On Your Bike — but Only if It’s Insured

Cycling is a big thing nowadays. Whether the priority is getting fit, saving money or saving the planet, we’re all being encouraged to get out of our cars and onto our bikes.

The problem is that this also makes your bike an attractive target for thieves. And, while you automatically insure your car, an alarming number of bikes may not be covered — and perhaps you won’t find out till the loss adjuster turns down your insurance claim.

Just as bicycle sales went through the roof during the pandemic, so bicycle thefts have also soared. The figure for 2021 was 25% higher than the previous year and 40% higher than in 2019 — and the trend seems to be continuing this year, with the figures 56% higher in the first two months than over the same period last year.

This is a nationwide problem, but certain hotspots for bicycle theft have emerged:

  1. Southwest London
  2. East London
  3. Southeast London
  4. Bristol
  5. Edinburgh
  6. North London
  7. Cambridge
  8. Brighton
  9. Southampton
  10. Kingston-Upon-Thames
  11. Newcastle
  12. Bournemouth
  13. Oxford
  14. Manchester

Is Your Bike Insured?

Many owners assume that their bike will be covered by their home contents. It may be — but not necessarily, so you don’t want to find out that it isn’t insured when you have to make an insurance claim.

For a start, only bikes worth less than £350 will be automatically included in your policy, and even then not all insurers offer this. In any case, many bikes cost far more than that. In 2021, the average value of stolen bikes was £950.

Even if you have a cheaper bike, it’s vital to check that it’s included in your policy. If not, then you’ll need to get it added as a specified item to your cover, before the bicycle thieves strike.

This becomes even more crucial if you have a bike that’s worth £5,000 or more, which isn’t that unusual these days. These must be specified in your insurance policy, and there are likely to be clauses specifying security. For instance, the insurer may insist on the type of lock you use for your bike, and you’ll need to inform them where you keep your bike overnight. Failure to meet these requirements could see the loss adjuster turning down your claim.

If you have a bike, especially a valuable one or multiple bikes for your family, Allied Claims would strongly recommend that you check your insurance policy to make sure it’s covered. It would still be frustrating if the bicycle thieves should strike, but at least you won’t be out of pocket.