In discussions with cyclists and friends that are considering bicycle insurance, it never ceases to amaze me how many bicycles some people own. By no means a criticism, just a revelation! The highest number of bicycles I have come across is 8 and I asked whether they were for family use and was told that they were for his personal use only! After telling me the history and sentimentality of the bicycles, Mike (as we shall refer to him as) was quick to ask ‘why should I insure 8 bicycles when I can only ride 1 bike at a time?’
Compare Multi Bike Insurance
When you visit our Compare Bicycle Insurance page, you may select ‘Multi Bike’ and we will filter out the cycle policies from our panel that do not cover Multiple Bicycles.
The people permitted to use the bicycle may well have an effect upon your premium. So, let’s consider the scenarios:
Multi Bike Insurance – Fewer riders than there are bicycles
In our earlier example, Mike owns 8 bicycles and he can only ride 1 bicycle at a time. He would not lend the bicycle to anyone else. Some bicycle insurance intermediaries and insurers have taken note of this type of comment.
Whilst he is correct, bicycle insurance does not only insure the bicycle against Accidental Damage. We have previously listed some additional benefits that cycle insurance can offer on our Compare Bicycle Insurance – what are the considerations article? page. Read the Policy Wordings carefully to ensure that all of your bicycles are covered as you want them to be and you have all of the additional benefits in respect of all the bicycles at the times you want the benefits to be in place.
When you get a quote from some of our panel members’ websites they will ask you to confirm the Maximum value of bicycles that are away from home (‘the maximum value that will be at risk’). They will also ask you to calculate the total value of your bicycles. In Mike’s case, as he is the only rider, this will be the most expensive bike. The premium will then be calculated according to the total value of all 8 bicycles and the maximum value that they consider to be at risk at any one time, i.e. the most expensive bicycle. In the bicycle insurance market we have seen discounts of ‘up to 60%’ offered for this type of arrangement.
This particular type of policy will also allow for your spouse riding one of the bicycles if you add together the value of the 2 most expensive bikes and declare this as the ‘Away Value’. These policies might also extend the insurance to family & friends riding the bicycle – check individual websites for details. But ensure that, if you are declaring that no more than £3,000 of bicycles are only ever ridden at once, no more than £3,000 of bicycles are only ever ridden at once. Don’t allow £5,000 of bicycles to be ridden simultaneously, you are likely to invalidate the cover.
The above example may save you money if there are fewer riders than there are bikes, if you are insuring for all of your bicycles to be ridden simultaneously the above feature will not in itself save you money. We are not suggesting that they are uncompetitive, but the Multi Bike discount has been lost.
It is not unusual, if you do not require the Multi Bike discount, for you to be looking for insurance for all of the family’s bicycles. Potentially all of the remaining Multi Bike policies found on our comparison can cover all of your bicycles. However, there may be limitations. For example, some policies will not cover bicycles that are used by members of the family that are under 12. Personal Accident and Public Liability may be limited to between the ages of 16 and 65 and will not usually extend to friends or club members. Please read our article entitled Compare Bicycle Insurance – what are the considerations article? and learn about understanding Policy Wordings, getting to grips with Wordings will help you ensure that you know when you and the persons using your bicycle are or are not covered.
Some Multi Bike policies may be intended for family use only, so if you loan the bicycle to club members or friends ensure that you take out insurance that will cover your bicycle when a club member or friend is riding your bicycle – some won’t!
Potentially all of our multi bike policies featured on our site will cover this scenario. This situation might arise if you and your spouse/son/daughter share your bicycle. It is a consideration not widely discussed on websites by most insurers on their websites. One could argue that the bike is at greater risk as it is used more frequently. If this is you, again check the Policy Wordings and remember that age limitations or exclusions may apply to specific benefits.
This article is not exhaustive and you cannot rely on this information alone.