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Imagine this; you’re rushing out of work, buzzing to get home, only to find your beloved bike has been stolen.  Not only are now you left without your mode of transportation, you’re also probably left severely out of pocket.  With the average cost of a bicycle ranging from a couple hundred pounds to a couple thousand pounds, they’re definitely not an investment that should go uninsured.

Between April and June 2018, the TFL recorded an 8% increase in the number of daily cycle journeys in the capital, in part due to the efforts placed on improving cycle routes and safety in the past decade.  More alarming, they estimated a staggering 20,000 bikes are stolen in London each year, due to the low-risk, high reward mentality towards this type of crime.  This leaves many commuters left without their bikes and resultingly reliant on alternate public transport, which may require far more complex and expensive routes to get to their destination.

So, if you want to find the best ways to protect against expensive replacement costs and which insurance is right for you, read on for everything you need to know about sports equipment insurance.

What type of insurance is right for your sports equipment?

When we look at sports equipment, the most appropriate type of insurance is contents insurance.

This insurance which covers all the possessions within your home, and therefore will cover your bike or any other sporting equipment. This differs from buildings insurance, which covers the physical structure of your property and any damages to it.

Whilst contents insurance will cover any sports equipment, as standard, those with more expensive bikes may wish to declare them as high value items to their insurer. This means they will then be listed as ‘specific items’ on their policy.

This guarantees that they are insured up to their full value, and any claim made would not be under protected due to a ‘single item limit’ that may exist.  This limits the amount you can receive when making a claim on a single possession, and therefore may not cover the total value of your equipment. Therefore, it’s important to check the details of your policy and act accordingly.

What about your sports equipment when it’s out of your home?

Ordinarily, contents insurance only covers your possessions when they are inside your property, which isn’t great considering you’ll be taking your bike to work and maybe down the local park.

In order to combat this some policies may include ‘out of home’ as part of their cover, however this is not universal, meaning it’s best to check if and how your insurance protects your possessions when they aren’t at home. Also, it’s vital to take a note of things like cover abroad, if you ever plan on taking part in some international events or cycling holidays.

A more common route with this kind of protection is that your insurer will ask you to request ‘away from home’ coverage for specific items, which will then be treated as additional ‘add-ons’ to your policy. As always, it’s important to check the terms and conditions of these policies to understand how to claim and in what instances you cannot claim (i.e. possessions left unlocked), in reference to these type of items.

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