Cyclists Urged To Consider Cover

Although making the switch from four wheels to the two provided by a bicycle might at first help consumers to reduce pressures on their spending, that it is not to say they will entirely avoid coming under spending strain.

In research carried out by moneysupermarket it was revealed that “there is no better time to get into the saddle” as the cost of petrol continues to rise. Furthermore, the price comparison site indicated that the forthcoming Tour de France event may also encourage more people to consider getting on their bikes. Overall, it was indicated that 480,000 bicycle trips are made in London every day. However, despite the environmental and health benefits cycling brings budding Lance Armstrongs and Victoria Pendletons were urged to consider taking out comprehensive insurance.

One way keen cyclists were advised to do this was to add their bicycle on to their home contents insurance policy; something it was indicated could cost them as little at ten pounds per year.

However, those cyclists who fail to get their vehicle covered may discover that they have to dip into their own pockets to replace or repair the bike following an accident or theft. As such, this might have an impact on their ability to manage other demands on their spending such as loan repayments, credit and store cards and utility bills.

Peter Gerrard, head of insurance research for moneysupermarket, said: “With petrol prices hitting astronomical heights there seems no better time than now to get peddling. However, it’s important to consider how well insured your bike is, just as you would your car. There are three types of insurance options cyclists should consider - cover for the actual bike, third-party and also personal accident cover. A number of contents insurance providers will allow you to add cycle insurance to their standard home contents cover. If you own a bike, it’s worth checking this when purchasing your contents insurance as the cost of this cover can vary.”

He advised that for those with a particularly expensive model of bike taking out separate insurance may be advisable. In getting such a policy it was suggested consumers may benefit from “added benefits” such as replacement hire, cover when using a bicycle abroad and emergency recovery.

In a bid to ensure that their bike is fully protected, the price comparison website advised consumers to make sure they write down specific details of their vehicle - such as size, colour, make and model - should they have to report an incident of theft to the authorities. Furthermore, it was stated that Britons should get their bicycle marked by the police. Moneysupermarket also reported that insurance customers should make sure that their policy covers all their cycling-related accessories and that their premium provides cover for a replacement bicycle.

Whether a keen amateur rider or simply looking to get into shape, those looking to buy a bicycle might find that getting a personal loan can help them purchase a top of the range model quickly and effectively. The financial assistance a loan brings could also help borrowers to purchase a comprehensive insurance policy. Meanwhile, the popularity of cycling was indicated in a recent study by esure Travel Insurance which revealed that off-road mountain biking is the most sought-after adventure activity for British holidaymakers.

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