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How important is insurance for cyclists?

By Daniel Culpan

31 July2021

Insurance for people on the road doesn't just include motorists. As the BBC reports, cyclists could also be putting their finances at risk if they don't have adequate protection.

When it comes to cycling insurance, bike theft is the main risk that many of us first think of. However, the biggest financial loss the average cyclist might face - which could leave them thousands of pounds out of pocket - is liability for damage to someone else's vehicle or person.

Although cyclists don't have to have third-party insurance, there is always a risk of causing damage to an expensive vehicle while on your bike - and covering the cost of a broken wing mirror on a Mercedes, for example, could leave a big dent in your bank balance. Similarly, claims for medical damages could potentially run into millions of pounds if you were to accidentally injure another road user.

With all this in mind, taking out an Insurance policy if you're a cyclist could put your mind at ease. The cost of bicycle insurance will depend on the value of your bike and where you live. A policy can include accidental and crash cover, along with theft insurance.

Once you're covered on the road, it's important to make sure your bicycle is protected when you're not around. Cycle theft is common throughout the UK: in Greater London alone, around 100,000 bikes are stolen every year. Some practical tips for keeping your bicycle safe include never leaving your unlocked bike unattended and avoiding thin cable locks that thieves could easily break.

Tags: insurance, home insurance, bike insurance, bicycle insurance, insurance policy

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