Your bike may already be covered on your household insurance, but if this is the case it’s important to check the fine print – many people choose to purchase separate cycle theft insurance to avoid the large excess and strict requirements that come with some household insurance policies. To satisfy any claims make sure you keep the receipt for your bike, or get a written evaluation from a bike shop.

When you’re deciding which insurance policy is right for you, look out for:

• How much your excess is – sometimes this can be almost as much as the bike is worth, particularly with household insurance.
• Whether the insurance will cover the full amount of what it will cost to replace the bike – some companies will only replace your cycle at depreciated value once it reaches a certain age (often after just two or three years).
• Whether your bike will be covered for theft when it is not in your home.
• Whether your accessories will be covered if your bike is stolen.
• Whether the insurance company will give you the choice of where your replacement cycle comes from – some companies will only provide you with a cycle of similar specification from a large supplier.
• Whether your premium will increase the following year if you have to make a claim under the policy.
• Whether you will be covered for travelling abroad.
• Whether you will need to buy a certain approved lock – you may be require a lock of a certain security rating to be covered, so do double-check this and take the specification to your bike shop if you are unsure.
• Whether you need additional insurance if you choose to do any racing or time trialling.

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