By guest blogger Ashwin Iyer
Why do you need cycle insurance?
You only have to surf a little to find the statistics about yearly cycle thefts in London, and you’re guaranteed to see shocking figures. To put things in perspective, you can safely believe anybody who tells you that almost a hundred bicycles get stolen every day. Add to this the fact that only one in four cycle thefts are actually reported, and you have a really scary statistic staring you in the eye, most certainly if you own a handsome looking bicycle. However, there are still millions of cycle owners out there who are still looking for concrete reasons to buy cycle insurance. This is an attempt to offer unbiased and objective answers to their WHYs.
Isn’t home insurance enough?
Well, the answer is plain and simple – NO! There are so many conditions and so much small print regarding the coverage of bicycle thefts and damages as a part of extended home insurance that you might as well consider it a non-existent cover. Firstly, you’ll need to specifically opt for a bicycle insurance clause when you purchase home insurance, as most insurance products don’t ordinarily include bicycle insurance. Then, there are several conditions regarding minimum expected security measures being used to protect the bicycle from being stolen. Moreover, any damages to the cycle caused when it is away from the house are not covered. To make matters worse, some home insurance covers also don’t honor claims if the theft or damage took place from certain household areas such as garage. Thankfully, you will have a thorough home insurance that extends comprehensively to your bicycle insurance in the form of insurance products from Yellow Jersey Cyclist Insurance pretty soon, as the launch date approaches.
Of all your vehicles, the bicycle is the most vulnerable
Notwithstanding the fact the modern bicycles boast of rugged construction, they continue to be the easiest picks for thieves! Not only is it easy to part with somebody’s bicycle, but also selling a stolen bicycle is something that’s not likely to make the thief sweat. So, it really makes a lot of sense for you to insure that swanky new bicycle you gifted yourself. Insurance makes all the more sense for those who own expensive bicycles, such as weekend biker’s club members, adventurous hikers who don’t mind taking their bicycles through unchartered lands, and professional bicycle racers.
Bicycle accidents can land you in a scary claims case
As carefully you might be when riding your bicycle, there will always be that reckless car grazing past you, causing you to lose balance. A bad day could end up in your meandering bicycle leading to a gruesome road crash, which could easily blow into a troublesome claims case. When you have your cycle insured, you will be protected and the insurer will provide for the claim amount. In comparison to the worth of your bicycle and the magnitude of the damages that it could either undergo or inflict upon somebody, the cycle insurance premiums will certainly prove inconsequential to the smart cyclist.