Theft. However, it's worth remembering that if an incident involves you breaking the law while on your bike, your insurer can refuse to pay any claims. Additionally, you’ll also need to hold a moped licence if you plan to ride an e-bike in Northern Ireland, and it must also be registered and taxed. But remember to keep all your receipts for work carried out and parts purchased. You'll need to pay the amount of the excess to the repairer, but your insurer will cover costs above this. This will essentially give your bike its own unique number to help police recover it if it's stolen. In general, you'll have one of two different types of cover. In the latter case you have to pay for it and claim the money back. Theft or damage while the bike's stationary. See our MoneySaving tips for cyclists. This is the amount of money you will need to contribute to the insurer’s costs if you make a claim. With the recent spike in bicycle sales during the coronavirus crisis, we've updated this guide to help you decide if you should … Shows which top cards and loans you're most likely to get. The following cover comes as standard: Theft or damage of a stationary bicycle. Police stations across the UK offer free marking events so it's worth keeping an eye out for those. The National Bike Registryes… This will depend on the insurer you have your contents policy with. Bicycle insurance designed for a cyclist’s needs. Martin, 46, who is renowned for his money saving tips, has debunked the myth that keeping it on all the time is most cost effective - somethign that appears to be contrary to common opinion. Comparison sites zip your details to a number of insurer and broker websites to find the cheapest quotes. Argh, did your prized bike get stolen? It usually MUST be locked to a secure structure, You may need to keep it locked up even if it's in your own shed or garage, Got specialist bicycle insurance? ... Use Utility Saving Expert’s online comparison tool to help you find cheap public liability insurance. Bicycle insurance designed for a cyclist’s needs. Our latest news article was released on "22nd October 2020". If the excess is £100 you'd get £2,900 as a monetary value back in a claim in year one, but as you've spent £220 you're getting a net £2,680 back. On the commute, club run or sportive, if you’re at fault when out riding and things go wrong, Bikmo is here for you up to the value of £2 million + defence costs too. Some specialist bike policies will cover the costs of hiring another bike while yours is repaired. Unfortunately, this does mean that not all 'standard' cycle insurers or home insurers will cover them - so a bit more work is involved to get the right policy that will cover you for theft, damage and third-party liability. Generally it covers things you'd leave your home with, such as jewellery, handbags, laptops, clothes and bikes. Looking for a new bike? Duplicate links of the * links above for the sake of transparency, but this version doesn't help MoneySavingExpert.com: Bikmo, CycleGuard, Cycleplan, Quotezone, Velosure, Yellow Jersey. It's always the price to buy a bike of the same specifications new, rather than what you'd get for it if you sold it second-hand. Generally, a bronze-approved lock will start from £20, silver from £25 and gold from £35, though competition between retailers means you should be able to compare prices and save. Various insurers treat this differently. Bicycle insurance. Many policies will still give theft and accidental damage cover for the bike (but don't expect to get cover for racing). Our top picks are for bikes worth £500, £1,500 and £3,000 for owners based in London and Manchester. Often this is around £100, but could be as high as £500 depending on what sort of policy you've opted for, so find out your excess from your policy documents. The rider must hold a moped licence, and be insured. You can get insurance for your bicycle via your home insurance or via a specialist policy. Within the last week, we've seen the extension of coronavirus credit card, personal loan and overdraft help to 31 October 2020, with mortgage payment holidays already extended. Specialist policies are more stringent given you're usually insuring expensive bikes. If you cycle, you don't always need bike insurance – but lack of cover could put a nasty spoke in your wheel if the worst happened. Where your bike is covered as one of many valuables on a policy, home contents excesses (the amount of any claim you must pay) vary wildly, with £150ish being typical, but sometimes going up to £500. insurance money saving expert Saving for the worse. If you're suddenly unable to work due to the coronavirus crisis, or you've been laid off, this guide looks at what benefits you can claim, what you're entitled to under universal credit plus tells you how to make a claim. (2) If you use a local retailer. If you pay your premium by monthly instalments there will be no refund because you will have only paid for the cover you have