When we visit cycle retailers, or speak to our customers, we are often asked "Why shouldn't I just cover my bike under my Home Contents insurance?". This is an important question, and the answer depends upon whether you are willing to accept some of the major exclusions that are common under Home Contents policies.
Home Contents insurance is an excellent product that every household should consider. Most people usually under-estimate the value of their possessions, and subsequently under-insure on their Home Contents. Home Contents insurance serves a very important purpose; that is to protect the contents of your home against fire, theft, flood, and accidental damage. Without Home Contents insurance, the cost of replacing your possesions after any of the above events could mount up very quickly.
As with any insurance, Home Contents insurance has its limitations - it cannot possibly cover every single item that you own in every single situation, and it is not designed to do so. For example, people frequently transport items such as bicycles on or in their cars, but you would not expect your car insurance to pay to replace a bicycle stolen from your boot. Likewise, you would not expect your Home Contents insurance to replace your car if it was stolen from your garage.
Like all insurances, the only way to determine whether a Home Contents insurance policy is suitable for your needs is to carefully read the policy wording.
Key Points to look out for with a Home Contents insurance policy:
- We reviewed 10 very well-known Home Contents insurance policies and found that only 2 of them actually covered bicycles against damage whilst being ridden! Most policies also excluded Accidental and Malicious Damage whilst the cycle was away from the home. Eversure Cycle Insurance now insures bikes against non-superficial Accidental Damage and Malicious Damage immediately from purchase.
- We also found that the majority of the Home Contents policies we reviewed did not cover bicycles against theft whilst away from the home, even when locked up securely at a bona fide cycle rack. The Eversure Cycle Insurance policy instantly covers the bike against theft, provided you have used the appropriate level Sold Secure Approved Lock . Bikes may be left at a cycle rack for up to 12 hours, or up to 24 hours at a train station.
- Most of the Home Contents insurance policies we reviewed had a very low maximum cycle limit. Eversure Cycle Insurance routinely insures cycles up to the value of £10,000.
- Several of the Home Contents insurance policies did not cover permanently fixed cycle accessories. Eversure Cycle Insurance covers all permanently fixed accessories included in the value of the cycle.
- The Public Liability benefit included in the Home Contents insurance policies we reviewed was rarely extended to cover sporting activities such as cycling. This is an important exclusion to note, as Public Liability covers you should you cause injury or damage to another person or to their property whilst cycling. For example, colliding with a pedestrian or scraping down the side of an expensive car. Public Liability Cover can be added to the Eversure Cycle Insurance policy for a small additional charge.
In summary, it is important to read your Home Contents policy wording thoroughly, and to also read the Eversure Cycle Insurance Policy Wording to compare the cover provided. In both cases, make sure that you understand what you are getting for your money and then make the decision as to whether you want a Home Contents policy that may include the above mentioned limitations that are not always reflective of a cyclist’s needs, or whether you want a specialist cycle insurance policy.