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Is it time to insure your bike?

When you consider that over 70% of UK homes have at least one bike on the premises perhaps it is time to look at insuring your bike against theft?

There are a number of figures in the public domain regarding bicycles in the UK which show that 25% of bike owners in the country have had at least one bike stolen within the last two years. When you consider that the average bike is worth in excess of £200 this is potentially a significant outlay should you become a victim of theft. However, many people have added their bicycles onto their home insurance on the understanding that they are covered wherever their bicycle is stolen, but is this correct?

The vast majority of home insurance policies will not allow you to claim if your bike is stolen away from your premises so more and more people are now looking towards additional insurance, which literally costs just a few pounds, to cover their bikes when away from home. Whether this is something the vast majority of bicycles owners in the UK will need to consider is a matter for debate but when you sit back and realise how much it may cost to replace your bicycle, then perhaps that few pounds a year might be the best investment you will ever make?

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