Insurance for your bicycle? At least one provider says “Yes”

Most people insure their homes and automobiles. But how many bicycle owners think to take out insurance on their two-wheeled transportation? The number is likely not very high. However, the results of a new study indicate that the time might be right to think about insuring that bicycle, especially since recent trends have more adults using this form of transportation that was traditionally the domain of children.

According to a recent survey by Halifax (LSE: HBOS), 439,000 bicycles are stolen every year in the UK., at a cost of £146 million to owners of the vehicles. The biggest risk of bicycle theft, the study showed, is in London, with Kingston, Cambridge and Bristol also recording a high number of thefts each year. The Halifax report identified a number of ways to keep a bicycle safe. These methods include locking the bicycle with a hardened steel U-lock whenever it is not in use, using an anti-pry device, and marking the bicycle’s frame with a postcode or other identifying mark using an ultraviolet pen.

Despite these measures, however, it is still possible for a bicycle to be stolen, so perhaps taking out insurance on your bicycle is an idea whose time has come.

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