already received. Editor-in-Chief, Marcus Herbert. Be careful if you leave your bike at a station, public cycle rail or just chained to a lamppost, as if it's there for too long and stolen, insurers may not pay out. "1" news articles related to "bicycle insurance" written by Money Expert's professional authors. We're a journalistic website and aim to provide the best MoneySaving guides, tips, tools and techniques, but can't guarantee to be perfect, so do note you use the information at your own risk and we can't accept liability if things go wrong. Do note, while we always aim to give you accurate product info at the point of publication, unfortunately price and terms of products and deals can always be changed by the provider afterwards, so double check first. Plus the editorial line (the things we write) is NEVER impacted by these links. highway regulations of Northern Ireland view e-bikes as closer to. Velosurance is a national bicycle insurance agency founded by two cyclists in response to the insurance needs of bicycle riders nationwide. Spotted out of date info/broken links? If a link has an * by it, that means it is an affiliated link and therefore it helps MoneySavingExpert stay free to use, as it is tracked to us. We often link to other websites, but we can't be responsible for their content. Do I need special insurance for an electric bike (or e-bike)? Where the area is shared (ie, hallway, bike shed) theft restrictions usually apply. In Northern Ireland, the rules are stricter as: Buying insurance for an e-bike is not really much different to buying a standard bicycle policy. So having been to buy a new one to get to work, I cycled to the police station to get a crime number so I could claim on my purchase protection. You want to make sure then, that you and your wheels stay safe and bicycle insurance is a great way to protect yourself. The prices below are for bicycles worth £500, so at the top of this price range. So if you skip a red light and get hit, your insurer will probably refuse to fix your damaged bike and won't pay out anything you may have been due under the personal accident part of the policy. So remember - just like riding a pedal bike - you will still need to comply with the road safety laws, such as using lights when it's dark, and complying with traffic lights and other signals. While much is written about whether those with savings should overpay the current English Plan 2 student loans, there's little out there about Plan 1. Most will insist you have a particular lock according to your bike's value. Turbo boost your credit chances and get your free Experian credit report. This varies by insurer, though it's still a safer bet to lock it up. All other claims (including claims settled as cash), the excess is £40 or 10% of the claim value, whichever is greater. We don't as a general policy investigate the solvency of companies mentioned (how likely they are to go bust), but there is a risk any company can struggle and it's rarely made public until it's too late (see the. Your bike is worth £250 and you pay £40 a year to insure it via a specialist policy. What's covered on insurance outside your home? This info does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances and remember we focus on rates not service. Some insurers also insist the bike must not be visible to the outside world, eg through a window. We think it's important you understand the strengths and limitations of the site. This reimbursement can be used for bicycle purchase and maintenance, repair, and storage. It may still be adequate for many but arm yourself with the info below before making a decision. You’re typically protected if the bike is stolen (or vandalized) pretty much anywhere, including your home, garage, at the park, etc. Credit cards Loans Mortgages Bank accounts Current accounts Savings accounts Money transfers Prepaid cards Pensions Income protection Investing Guides. Policies that didn't make the cut aren't necessarily bad value but may have a high excess, for example. Some make you go to one of their approved retailers and pay the cost (minus the two elements above) directly with the repairer or shop. Insurance2go Business is the trading name of Square Pound Ltd. It depends on your attitude to risk. The Money Saving Expert (MSE) says renewing your car insurance at the last minute could increase premiums by a huge amount and if you renew on … Do note, while we always aim to give you accurate product info at the point of publication, unfortunately price and terms of products and deals can always be changed by the provider afterwards, so double check first. This info does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances and remember we focus on rates not service. With the recent spike in bicycle sales during the coronavirus crisis, we've updated this guide to help you decide if you should get insured, or ride without a financial safety helmet. 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