Specialist Bicycle Insurance vs Home Insurance: Is your bike covered on your home insurance policy?

Is your bike covered under home insurance?

You'll likely have some level of cover for your bicycle on your home contents insurance policy. This depends if you decided to add 'pedal cycle' cover when taking out a policy. To find out if you have bike cover check your home contents policy wording.

Although you might have added 'pedal cycle' when taking out your home contents insurance, the level of cover is likely to be very basic. You'll probably be only covered for bicycle thefts that happen inside the home for example. Plus your bikes will be lumped in with washing machines, watches, and mobile phones which don't have the same insurance needs.

Here's 8 reasons why specialist bicycle insurance policies trump a bog-standard home contents insurance policy:

1. Claiming can effect your premium

Despite popular belief, home insurance with bike cover could be more expensive than specialist bicycle insurance.

Claiming on your home contents policy can hike the price of your home insurance premiums on renewal.

With Laka, our customers only pay the true cost of claims each month and we don't put your prices up at renewal if you've claimed.

2. What's your max value restriction?

Most home contents insurance policies will require you to specify bikes above a certain value (sometimes as low at £300) and will have a max value limit for all bikes, often only a few thousand pounds.

This becomes tricky when you start adding your daily commuter, any electric bikes, your road bike or your kids' bikes to your policy.

With a Laka policy you can insure any bike between £500 and £15,000 and collections of up to £30,000 with £2,000 worth of accessories. You will also get a multi-bike discount if you add more than one bike to your policy which will bring down the price of your insurance cover

3. Accidental damage?

A good insurance policy will cover your bike against theft and damage. Bike theft isn't the only thing that might make you claim.

Accidental damage will cover you for when you hit that unseen pot hole or get caught up in an unexpected traffic accident. Any damage to your bike can then be covered by your insurance policy.

Damage claims are much more likely than theft claims, so you'll want to make sure you have damage cover available. If you have your bikes on your home contents insurance then you'll likely just have theft cover.

4. Are you covered for third-party liability & personal accident?

It's great if the value of your bike is covered on your home insurance. But what about public liability cover and personal accident insurance?

Although the term ‘third-party' makes us all want to yawn, this could really come to your rescue. Third-party liability insurance helps protect other people, vehicles and property when an accident is deemed to be your fault. A third-party policy would cover the costs of the other person's property and medical expenses. You might find that your home insurer doesn't include this in your cover.

Personal accident insurance covers your body if you were injured after a crash or fall. We know that injuries can't just be solved by a lump sum. That's why our recovery policy includes access to specialist advice and treatments from world-class experts to help get you back to your best.

It's worth double checking the policy wording of your home insurance to see what's actually covered. If you want top-notch third-party and recovery cover, why not move your cover to the collective?

5. Are you covered around the globe?

Some household policies will only cover your bike whilst it's at your home. With lots of conditions buried into the small print of the policy wording.

A household policy might not cover you outside of the UK, whilst you're riding in the Alps, Mallorca, or even bike packing in New Zealand.

Laka covers you worldwide for up to 60 consecutive days and we settle claims fast to get you back on the road, wherever you are. We've replaced Garmins in France and sorted out bike replacements in Spain.

6. What's the excess?

Home insurance policies are renowned for having a hefty excess, meaning when you come to make a claim, you'll be slapped with a big fee! Unfair isn't it?

A specific bicycle insurance policy can have an excess too. Remember to read the policy wording when taking out your cover.

Unlike your home insurance, a Laka insurance policy won't have any excess at all! Which means you won't be penalised for making a claim.

7. What's it like to claim?

If you've hit the deck on your road bike, crashed your mountain bike or were involved in a collision in the city, Bob the insurance agent from a random home insurer may not understand your situation. They just don't speak your language. That's why with every Laka policy, you're backed by a team of cyclists that knows their bottom bracket from their headset spacer.

Our bike gurus (a.ka. claim experts) spend all day, every day, getting your gear repaired or replaced to get you back on the road.

Don't take our word for it. Check out our reviews.

8. Are you covered for racing, sportives, & events?

Events, racing, and sportives are a huge part of cycling. They're also where you need to be on top of your game with equipment that's in tiptop condition. Lots of home contents insurers won't include events in your bicycle cover because they occur outside the home and are considered an extra risk.

Laka's bicycle insurance includes all cycling events in your cover - even racing. The only exception being for professional athletes.