lack adequate primary theft protection in the majority of cases. Etching can be scoured off and tracking devices are still only expensive additions or under scarce police pilot schemes.
The best locking systems, rated by Sold Secure have admitted that the best grade gold devices that provide the best protection are too heavy and unwieldy for everyday use. This is a major problem as it is they who provide insurers with bike security information. The rise in bike thefts and lack in practical security has meant that insurers are refusing to allow people to include bikes as part of their home insurance, or at least if the theft occurs away from the home.
So is it really worth taking out a policy? If you ride everyday then it is a complete no-brainer as cover for a bike that is worth £150, is typically £20 a year with cycle-guard and that includes repairs. Given that even a cycle chain or tyre is at least £15, odds are you will see that money back, stolen or not.
Cover for more expensive bikes works out even better value, with a bike valued at £500, currently requiring £54 a year for comprehensive cover. Naturally, these policies cover everyday riding, not competitive cycling, but if your bike is stolen or damaged you are covered for every penny up-to the policy limit.
Bike technology is moving at such a fast rate, that even if the worst should happen, any compensation would buy you a significantly superior machine. A £1000 bike five years ago is now easily equal to machines at £500 or less. If you were not covered, the financial impact could leave you with no bike at all. The benefits of insurance have never been better, while the risks of not having insurance have never been higher. Cycle insurance is no longer an optional extra, it is as vital as a cycle pump.
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