There were 0ver 113,000 bikes stolen in England and Wales in 2005 - 2006.
(Figures provided by Home office crime statistics)
Many people now own bikes with a value of over £1,000 but with most household insurance policies restricting the value of cycles to just a few hundred pounds, thousands of cycles are either under insured, or not covered at all.
It is important to tell your insurer if you have purchased an expensive pedal cycle, so you can make certain that you have the cover you need should a loss occur.
At Graham Edwards Ltd, we have a number of insurers who will provide cover for more expensive cycles as an addition to your contents insurance policy, which is in most cases, cheaper than taking out a bespoke pedal cycle insurance policy.
Many insurance policies will impose restrictions on cycle theft, and you should review your situation to make sure you are complying with the terms of your policy.
Is your cycle stored in a shed or outbuilding?
Some insurance policies restrict the value of goods stored in an outbuilding. You must ensure you do not exceed any limit given in your policy wording.
In addition, your outbuildings must, in most cases, be locked securely in order for any cover to apply at all.
Do you lock your cycle when unattended?
Many insurers will not cover your pedal cycle if it has not been locked up securely. Some insurers require a 'D lock' or similar device to be used.
Furthermore, you may need to lock your bike to a permanent and fixed object, such as a lamp post or railing, rather than locking it to another cycle, for cover to apply.
Do you use your cycle for racing or competitions?
You must advise your insurer if you use your bike for competitions, as some policies may not provide cover for this activity.
Cycle accessories - are they covered?
A number of insurance policies will cover your cycle accessories such as speedometers, cycling computers and lights for theft, but only if they are stolen with the cycle itself.
You should therefore make sure you remove any accessories whenever you leave your bike unattended.
