Up to 98% of cyclists without adequate insurance

Five million regular cyclists may be putting themselves and others at risk because they do not have basic third party cover, according to research by cycle insurance provider ilovemybike.co.uk

Should cycle insurance be compulsory?

There are two main types of cycle insurance: the type that compensates you if your bike is stolen and third party cover, which pays for damage that you may cause to something or somebody else.

There have been calls for third party insurance to be made compulsory for cyclists, but such a law would be disproportionate to the risk posed by cyclists and could dissuade people from taking to their bikes in the first place.

So why do I need to buy cyclists’ third party insurance?

If you are involved in a collision with a car, you may be held fully or partially liable for any damage. Even a tiny bump to a car’s bodywork can result in a bill for thousands of pounds.

You may already be covered. Check your house insurance policy carefully and you may find that you are covered for the type of cycling you do. If this is not the case, and depending on the type of cycling you do, it may be wise for you to either join a cycling club that includes this type of cover with its membership or buy a fully-comprehensive cycle insurance.

Director at Environmental Transport Association (ETA), Andrew Davis, said: “It’s risky for a cyclist to assume that their household insurance policy will cover road traffic collisions, as many do not.”

“Third party insurance is compulsory for motorists, but we know of only two per cent of regular cyclists who have insurance that would pay out if they caused damage to a person or property.”

The good news is that even if you are not already covered on your house insurance you need not pay any extra for third party insurance.

Fully-comp insurance for bicycles

Every cycle insurance policy from www.ilovemybike.co.uk includes:

• Third party cover up to £5m
• Cover for theft, accidental damage and vandalism (new-for-old) RACE COVER INCLUDED
• Personal accident cover up to £20,000
• Bicycle Rescue (worth £34 on its own)
• 90 days’ worldwide cover
• ‘Get You Home’ – a taxi home should your bike be stolen or damaged
• No claims discount up to 40%
• Discount of 40% for folding bikes

• Hire bike