Bicycles – they are good for your health, good for the planet and good for your bank balance. Because of this, bikes are enjoying a rise in popularity. However, bike theft has risen in line with the number of people cycling and last year, there were 439,000 bike thefts in the UK alone. It isn’t only theft you have to worry about either – injury, both to yourself and others, is sometimes a large cost associated with cycling. With this in mind, here at MoneyTowers.com, we have put together a quick guide to bicycles and your money.

Insurance

Check your house insurance policy as many will cover bicycles under the personal possessions option. However, not all insurers will include bicycles so check the terms and conditions carefully to ensure your bike is covered by your policy.

Third-party bike insurance is available and it tends to be fairly low cast – somewhere in the region of around £15. This tends to cover not only theft but also large costs should any third-party liabilities occur, as well as providing legal aid.

If you are a serious cyclist, it may be worth getting membership to a cycling club. Many clubs automatically give insurance to their members, and members will also have access to specialist legal teams in case of court action brought on by an accident or incident.

It is important to weigh up whether extra insurance is right for you – in some cases, where the bike is fairly low-cost, there is little point in insurance as it costs more over the course of a year than it would be to replace the bicycle outright.

If you do have bike insurance, take steps to ensure that if you do need to make a claim, it will be as smooth a process as possible. Take a colour photograph of your bicycle on a clear day and attach a written description of your bike to the photograph including the bicycle’s name, model and serial number. If there are any unique or unusual features or marks on the bike, make a note of them as it may help to identify the bike at a later date. If you have extras on your bike such as mudguards, expensive tyres or a water bottle, make a note of these too.

Thief Deterrents

To ensure your bike has the least chance of being stolen, invest in some good quality thief deterrents. Firstly, buy a strong, quality lock for your bike – it is advisable to buy a hardened steel U-type lock as these are harder to cut than the standard cable locks.

If you have to leave your bicycle in a public place, try to use a special bicycle park wherever possible. No matter how close you are to your bike, always lock it – even if you are just popping into the local shop for 2 minutes. Always take a bicycle pump and accessories with you in case you get a puncture or need to make minor adjustments.

When your bike is not being used, ensure it is kept locked in a safe place such as in a shed or inside the house. Even if you are storing your bike in the back garden, try to keep the bike locked. Most thieves are opportunists and having your bike locked will help deter them.

It may be worth registering your bike with a bike ownership agency. These agencies mark your bike with your postcode with an ultra-violet pen and will help your bike be recovered if it gets stolen.

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