If there’s one thing that has beome abundantly clear from the aftermath of my recent accident it’s that, if you haven’t already considered it, bike insurance would be a good idea.
I’m a simple fellow and confess to not giving this the attention it deserves in the past. But having injured myself reasonably badly it’s clear that I would hate to
inflict this on anybody else. To do that would be bad enough, but to then face a significant financial penalty simply because I wasn’t grown up enough to have taken out insurance would be unforgivable.
So I’ve been looking around at bike insurance options. First and most important is to cover yourself against third party liability and the best I’ve found for this is membership of British Cycling, the ‘governing body of cycling in Great Britain which represents the interests of everyone who rides their bike for sport and leisure’, via their EverydayCycling website.
Just £2 per month gives you £10m worth of indemnity insurance in the event you injure someone by riding your bike. We’ve certainly had cause for thought. Recently I ill-advisedly careered round a bit of bridleway to come head to head with a startled horse and rider, the sort of thing that gives MTB-ers a bad name.
Before that I’ve been following Dave and Mark down the Denbies high speed descent and come face to face with heavily loaded teenagers slogging uphill on some Duke of Edinburgh event. All three of us were out of control and lucky not to clatter into them, with the prospects for serious injury pretty apparant. Apart from learning that this behaviour is unacceptable, insurance seems a prerequisite.
Once you’ve covered your liabilities, the next is to cover yourself and the bike. It’s true some household contents insurances will cover the value of your bike if it gets stolen and any damage you may inflict on it although there’s likely to be an excess to pay so you need to check your policy. If like me though your bike typically is worth more than £2K you might find yourself better off with a proper bike policy.
Again, looking around I’ve managed to find British Cycling’s Bike Insurance website to be pretty competitive, quoting £317 per year for my £3200 bike – that’s just £26.42 per month for a new-for-old policy for bikes up to three years old, small beer versus what would be a massive loss in the event the bike was stolen. Do note that their monthly figure includes a 26% interest rate for credit so don’t be misled.
Other quotes from Cyclesure and ETA were in the same ballpark. Do check the policy terms to make sure you’re getting what you need though and note I’m not advising any of these companies, merely noting what’s available.
When I finally get on the bike again I’ll be making sure I’m properly covered.