11 February 2016

Does your home insurance cover your bike?

British cyclists might be hitting the road in record numbers but it’s not always clear where the best place to secure your bike is at the end of a rainy commute or exhilarating downhill ride.

With bikes a popular Christmas gift for all ages, it’s a great time to check exactly what cover your home insurance policy gives you.

Three ways to keep your bicycle safe

The good news is that it may not be necessary to hang your muddy bike in your bedroom – though don’t let us stop you – or invest in specialist bicycle insurance. Your home insurance might provide the cover that you need.

Before you next don your lycra, check your home insurance policy’s attitude to keeping your bike in the following places:

1. Your home
If you can’t be parted from your bike and choose to keep it indoors, your insurer will usually cover you up to your contents sum insured. At Nationwide we insure bicycles in the home up to the contents sum insured on both of our home insurance products.

2. A garage or outbuilding
But if sharing living space with your bike doesn’t go down well with the other members of your household, don’t worry. A good home insurance policy should provide a certain level of cover for bikes stored in a garage or outbuilding. Most providers will require that the building is locked, or the bike is immobilised by a security device, so be sure to check your policy wording. Nationwide Home Insurance Essentials will cover bicycles up to £2,500 in a garage or outbuilding, or up to £5,000 on a Home Insurance policy.

3. Away from home
If you have personal possessions cover your bike will often be covered away from the home provided it is immobilised by a security device. With Nationwide home insurance policies personal possessions cover is an optional add on to our Home Insurance Essentials policy and is automatically included on our Home Insurance policy. Where personal possessions is in place, cover is automatically set at up to £500 with Nationwide’s Home Insurance Essentials policies, and up to £1,000 on Home Insurance policies.

If your bicycle is worth more than the £500 and £1000 limits listed above, all you have to do is let us know. We can then increase the cover limits to £3,000 for a single bicycle or £6,000 for multiple bikes, for both Home Insurance and Home Insurance Essentials for an additional premium.

Note: Loss or damage to tyres and other accessories may not be covered if they are detached from the bicycle at the time.

Register your bike

To further minimise the risk of losing your bicycle, there are a few simple steps you can take:

Note your bicycle’s make, model and serial number, which is usually located underneath the bottom bracket. This information can help recover it, should it get stolen.

You can log your bicycle for free on the Bike Register. This scheme uses a Police-approved, bicycle marking and registration to trace stolen bikes. The Bike Register site also offers a free Bike Checker where you check second hand bicycles to ensure you don’t purchase stolen goods.

If you currently own a bike, or are looking to buy one in the near future, find out more about how Nationwide’s home insurance could help you to protect it.

Nationwide home insurance is underwritten and administered by U K Insurance Limited.
As with all insurances, limits and exclusions apply, so it's really important to check what you are and are not covered for.

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