Bike insurance becomes more important as cycle theft soars

Cycling is booming in the UK as the Cycle to Work Scheme finds more supporters.  Bike theft is rising too, so having good bike insurance is important.

As more people realise the health and financial benefits of cycling to work, the sales of bikes in the UK is soaring.  83% of bike shops were experiencing an increase in turnover compared to last year.

Unfortunately cycle theft is up too. The latest British Crime Survey figures show that during 2008/09 there were an estimated 540,000 bikes stolen – a 22% rise since the last survey.

An estimated 80,000 bikes were stolen in London alone in 2008.

It is important for cyclists to have good bike insurance to cover the cost of their bike and cycling accessories, as bike theft increases.

Whilst M&S home contents insurance policyholders enjoy unlimited cover for their possessions, meaning bikes are protected against damage or theft whilst in the insured property. Policyholders can also opt to protect bikes away from the home.

Cyclists should also consider taking out cyclist public liability and third party insurance cover, in case they cause an accident or damage whilst cycling.  This is not covered under most home contents insurance policies.

Having adequate cycle insurance is important, however it is also sensible to take precautions against bike theft.  As Steve Price, M&S Head of General Insurance, says:

“Bikes are a prime target for thieves and it’s important to make sure you are insured in case your bike is stolen or damaged. Simple measures like leaving your bike in a well-lit area and using a good quality lock can deter a would-be thief.”

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