It is now estimated that around 6% of the nation cycles everyday.
However, with the hike in bicycle use inevitably comes a hike in bicycle theft. Halifax reports an 8% rise in bike theft claims on its home insurance policies, at an average replacement cost of £300 per bicycle.
A report from Santander claims that one in 10 cyclists has had their bike stolen within the last five years but 57% of them were unable to claim on their home insurance.
You are advised to check your home insurance policy thoroughly, as many require additional add-ons to cover bicycles in all situations.
Whereas most policies cover all bicycles at home, some outline limits ranging from £250 to £10,000, and some apply a single item limit for each bike covered.
You are also advised to check the policy for bikes kept in outbuildings such as sheds and barns.
For example, Halifax’s Home Solutions policy covers bikes within the home but cannot cover bikes stolen from other buildings, even if they are on your property.
However, cover from outside theft can be added as an extra to the package.
For one package that covers all, Santander’s Peace of Mind Plus home insurance might be more suitable.
Home insurance policies tend to include tricky exclusions, such as when bikes are stolen overnight, or when they are not locked to a fixed point such as a lamp-post or bike rack.
‘Serious’ cyclists with expensive equipment can opt for a specialist package such as Cycleguard, E & L Insurance and Cycle Cover.
These options are more expensive than home insurance add-on, but prevent any nasty surprises in the event of theft.
Sara Newell from Endsleigh Insurance said: “Cyclists need to ensure cover includes theft, damage and vandalism to the bike and its accessories, as well as liabilities that can arise in an accident.”
For a bump-free claims process, you are advised to keep the receipt when you purchase your bike, take down the serial number and store photographs of it.
If your bike does get stolen, make sure you report it to the police as soon as possible.
For information about how an accountant can advise you on subjects like insurance cover, please visit our page on Personal Finance.
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