Bicycle insurance important for cyclists
According to research from Cycleguard, the bicycle insurance provider, 40% of cyclists are exposed to the risks of theft, accident and third party liability by not protecting themselves with sufficient insurance.
The survey established that 9% of cyclists have specialist bicycle insurance while 50% depend on their home contents insurance to provide cover for their bikes. Cyclists are advised to contact their home insurance providers to add bicycles to their policy and make sure the policy provides adequate cover.
An increasing number of cyclists are responsible for damages to third parties as they take to the roads in order to commute to work and face the same responsibilities as motorists. According to a recent British Crime Survey, bicycle theft stands at just under 560,000 so far in 2007.
Cycleguard’s research also established that nearly 30% of cyclists surveyed did think that they should obtain insurance but were not currently covered, and 12% weren’t interest in purchasing bike insurance.