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Cycle Insurance Update

Cycle insurance update from Assetsure.

The view of customers requesting bicycle insurance quotations from us is that one of the biggest worries surrounding cycle ownership and the main reason for buying insurance, is to obtain protection against the cycle being stolen.

According to the Office of National Statistics, in the year ending March 2016, 327,000 pedal cycles were stolen in England & Wales. Whilst the number of cycles being stolen has actually dropped in recent years, the average value of a cycle reported taken is now £476.00, almost double the value 10 years ago, no wonder thieves like stealing them !

Surprisingly many people still do not bother to insure their cycles or at least take the trouble to lock them. Often there is a misapprehension that a person lives in a relatively safe area and thus the likelihood of crime is low. However, thieves do target these areas where security is often lax and a spate of thefts may occur in quick succession.

Whilst not normally life changing, having a cycle stolen can cause much anger, annoyance and inconvenience, particularly if you use the cycle to ride to work.

There is also a misapprehension that a cycle is most vulnerable when away from the home, and true, cycles left in non-designated cycle areas are more at risk from being stolen but it is in and around the home where most thefts occur with the afternoons and evenings accounting for most reported thefts.

Thieves know that cycles are easy to steal from sheds and garages where often security is not as comprehensive.Many owners do not even bother to use a cycle lock believing the confines of the home to offer adequate protection.

In common with most insurers, here at Assetsure, all of our polices come with full theft cover both at home and away from the home. Again in common with most insurers, we do expect a cycle lock to be used when the cycle is not in use .However, that said we have recently made some alterations to our policy wording which we believe will be of benefit to our policyholders.

Previously, at home, including in a shed or garage or outbuilding, we always insisted that the cycle was locked to an immovable object, we have now removed this condition and theft cover will now apply if your cycle is stolen and simply, the normal security provisions are in operation.

Away from the property, we do require you to have your secured with an approved lock to an immovable object but there are some exceptions

  • The Cycle and Accessories are under Your personal supervision; or
  • The Cycle is stolen from the transition area of an organised competitive triathlon or biathlon in which you are participating; or
  • The Cycle is completely contained within a motor vehicle and the motor vehicle is fully locked with all security protections in force and the theft is a direct result of violent and forcible entry to the motor vehicle by the thieves or
  • The Cycle is secured through the frame by an Approved Lock to a securely fixed purpose built motor vehicle roof rack or cycle rack.

We no longer require vehicles to be garaged overnight or kept in secure compounds, this we see as a real benefit for persons who take their cycles on holiday with them.

For full details of our policy terms and conditions, please refer to our policy booklet, theft cover is detailed on page 9 or give our office a call and we will be pleased to assist you. If you require a bicycle insurance quotation, please visit our quote page. If you're looking for insurance for an electric bike, click here.

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Why choose our specialist insurance cover?


Lloyd's of London coverholders icon-thin-chevron-down

We hold prestigious Lloyd’s of London cover holder status where most of our policies are underwritten. We also place business with major UK insurers


Accidental Damage & Theft Included icon-thin-chevron-down

The two “must have” covers are both included in our policy. Loss of your cycle by “Theft” is provided at, and away from your home.


Legal Expenses - Included icon-thin-chevron-down

We provide £100,000 of cover. This is essential for persons using their cycle on busy roads and can help with making a claim for injury or damages against a third party.


Replacement Cycle Hire - Included icon-thin-chevron-down

Ideal if you need your cycle to travel to work or to take part in an event such as Cyclo-Cross or a Triathlon and your own cycle is unavailable following theft or damage.


Accessories, Helmets & Clothing - Included icon-thin-chevron-down

Inclusive insurance for your cycle accessories or specialist helmets & clothing. You can increase the sum insured limits if required


Public Liability - Optional icon-thin-chevron-down

Protects you against claims from a third party which could include; a pedestrian, another cyclist or a motorist. Choose from either £1 million or £2 million cover


Personal Accident - Optional icon-thin-chevron-down

Provides you with a capital sum if you are involved in a serious accident whilst using your cycle. You can choose a level of cover to suit your needs.


European Use - Optional icon-thin-chevron-down

For a small additional premium, you can extend your policy to cover you for up to 45 days use in the European Union.


Competition Use - Optional icon-thin-chevron-down

You can extend your policy to include cover whilst using your cycle to take part in competitions such as cyclo-cross or triathlons