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The average cost of bicycle insurance is around £50 for a bicycle worth £1,000 in the UK, but can vary depending on the value of your bike and the additional coverages you need. We've analysed bicycle insurance costs for bikes of different values, as well as features like racing, liability, accessories, etc. Here's what we found.
- What's the average cost of bicycle theft insurance?
- How much is full bicycle insurance?
- Cost of insuring multiple bicycles
Average Bicycle Insurance Cost
The cost of bicycle theft insurance ranges from around £34 up to £139 or more for a single bike, primarily depending on the value of your bicycle—although cover can be found for under £25. For example, a £300 bike can be insured with a specialist for as little as £24.90 while a bicycle valued at £3,000 could cost over to £170 to insure with a premium company.
Some home insurance companies include cover for bicycles in their contents cover, although this type of cover is typically quite limited (e.g., bikes valued under £300 with no additional coverages, etc.). Alternatively bicycle cover can sometimes be added to a home policy for an additional fee. If you don't need specialist bicycle cover (e.g., your bike isn't very valuable and you only want to insure against theft) then insuring a pedal cycle on your home policy could be cheaper—especially if cover is already included!
|Basic Bicycle Theft Insurance Cost||Average of 3 Cheapest Quotes|
How Much is Full Bicycle Insurance?
Full bicycle insurance that includes Theft, Public Liability, Personal Accident, Legal Cover, Accessory Cover and European cover ranges in cost from around £66 in annual premiums for a bicycle valued at £300 up to £182 for a bicycle valued at £3,000. This makes full bicycle cover with all the bells and whistles around 50% more expensive on average than more basic theft cover.
Including cover for racing can add up to 12% to the cost of bicycle insurance, although some plans include racing without an additional charge. Companies like Eversure and Yellow Jersey include cover for racing and non-competitive events in their standard cover, so you don't need to pay extra for these coverages.
|How Much is Full Bicycle Insurance?||No racing cover||With racing cover|
|Including Theft, Public Liability, Personal Accident, Legal, Accessories and European cover|
Add on costs
How much do additional features cost on a bicycle insurance policy? It varies from company to company, but here is a rough guide to give you an idea of what you might need to pay to add specific coverage to a policy—assuming it's not already included—and an overview of each coverage.
- Public Liability (£10 to £16): Protection if you accidentally injure someone or damage property while riding your bike
- Personal Accident (£6 to £15): Compensation if you suffer a serious injury or death due to an accident while riding your bike
- Legal Cover (from £4): Cover for legal expenses to help with the recovery of uninsured losses in the event of an accident
- Accessory Cover (£6 to £8): Cover for accessories you've added to your bike (e.g., locks, lights, etc.)
- European Cover (£1 to £6): Extension of cover to the European Union
Cost of Insuring Multiple Bicycles
Buying a policy to cover multiple bicycles is typically 15% to 30% cheaper than buying individual policies. For example, it costs around £55 to buy cover for one bicycle valued at £1,000, but you can insure 3 of these bicycles for £137 (which is 17% cheaper than spending £55 times 3 on individual policies or £165).
In fact, a policy covering 2 bicycles will usually cost around 1.6 to 1.7X as much as a policy for one bike; and a policy covering 3 bicycles will set you back roughly 2.2 to 2.5X as much as insurance for one bike.
|Estimated cost to insure multiple bicycles against theft||1 Bicycle||2 Bicycles||3 Bicycles|
|Each bicycle valued at £300||£34||£58||£74|
|Each bicycle valued at £1,000||£55||£96||£137|
|Each bicycle valued at £3,000||£139||£219||£303|
Unlike car insurance costs, there are fewer ways to save money when buying a bicycle insurance policy. For example, the best time to buy car insurance is around 3 weeks before the start date, when you can save up to 50% on your policy—but you can buy bicycle insurance at any time.
Similarly, it doesn't seem like there's much difference in the cost of bicycle insurance depending on where you live or your age. However, there are ways to save money on bicycle insurance. Here are a few:
- Comparison shop: Be sure to compare the market to find cheap quotes
- Bike value: Don't insure your bicycle for the purchase price—insure it for its current value
- Add ons: Only pay for extra cover if you need it
To estimate the cost of bicycle insurance, we compared prices through QuoteZone's comparison panel, which includes brands such as Eversure, Assetsure, Ripe Cycleplan, WeCovr and Yellow Jersey.
We tested different brands and values of bicycles, for basic cover and all-inclusive cover to see how prices change when you add in extra features like personal liability, accessories cover, racing cover, etc.
We also tested different locations but couldn't see any price differences for specialist bicycle cover depending on where someone lives.