When you compare cycle insurance, it’s natural to focus on price, but many policies will leave you shortchanged if your bike is stolen.
The following table compares a cycle insurance policy from the ETA with other providers.
|New for old replacement (no depreciation EVER)?|
|Worldwide cover as standard?|
|No claims discount?|
|Free cycle breakdown cover?|
|No lock restrictions for sheds/garages?|
|Family and friends covered?|
|Free legal advice?|
|Online claim form?|
|Racing and events covered as standard?|
|Excess||5% or £25||£100||£100||10% or £25||£25||5% or £25||£25|
New for old replacement – for life
Cycle insurance from the ETA guarantees a brand new bicycle if yours is stolen or damaged beyond repair. Whether your bike is one, five or ten years old, you will get a new bike every time. This differs from most insurers, so when you compare cycle insurance make sure you read the small print. ‘New-for-old’ usually means nothing of the sort.
Based on the theft of a bike valued £1,000, check out the comparison table below, which shows the current rates of depreciation across the cycle insurance market.
Based on a £1,000 bike:
|1 year old||£950||£800||1 year old bike||1 year old bike||£900|
|5 years old||£950||£600||5 year old bike||5 year old bike||£400|
|10 years old||£950||£400||10 year old bike||10 year old bike||£0|
Source: Competitor website and policy documents where available. All information correct at time of publication (September 2016).
Checking that your policy meets your needs
It is vital to get an idea of exactly what is covered, and what is excluded to avoid nasty shocks later. Much of the time, however, this information is buried deep within policy documents and small print. The result? Customers left feeling unsure as to which cycle insurance policy truly is the most suitable, best value option for their specific needs.
For example, some insurers will enforce stringent demands regarding the alarm systems in your house as a condition of cover, telling you where and when you may open windows in your home. Failure to have the right kind of lock on your property could also result in you being left high and dry when it comes to making your claim. We do not make specific requirements about the type of lock you use to secure your shed, garage or outbuilding. Some insurers have special options for those who regularly train for cycle races and triathlons. Some offer bolt-ons that allow you to take your bike with you when you travel outside of Britain.
The ETA offers a single cycle insurance policy which includes many features available only as optional extras from other insurers. Our aim is to present the most comprehensive, best value cycle insurance policy on the market.