With predictions of a long hot summer and record petrol prices, an increasing number of people are thinking about taking up cycling, however cycle insurance is important, warns Halifax home insurance .
The average bike now costs £388 to replace and with a 65 per cent increase in cycle theft seen during the summer months last year, adequate insurance is essential. Further, the Cycle to Work Scheme is encouraging more people to travel to work on two wheels rather than four, so it is necessary to protect expensive bikes from opportunistic thieves.
Martyn Foulds, senior claims manager for Halifax home insurance said: “We anticipate that this year bike theft may be on the up as high fuel prices mean people look for ways to economise and warm sunny weather makes cycling a more appealing option. Many bikes that are stolen are locked up, but often some types of locks such as cables can be cut and are therefore not enough of a deterrent.”