Should I get bike insurance?

Having just bought your new bike, the last thing you want to think about is it breaking or getting stolen. However, if you want to ensure that you are covered in the case of any of these unfortunate events, then it's best to think about insurance earlier rather than later.

Let’s be honest, we would all rather spend the money on a new jersey or some helmet, but if you’ve spent a few thousand pounds on a new bike, insurance is undoubtedly one of the wisest investments you can make.

Why do I need insurance?

Unlike with cars, insuring your bicycle isn’t mandatory. However, considering the fact that many top of the range bikes might cost the same as a car, it seems like a wise decision to cover yourself.

Bike insurance generally protects you in the event of something going wrong, meaning you are covered if it gets stolen, if it breaks, if it gets damaged or even if it gets lost. In some cases it might pay for a new bike, while in others it will go towards your repair or parts.

Does it cover anything else?

Depending on the package you choose, bike insurance can encompass a vast range of things involved with cycling. This includes, but is not limited to:

• Personal injury coverage for incidents that happen on the bike.
• Coverage for cycling equipment
• Coverage for cycling trips abroad
• Third-party liability, which covers you if you are responsible for injuring someone else or damaging their property.
• Competition insurance, which is sometimes required for racing.
• Legal expenses
• Multi-bike cover, so you can insure your garage full of bikes in one go.

What insurance options do I have?

There are a vast range of insurance options on the market for cyclists, with prominent insurance companies and specialist cycling insurers both providing good options.

The standard model is a monthly payment that covers your plan, but there are some unique options, like Laka, that pool your payments so you help cover other cyclists – in return for the same happening to you if you claim.