Cycling insurance a must for UK cyclists
The success of the recent Velothon in South Wales is testament to the surge in popularity of cycling which is sweeping the country.
Marketing analysts Mintel estimate that 18 per cent of UK adults cycle at least once a week and the Department for Transport found that cycling traffic grew by 3.8 per cent in 2014. Britons cycled 3.25 billion miles last year, more than bus or motorbike mileage.
British Cycling membership has also seen its membership numbers soar, in 2015 there are over 100,000 members compared with 42,100 members in 2012.
However, many cyclists still aren’t geared up for the realities that come with owning a bike and need to be more clued up about the costs and dangers associated with cycling.
As well as bike theft being prevalent in cities like Cardiff, the Department for Transport’s statistics have shown that the number of cyclists killed or seriously injured on Britain’s roads has risen by almost 40 per cent in the last five years and many of these cyclists won’t have insurance in place to cover them for the damages incurred.
Julian Hilton Regional Managing Director of Jelf said: “Many accident insurance policies offer inadequate cover for cycling-related collisions. By taking out cycling-specific insurance, cyclists will have far better cover to protect them from any injuries attained on UK roads.
“Cycling insurance will also fully-cover cyclists financially for the costs of any accidents. UK trends have shown that cyclists are spending far more on their bikes and most accident insurance simply doesn’t cover these costs.”
A report into the cycling industry by Mintel has found that the overall value of road bikes purchased over the last five years has risen by 42 per cent. Last year 3.25 million bicycles were purchased in the UK with more than £950 million spent. Roughly 4 per cent of British Cycling’s 100,000 plus members spend £3,000 to £5,000 on bike equipment.
The high price of road bikes has also made them a target for theft; the National Cycling Charity estimates that 376,000 bikes were stolen alone between 2013 and 2014. Unlike standard home insurance many cycling insurance plans include full-protection against bike theft.