Recently in the UK, we have seen an increase in cycling insurance providers who claim that your cycling gear won’t be covered by your home insurance policy.
But, is this true?
For those that have purchased the cheapest home insurance after using a comparison site, this may be true because you may not have very broad cover. But, like anything, home insurance policies are all different. If you have picked your home insurance policy based on your own specifics and requirements instead of price, then you may have a lot more cover for your cycling gear than these insurance providers claim.
To help you decide if you need a specific cycling insurance policy, Bought By Manyhave outlined the key differences between home insurance and cycling insurance policies for us.
Accidents – cycling policies will often pay out if you have an accident that results in a serious injury, for example loss of limbs. But, the injury must be life changing to result in a payout, less severe injuries will not be covered.
Racing – if you are a competitive cyclist who likes to take part in official time trials or race events, you won’t be covered by your home insurance policy. In this instance you would need cycling insurance. Home insurance providers won’t cover these events because accidental damage, collisions and injuries are much more likely if participating.
Accessories – from a fancy GPS to top of the range lighting, cycling accessories can be expensive and can be a target for thieves. They can also be prone to damage if you were to fall off your bike. Many standard home insurance policies will only allow you to make a claim if the accessories are stolen with the bike, not if they are stolen alone. But, cycling policies will provide a certain amount of cover for accessories.
Breakdown cover – it may not come as surprise to many but, home insurance policies do not provide breakdown cover. If you find yourself with an irreparable bike, they will not help you get home, but some cycling policies will help you and your bike get back home via a train or taxi.
Multibike discounts – if you are lucky enough to have several bikes that need insuring, many cycling policies will offer multi bike discount. But, multi bike discount is not something that is typically seen on a home insurance policy.
Ultimately the choice of whether to pick your home insurance policy or a cycling policy is down to you. You need to look at your own needs and specifics. But, in general if you are a keen recreational cyclist you should have sufficient cover with a quality home insurance policy and if you are a more serious cyclist, the cycling specific insurance would be more suitable.