Bicycle insurance is confusing. There are many insurance providers, with many different policies and add-ons.
Stolen Ride works with two leading bicycle insurance companies. The comprehensive cycle insurance comparison chartand key points section below aims to give you an idea of the differences between them.
As well as the comparison, some of the best insurance discounts around are available to the Stolen Ride community. The companies covered are Laka andBikmo.
Bicycle insurance discounts codes:
- Bikmo – 5% discount with this link
- Laka – £10 credit with this link
Bicycle insurance companies
Key points and customer reviews
The following breaks down six key points of each cycle insurance company – regardless of the chosen policy, add-on or cost. Also included are links to unbiased customer reviews.
Bikmo
- Maximum per bicycle value – £40,000
- New for old replacement
- Excess from £0 to £40/10%
- Worldwide cover 24/7
- 50% multi-bike discount
- 100% bike geeks
Bikmo customer reviews can be seen on Feefo
Laka
- Maximum per bicycle value – £15,000 (£30,000 overall). £2000 accessories.
- Month to month flexibility – not tied to an annual contract
- Community-driven – Laka members only pay for the claims made in the community.
- Worldwide cover
- You can choose the insured value freely and Laka doesn’t apply any excess or depreciation on claims
- £2mill liability cover (Laka Club)
Laka customer reviews can be seen on Smart Money People
Comparison chart
Find the best insurance for you…
With different policy options and add-ons it can get very confusing… We have used a simple comparison, that tells you what you can get for the ‘cheapest possible price’ for a single £1000 bike. Please see the criteria below.
Comparison criteria used:
- From price for one £1000 bike (without any discount code). Rounded to the nearest pound.
- Based on the cheapest policy available, with no add-ons
- Annual amount (if monthly amount was available x 12)
- If a home postcode was asked for during the quote, SW3 4RY was provided
- If the bike type was asked for, a standard road bike (no extras or named parts provided) was added
About the features:
- ‘No‘ = the provider does not provide the feature (even if you pay more – with a higher policy or add-on)
- ‘See website for details‘ = the insurer does provide the feature, but only if you choose a higher policy or as an add-on. So this may increase the quote, please view the individual website for details.
Further details:
Please gain your own quote andread their full policy wording carefully – to find out what might be best for you and to make a fully informed decision. Everything shown below is subject to change and is not to be relied upon.
Last updated: January 2019
£107 /from, year*
£41 /from, year*
Theft cover
Yes
Yes
Accidental damage
Yes
Yes
Vandalism cover
Yes
Yes
Personal accident cover
See website for details
No
Accessories
Yes (£250 or 10%)
See website for details
Clothing
Yes (£250 or 10%)
No (but a helmet is)
E-bike cover
Yes
Yes
Public liability
See website for details
No
Theft from vehicle cover
Yes
Yes
New for old
Yes
Yes
Replacement bike hire
Yes (to £500)
No
Road side assistance
No
Yes (up to £100)
Multi-bike discount
Yes (50%)
Yes (50%)
Excess
No (if bike/parts replaced through local bike shop)
No
Free perks (ex policy discount)
Yes
Yes
bicycle insurance features
Options explained
A general breakdown of the cycle insurance comparison features can be seen below.
Please do read the insurance company’s individual policy wording and terms in detail to see if they match your specific requirements. Terms/wording do differ from one bicycle insurance company to the next.
Theft cover
For commuters, this is arguably the most important element of a bicycle insurance policy. Every policy will have a maximum amount it will cover, per bike. It will also dictate locking requirements (for example, which ‘Sold Secure’ bike lock rating) and scenarios (including time left and what the bike is locked to) that are included. Not all policies cover theft from a motor vehicle and some may have specifics about home, away (including abroad) and places of work.
Accidental damage cover
Taken a corner too fast? No one likes to crash, but it happens to the best of us. Accidental damage protection usually looks to cover those sudden and unforeseen damages to your bike.
Vandalism cover
Cycle parking for example can be crowded in London; other people might knock/scratch/dent your bike or even purposely damage your ride. The insurance cover will usually cover repairs or replacement of parts.
Personal accident cover
This is for injuries to you whilst with your bike – the policy will mention the maximum financial level of cover and a breakdown for different levels of injury.
Accessories
So this could be your lights, GPS or panniers. The policy will explain the limits, circ*mstances and may specify what accessories are covered.
Clothing
If you crash, it can wipe out your favourite cycling wear at the same time which can be expensive. Policy wording will specify the limit and definitions.
E-bike cover
If you’re looking to insure your electrically assisted pedal cycle, then this is key – the cover will specify what counts as an ‘e-bike’ (power output for example).
Public liability
If you damage a 3rd party’s property or person whilst you are using your bike – the policy will specify what the cover limit is and what they will pay and not pay for. Liability can be mentioned under different term names, such as ‘personal liability’ or ‘third party liability’.
Theft from vehicle cover
Some policies cover theft from your car, be that from inside of the car or from a roof rack. Usually the policy will still specify set locking requirements (and locking to the rack for example) to be valid.
New for old
If the insurer will pay the whole value of your bike or replace with an equivalent new bike, without any depreciation (some will specify age limits for the bike to qualify).
Replacement bike hire
If you commute to work and rely on your bike, having a temporary replacement can be crucial whilst you wait for yours to be repaired or replaced. The policy will specify a limit to the total hire cost (for example up to £500).
Road side assistance
You’re miles from home, with no spares tubes or puncture repair patches left. Not a good situation. If the only option is to get rescued by a taxi, then you might be able to claim back that expensive ride home. The policy will specify the nature and limit of the assistance.
Multi-bike discount
We love our rides, some of are us are not happy with just one. Some bicycle insurance companies will offer a large discount when insuring more than one.
Excess
The amount you might have to pay if you claim on the insurance policy. Some offer no excess, some a percentage or a fixed amount.
Free perks (excluding a policy discount)
These can be discounts off their partner products e.g. cycle clothing or free bike marking kits.
