Home Insurance vs Cycle Insurance Guide 




Many cyclists assume that their bikes are adequately covered by their home contents insurance, but it’s important that you read the policy wording to check the cover it actually provides. You might find that you have very little cover at all. 


Our insurance partner Bikmo simplifies the checks you may want to carry out on your home insurance policy. 


Maximum cycle value 


With your home contents insurance, there will almost certainly be a limit on the value of cycles, which could be as low as €500 in some cases. 


If your bikes are worth more than this limit, they may need to be specifically declared on a home insurance policy and could lead to an additional premium. In some cases, home insurers will decline to provide cover for high value bikes. 


At Bikmo, they provide cover for bikes up to €20,000. 


Cover away from the home? 


Some household policies will not provide cover for accidental damage or theft whilst the bike is away from the home, which is probably when you need it most! 


Few also cover your bike when it’s outside of Ireland – does yours? Bikmo cover away from home as standard, providing it’s locked according to our locking requirements. 


Check out Bikmo's handy locking requirements video and their full locking requirements here.


Competition cover 


Whether you ride sportives or race Downhill, many of us like to race against the clock or competitors. 


Your home contents policy may exclude damage caused when taking part in competitive or mass participation events, and they could turn down a claim if your bike is stolen from a race transition area. 


Bikmo is tailored for cyclists to choose their level of cover for the type of events they ride, whether an enduro, triathlon, CX, road race or sportive. 


What is your excess? 


If you ever needed to claim on an insurance policy, it can be a real pain to worry about excess. 


With Bikmo, where available, you can opt to have €0 excess on bicycle claims when you replace through their retail partners. 


Is your bike covered when you lend it to a friend or family member? 


We often lend our bikes to friends, when they’re new to cycling or if a mate is in a fix before a race and needs a bike. 


A home insurance policy will be in your name, so if you make a claim for damage or theft when you have lent the bike to a friend, the insurers may not pay out. 


Bikmo covers your bikes as long as you’ve given your permission for a friend or family member to use them. 


Will you be charged more next year if you claim? 


In a case where your bike gets stolen from your house, and your insurance is up for renewal in a couple of weeks. Does that mean that you’ll pay extra on just the bike part of your premium, or the whole policy? 


Making a claim on your household policy is likely to result in higher premiums. Making a claim with Bikmo won’t affect your home insurance policy.  


Summary 


If you own bikes above €400, compete, travel or ride a lot, then you may want to consider cycle specific insurance. 


Bikmo shaped their policy around people like them who ride bikes a lot, whether on roads, mountains or parks, in Ireland or overseas. 


Cycling Ireland members can avail of an exclusive 7.5%* discount and 14 days FREE insurance on new bikes. Bikmo policies cover you against theft and accidental damage of your bike(s), accessories and much more. 


Find out more here.