Choosing the right cycle insurance can be a bit of a minefield, below is 7 tips to help in that decision, getting it right first time saves a lot of hassle when your pride and joy is either damaged or stolen. Do we really know what we are paying for and is it included ? There are a number of insurance companies out there but if you had a tick list of essentials to cover what would it look like ?
√ New for old
√ No excess
√ Competition Cover
√ 0% monthly payments
√ Worldwide Travel
√ Cheaper Multi Bike Cover
Yes, we want this, but what we also want is hassle free service when it all goes a bit pear shaped and we either have a race in a week or you just want to get out and ride. Keep reading to find out how.
1. Make sure your kit is covered too
Look for a cycle insurance policy which not only covers your bikes, but covers your kit and accessories too. It’s great to know your £5k Pinarello can be replaced after an incident, but what about the £250 Garmin Edge and Kask helmet which may have seen better days?
2. Check if your home insurer covers you
It’s something which I think of a lot of cyclists can be guilty of, assuming that their expensive bikes are covered under the home contents insurance. They’re then stung with the reality when it comes to making a claim. This of course isn’t always the case, as some home insurers may well add your bikes onto the policy for a small charge. Make sure to check if they cover bikes away from the home, travel, competitions and more hazardous riding such as MTB.
3. Check you’re covered if you compete
Compete regularly on the road, MTB or tri? Look for an insurance provider which insures you, your bikes and your kit during competition. If you’re a triathlete then make sure your bike is covered in the transition area, as some policies don’t and it’s at risk when it’s not with you.
4. Option to pay monthly or annually
Look for an insurance policy which offers you the choice to pay either monthly or annually, for the same premium. You shouldn’t have to pay extortionate interest rates for having to pay monthly, after all who knows when you’ll be tempted by the next Colnago or Santa Cruz release.
5. Look at lock requirements
Within the policy wording, many cycle insurance companies will highlight you have to use a lock with a specific rating, dependent on the value of the bike. At Bikmo we use the Sold Secure system, which most good locks in the UK conform to. Make sure you’re aware of the lock requirements to avoid being hit when it comes to making a claim. It doesn’t hurt to use a high rated lock in all instances if you can, such as the HIPLOK Gold
6. Can you make changes to your policy?
Make sure that with your chosen cycle insurance policy, you’re able to add or make changes at any time. You don’t want to be lumped with an extortionate charge when it comes to adding that new Trek Madone or wheel upgrade onto your policy. You’re only human after all. The same goes for decreasing your policy value should you sell or get rid of an older bike.
7. Look for travel cover
As cyclists, we know that part of the fun of riding is having the freedom to pack up the bike box and taking off to explore the beautiful road and trails of Europe, America or further afield. If you do travel, it’s worth checking that your insurance provider includes travel cover in the policy, for the areas you’re travelling to. Check if your insurer have overseas cover as standard, or if you’ll be charged extra for it.
Bikmo Plus offer market leading 365 Worldwide travel cover, as standard, for your bikes, accessories and personal equipment during transit and at your destination.
You can pay monthly or annually with Bikmo Plus, with 0% interest.
Bikmo Plus offers not only superb cover for your bikes, but kit too. One straight forward and comprehensive policy.
Competition cover comes as standard with every Bikmo Plus policy, handy to know if you’re in training for any sportives or races.
To find out more about the superb benefits a cycle insurance policy with Bikmo Plus can offer you, or get a quote, visit the Bikmo Plus homepage click here