Cycle Insurance Important As Warm Weather Arrives
Published: 19 May 2010
By MoneyHighStreet Staff Leave a Comment
Updated: 19 May 2010
Predictions of a long hot summer and record petrol prices are encouraging many to take up cycling, however cycle insurance is important, warns Halifax Home Insurance.
With the prospect of a warm summer and petrol costing more than £6 per gallon in some filling stations, cycling to work, or for even cycling for leisure, is looking particularly attractive for an increasing number of people.
With the average bike now costing £388 to replace and 65% increase in cycle theft seen during the summer months last year, ensuring that you have good cycle insurance is important, particularly during the next few months when theft is more likely.
Additionally, the excellent Cycle to Work Scheme is encouraging many people to travel to work on two wheels rather than four, so protecting expensive bikes from opportunistic thieves is becoming important, as Martyn Foulds, Senior Claims Manager for Halifax Home Insurance points out:
“We anticipate that this year bike theft may be on the up as high fuel prices mean people look for ways to economise, and warm sunny weather makes cycling a more appealing option. Many bikes that are stolen are locked up, but often some types of locks such as cables can be cut and are therefore not enough of a deterrent.”
Foulds also advises cyclists: “to take photographs of their bike, and keep any receipts to prove purchase of the bike itself and also any modifications that have been added, for example mudguards, lights and tyres.” as this will assist the claims process should a theft occur.
Halifax Home Insurance can provide cover for bicycles up to a specified item limit of £20,000 provided they are listed on the policy schedule. Any bicycles worth under £500 are covered automatically. There are also specialist bike insurance policies available that may provide better, or more specific, cover.