Bicycle owners without bike cover risking hundreds of pounds

Bicycles are among the most commonly stolen, damaged or lost items people own. And yet research from leading insurance broker Policy Expert shows that less than half of bike owners have the right level of bike insurance to cover them.Bike insurance

As many households have bikes worth between £500 and £1,500, or even above, they potentially stand to lose a great deal of money.

We’re spending more on bicycles, but not on Bike Insurance

Policy Expert’s research comes as the number of Britons who cycle continues to rise strongly, and the amount spent on bicycles booms.

Figures from the Office for National Statistics (ONS) show that over 12 months bikes worth £1.56billion were bought in the UK, the highest figure ever recorded. And Chris Peck, the policy co-ordinator for the UK cycling organisation CTC told The Times newspaper last year that people are buying “more expensive, better-quality bikes that are going to last longer and get used more”.

New bikes stolen after 23 months, but only 43% correctly insured

But most won’t have their shiny new bikes for long. Recent statistics from the insurer LV= show that, on average, bicycles are only owned 23 months before they’re stolen. And in total, one in five cyclists is a victim of bike theft.

Worryingly, Policy Expert’s research reveals that only 43% of bike owners have any insurance cover which would allow them to make a claim if their bike were stolen or damaged when they were using it away from their home.

The results are from Policy Expert’s ‘Motorists versus cyclists’ survey, which looked into the attitude of just over 2,000 motorists and cyclists towards each other and Britain’s roads.

‘Away from home’ cover is needed

To be sure of cover, a bike owner would need what’s known as ‘away from home’ insurance as part of a policy.

But most policies only financially protect those items kept within the boundaries of the insured property. Additional protection is usually needed as an ‘add on’ so that bicycles and other items are also insured when they’re taken away from a home.

Some of the better, more expensive home insurance policies include away from home cover as standard, but most don’t.

Less than half have the correct cover

Of those describing themselves as motorists in the survey, only 28% are certain they have the correct level of cover for the bicycles they own. Whereas 25% simply aren’t sure if they’re covered or not.

As you’d perhaps expect, the figure is higher for those describing themselves as cyclists, with 46% saying they have away from home cover their bikes, but 23.5% aren’t sure if they do, and 30.4% say they’re certain they don’t.

Households owning more expensive bicycles

The survey shows that the total value of bicycles kept in households is generally high. This reflects the fact that often more than one bike is owned and also, as the stats show, that people are spending more on bikes than ever before.

Cyclists’ households generally own more expensive bicycles, with 45% over being worth over £300 and one in five, having bikes worth more than £1,500.

It means that a whopping 67.5% of cyclists own bikes worth £500 or more, which is a lot of money to potentially lose if bikes aren’t insured properly and they’re stolen.

Policy Expert

As an online home insurance broker, Policy Expert help our customers to products and find a policy that’s right for them. Customer care is at the heart of everything we do and we have a dedicated customer service team on hand by phone, email, twitter and instant chat. For more information speak to one of our experts on 0203 014 9300 or email

Receive £25

When you refer a friend to our home or car insurance

Refer now