Battle Bike Theft Crime with Home Insurance

Conservative Party leader David Cameron has embraced his image as a green enthusiast by cycling wherever possible in a bid to reduce his carbon footprint. Unfortunately however, some mischievous thieves appear to be following his tyre tracks.

For the second time since last summer, Mr Cameron has had his bicycle stolen prompting many cyclists to express their concern about the growing number of thefts across the UK. Just last year, home insurance provider Halifax conducted a study that found a bicycle is stolen in the UK every 60 seconds.

So with bicycle thefts so common, what can cyclists do to protect their possessions and ensure they have suitable cover in place in case they do fall victim to this ever expanding crime?

How can home insurance protect a bike?

Adding a bike to a home insurance policy is fairly commonplace. Bicycles are generally kept at home and so as long as you keep them inside your property there’s no reason why you shouldn’t be able to add them to the contents insurance aspect of your policy. Even if you store it in a shed, you should be covered as long as you have outbuildings protection on your policy and secure it each night with a padlock.

If you’re willing to pay a little extra on a home insurance policy you may even find you can cover the bike while it is away from your home. Several home insurance providers offer "pedal cycle cover" or includes bicycles within the personal possessions aspect of a policy meaning you have coverage no matter where you take your bike. However, be aware that most of these policies do come with strict criteria – generally you will be obliged to lock up your bike when you’re on the move, for example.

According to research from a comparison website, cyclists can usually add a bicycle to a home insurance policy from as little as £14 a year. However, the costs can vary dramatically between providers making shopping around essential.

For example, a man with a home in Maidstone, Kent, and a £40,000 home contents insurance policy would pay just over £17 a year to add his bike to a policy with quoteline direct. However, the same homeowner could pay an additional £23 a year with the likes of Direct Choice and Swinton.

It’s also important to pay attention to the policy limits. For example, some providers will offer up to £5,000 in coverage for bicycles. However, within this there may be a limit for an individual bike – typically in the region of £1,500.

Are there alternatives to home insurance?

It is possible to take out specific bike insurance - and indeed this is probably advisable for any real cycling enthusiasts that have bikes with high values.

If you take your bike abroad or compete in competitions, look into stand alone insurance which can offer protection across the EU and provide policy features such as personal accident cover. Among those that offer bike insurance are AUA Insurance, E&L Insurance and Cycleguard.

Make sure you check the policy terms and conditions thoroughly too. There are often exclusions in which the providers will not offer a payout - for example, if your bicycle was left too close to a train station. So examine the terms and conditions thoroughly and compare the prices on policies.

How can you avoid a home insurance claim for a stolen bike?

In an ideal world, you’ll never have to make a claim for a stolen bike on a home insurance policy. However, with so many opportunist thieves out there you’ll need to go that extra mile to secure your property.

Ensure your bike has security markings so that it can be traced if it is stolen. The markings should be clearly advertised so they will act as a deterrent to thieves. Also use a heavy duty lock and chain that is secured through the wheels and frame to an immovable object because some thieves will simply lift a bike that is chained to a post.

Ideally leave your bike in a busy area so criminals have less opportunity to act unseen. Make the bike lock face down towards the pavement too, making it more difficult to pick.

If you have bike cover as part of your home insurance, ensure you let your provider know of any security steps you take and you may enjoy premium reductions as a result.