Bike Theft
As Britons have embraced cycling, we've upgraded our kit, splashing out hundreds on hybrids, Dutch bikes and road bikes. Today, to buy a sturdy, versatile, and high quality bicycle, you'll need shell out at least £250. And many fitness fanatics and rain or shine bicycle commuters spend much more than that- up £1,000 on folding models and carbon road bikes.
Unfortunately, more bikes around - particularly more expensive bikes - means more bike thieves.
In the year to March 2020, 275,000 stolen bikes were reported in England and Wales, according to the ONS. But with an estimated 71% of bicycle thefts never recorded with police, the true number of stolen bicycles is likely much higher.
A bike insurance policy will pay out to replace a stolen bicycle, and this can be a life saver if it happens to you.
Injury
Additionally, as more Britons hit the road on bicycles, they're sustaining and causing more injuries. Each year more than 100 cyclists are killed on British roads and more than 3,000 are seriously injured. Cycle insurance can offer compensation to your family if you're killed and financial support if you're injured. It can also cover for your legal costs and claims for compensation if you're found at fault in an accident that injures another road user or damages their property.