Recently we have seen a surge in cycling insurance policies who claim that your cycling gear won’t be covered by your home insurance policy.
But, is this really true?
For those that picked the cheapest home insurance when using a comparison site, this may be correct, as your cover may not be very broad. But, as you can imagine, home insurance policies are not all the same. If you have picked your home insurance policy based on quality rather than price you may have a lot more cover for your cycling gear than you think.
To help you decide if home insurance is enough, Bought By Many have outlined the key differences between home insurance and cycling insurance policies for us.
Accidents – specific cycling policies will often pay out if you have an accident that results in a severe injury. But, this benefit is only paid out to severe injuries like losing a limb. Less extreme injuries will not be covered.
Racing – if you take part in official race events or time trials, you will not be covered by your home insurance policy. You would need cycling insurance in this instance. This is because accidental damage, collisions and injuries are much more common whilst participating in these events.
Accessories – from GPS to lighting, cycling accessories can be incredibly expensive to replace if they are damaged or stolen. Many home insurance policies will reimburse you if the items are stolen with the bike, but not if the items are stolen without the bike. On the other hand, specific cycling insurance will provide a certain amount of cover for accessories.
Breakdown cover – unsurprisingly, home insurance policies do not provide breakdown cover, but some cycling policies do. In the event of an irreparable breakdown, some policies offer help to get you and your bike to a railway station or back home via a taxi.
Multibike discounts – if you have multiple bikes that need insurance, many cycling related policies will offer a multi bike discount. This is not something that is typically seen on a home insurance policy.
Ultimately the choice of whether to use your existing home insurance policy or go for a cycling specific policy is down to your own needs and specifics. In general, you can get good cycling cover with the right home insurance policy if you are a recreational cyclist. But, if you are a more serious cyclist you may benefit from a cycling specific policy.