Bikmo’s Home vs Cycle insurance guide

One of the most frequent questions asked is “What’s the difference between cycle specific insurance, to just adding a bike onto your home insurance policy?”

We can understand why this is asked. Often it seems like a cheaper option to just add a bike onto your existing home insurance but are you aware of how the cover differs between the two?

Check out our handy video below on what to look out for:

Below is a comparison table between our PLUS cycle insurance policy vs two leading home insurer’s home insurance bike policies.

What home insurance often doesn’t include compared to cycle insurance

Policy wording can often be a minefield to understand. We have made ours as simple as possible; not all insurers do.

One area that causes confusion is the cover and exclusions for ‘cycles’.

Read your home insurance policy wording carefully, as you may find that the definition of ‘cycle’ changes to ‘sports equipment while in use’ in the exclusions section. 

It is important to check this, as it may mean you are not covered while actually riding your bike.

Maximum cycle value

With your home contents insurance, there will almost certainly be a limit on the value of cycles, which could be as low as £500.

If your bikes are worth more than this limit, they may need to be specifically declared on a home insurance policy, and they’ll want an additional premium. In many cases, home insurers will decline to provide cover for high value bikes. 

Bikmo provides cover for bikes valued up to £30,000!

Saddle Skedaddle members benefit from an exclusive 5%* discount.

Cover away from the home?

Some household policies will not provide cover for accidental damage or theft whilst the bike is away from the home, which is probably when you need it most!

Few also cover your bike when it’s outside of the UK – does yours?

We cover away from home as standard, providing it’s locked securely in line with our locking requirements

Check out our handy locking requirements video below and our full locking requirements here

Accidental damage

Many cyclists assume it is only theft that they’ll need to be protected against when it comes to cycle cover. However, at Bikmo, 39% of all claims from 2023 came from accidental damage while riding the bike, a factor many home insurers don’t cover against.

Clothing cover

With a jersey, shorts, warmers, helmet, glasses and shoes, cycling kit can often be close to your bike’s value! Clothing is usually the first thing to make contact with the tarmac in a crash. Check the policy wording to see if your other expensive kit is covered.

Home insurance excess fees

When using your insurance, the last thing you want is to be stung with a sizeable excess when claiming. Home insurers often apply high excess fees that can be up to the value of £500.

With Bikmo, where available, you can opt to have £0 excess on bicycle claims when you replace through our retail partners.

Is your bike covered when you lend it to a friend or family member?

We often lend our bikes to friends, when they’re new to cycling or if a mate is in a fix before a race and needs a bike.

A home insurance policy will be in your name, so if you make a claim for damage or theft when you have lent the bike to a friend, the insurers may not pay out.

Bikmo covers your bikes as long as you’ve given your permission for a friend or family member to use them.

Home insurance premium increases

Your bikes may be one of the lowest-value items on the home insurance, but that doesn’t mean you won’t be stung with a hefty increase to your annual premium following a claim. Home insurers often increase your premium the following year if you have made a claim.

Making a claim with Bikmo won’t affect your house insurance policy.

Provided your road rash isn’t too sore, this would allow you to hire a bike to continue exploring, and then claim for damage to your own bike & kit when you return.

Consider dedicated cycle and travel insurance

If you own bikes above £400, travel or ride a lot, then you may want to consider dedicated cycle and travel insurance.

Saddle Skedaddle customers benefit from a 5%* discount on our award-winning cycle insurance policies, including a 50% saving when insuring multiple bikes and a 25% discount on e-bike specific policies. Cover can include you, your bike(s), clothing and accessories against:

• Accidental damage
• Theft
• Worldwide as standard
• Bike box cover, emergency hire and much more

Saddle Skedaddle customers can also benefit from a 10%* discount on our travel insurance policies, which cover everything you would expect from travel insurance, as well as cover options for those on escorted cycling trips and cycling above 2,500m. Benefits include:

• Travel delays & cancellations
• Lost baggage, passport & money
• Medical treatment & hospital stays

Let us have your back, get a quote in seconds below.

Disclaimer – Coverage are true as per a web search on 10/10/2023. All coverage is subject to terms and conditions.

*Minimum premium £3.73/mo and policy wording applies. Terms and conditions apply. This promotion is provided by Bikmo Limited who are authorised and regulated by the Financial Conduct Authority ref: 745230.