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Advice and Tips

Specialist cycle insurance over home insurance


Specialist cycle insurance over home insurance

As cyclists, we know and understand how much our bikes mean to us. Whether it’s a shiny new Bianchi Oltre XR4 with Campag Super Record EPS, or that custom Santa Cruz you’ve built, we know the value our bikes have, and the importance of keeping them protected. It stands to reason that in your hour of need, you want to make sure what you’ve spent your hard earned cash on is covered.

Home insurance vs specialist cycle insurance

One of the most frequent questions we’re asked is “What’s different about cycle specific insurance, compared to just adding a bike onto your home insurance policy?”

We can understand why we get asked this, often it can be cheaper to just add a bike onto your existing policy, and this may appear to be more convenient for you, but are you getting the cover you need or think you have?

It’s most important to check the level of cover you have, as the last thing you want is to assume that your bikes & kit are adequately covered, to then find when making a claim, you’re only covered for a low value or not actually covered at all. Although not in every case with every home insurer, we’ll give you some of the most important things to look for within the policy wording, so you have the confidence when making your decision on how best to cover your bike and kit.

What home insurers often don’t include:

Policy wording can often be a minefield to understand and, although Bikmo has made theirs simple and clear, not all insurers do. One particular area which causes confusion is the cover and exclusions for ‘cycles’. Please read the policy wording carefully, as you may find that the definition of ‘cycle’ changes to ‘sports equipment while in use’ in the exclusions section of a home insurance policy. It is very important to check this, as it can mean that you are not covered from the moment you begin riding the bike…which is the very time that you may need it.

Maximum cycle value – With your home contents insurance, there will most certainly be a limit on the value of cycles you can cover, which could be as low as £500. If your bikes are worth more than this limit, they may need to be specifically declared on the home insurance policy, which of course they’ll want an additional premium for. In many cases, home insurers will decline to provide cover for high value bikes, so make sure you check against this one. Especially if you’re the lucky owner of something like a Pinarello or a Specialized Turbo Levo.

Cover away from the home – Bikes are built for all sorts of riding, whether it’s out on the road, up mountains in Europe or across the tough terrain of a downhill course. A lot of home insurers won’t cover you for theft or accidental damage when away from your home, which is the time when you need it most.

We can’t emphasise this enough. If you’re currently on a home cover, then please check the underwriting guide to clarify the details around “away from home cover” as you may assume that you’re covered, however, the small print often states that if you’re on the bike when you’re away from home then you’re not actually covered at all. Sound crazy? No comment.

Competition cover – Whether you ride crits, sportives or race downhill, you’ll know the enjoyment there is to be had racing against the clock at competitions. Home insurers often exclude damage caused when taking part in competitive or mass participation events, and they’ll almost certainly turn down a claim if your unlocked bike is stolen from a race transition area.

Accidental damage – Interestingly, most cyclists we speak to tend to assume it’s only theft that they’ll need to be protected against when it comes to cycle cover. At Bikmo, 49.25% of claims come from accidental damage while riding the bike, which is a factor many home insurers don’t cover against.

Clothing cover – Have a quick tot up of the cost of your clothing the next time you ride, it’ll be a lot more than you realise. With jersey, shorts, warmers, helmet, glasses and shoes, it can often be nearly as much as the bike you’re riding! Your clothing is usually the first thing to make contact with the tarmac during a spill so, if you saved £30 by insuring your bike under your home policy, that may only be enough to buy a new pair of mitts.

home insurance
Clothing damage is covered with Bikmo

For example:

Sarah buys a Trek Emonda SL 6 which she bought at RRP for £2,100. One Sunday morning, a pothole gets the better of Sarah and the bike, resulting in a nasty fall for Sarah, and an even nastier fall for the bike.

The damage? A scuffed saddle and handlebars, broken shifters, a bent front wheel as well as damage to the frame and rear mech. Sarah’s local bike shop has quoted £1,200 to repair the bike back to it’s original state.

How much would this have cost Sarah if she was on cover with Bikmo? An annual GO policy for a bike worth £2,100 would have set Sarah back £151.44/yr (equating to £12.62 per month, at 0% interest). A no-brainer really.

Premium increases – It might be that your bikes are one of the lowest value items on the home insurance, however that doesn’t mean you won’t be stung with a hefty increase to your annual premium following a claim, especially when it comes to renewing. In many cases, home insurers will increase your premium if you’ve had a claim, when it comes to insuring the following year.

Excess – When it comes to using your insurance, the last thing that you want is to be stung with a sizeable excess when it comes to claiming. All too often, home insurers apply a ridiculously overpriced excess fee that can be up to the value of £500.

Why opt for specialist cycle cover?

At Bikmo, we want to give you the piece of mind that our policy has been created by cyclists who fully understand not only the cycle industry, but the behaviours of cyclists, and what exactly they need from a cycle policy.

We know that most cyclists have more than one bike. We know that your garage can easily have a value in excess of £20,000 (easily), and we also know that if you’re into your cycling, then you’re probably out on the bikes every weekend, taking trips with your bikes in the UK and abroad, albeit for leisure or to compete.  We also know that if you have a fall, you’ve probably scuffed up your kit which again, is expensive to replace.

So what have we done with this knowledge? Well from having a special and unique opportunity to rethink cycle insurance, we’ve been able to create a policy which is easy to use, that includes a host of superb and comprehensive add on policy benefits, all at an excellent price point.

Bikmo policy benefits:

  • Theft, accidental damage & vandalism
  • Up to 50% multi-bike discount
  • An additional cover for bike accessories (free of charge)
  • An additional cover for clothing & headgear (free of charge)
  • Worldwide travel cover
  • Excess-free option on claims replaced through your chosen retailer
  • Family & friends on policy
  • Returning home cover
  • No claims discount

Optional covers with PLUS and RACE

  • £2m Public liability cover
  • £20k Personal accident
  • Over £5k medical expenses
  • Competition cover

Add to that, we’ve made the process of signing up and managing a policy super simple. Insurance doesn’t have to be frustrating and an overall negative experience, and you’ll see for yourself that cycle insurance with Bikmo is easy + simple + brilliant.