A recent study by a market research organisation reveals we are spending on average more per bike, but are they insured?
Since 2008 bike sales have risen in value by £106m, as we spend more on average per bike. Indeed a leading UK bank has shown that one in five people have a personal loan but of those a quarter of them use the money to buy a bike or car.
Worryingly with the increasing value of our bikes they are also more theft attractive with estimates being that a bike is stolen once every 67 seconds or 536,000 a year (Check That Bike ).
Bike and Pedal Cycle Insurance
Despite these trends at Sharrocks we believe that there are many households up and down the country who will not have adequate insurance cover for their bikes.
There is often a specific section within a standard home insurance policy which will allow for cover of the bikes anywhere in the UK providing they are secured with locks and chains and can often be added relatively cheaply to your policy. With payment of a small policy excess your bikes will be insured following a claim such as a theft, meaning you will be able to repay any financial agreement you may have outstanding for them and more importantly be able to buy a new bike to keep up the cycling!
Cyclist’s Liability Insurance
As well as protecting the value of your bike if you do have an accident out cycling and cause damage to someone’s property or even injure them the public liability cover under your home contents policy will defend you and provide cover for legal fees and any awards for damages.
If you are a professional cyclist or a serious enthusiast it would be worth checking with your home insurer that the cover they provide is still appropriate as they may restrict cover expecting you to have more specific insurance elsewhere.
If you own a bike check your home insurance policy today and if you are unsure that you are correctly insured or would like a contents insurance quotation contact us at Sharrocks on 01795 580800.