Protect your prized pedals

Cambridgeshire residents are putting themselves at risk of being out of pocket if their bicycles are damaged or stolen because of inadequate cover, according to new research from The Cambridge Building Society.

Cambridge frequently tops polls of cities with the highest rates of cycling and nearly a quarter of trips in the city are carried out by cycle. The last census showed 31% of residents use their bike to travel to work by bicycle.
 
The Cambridge’s latest survey echoes these results with 95% of those questioned owning a bicycle but, surprisingly for such an important possession, more than half of these respondents were unsure if their bikes were covered under their current home insurance. Unfortunately around one in seven of those who completed the survey have had a bike stolen.
 
The legacy from this year’s summer of sport will see more and more people tempted to take to the cycle lane and The Cambridge is encouraging everyone to think about their current policy and whether it provides suitable cover.
 
The majority of home insurance providers offer fixed options for cover but Cambridge Home Insurance from The Cambridge enables people to tailor their policy to suit their individual requirements with the Pedal Cycle section. This ensures that people only pay for the cover that they really need.
 
Andy Lucas, Commercial Director at The Cambridge, says: “We hear all too often about people paying for cover that they don’t need or about people who haven’t got adequate cover for items which are worth insuring.
 
“We don’t believe that one size fits all when it comes to home insurance, which is why we are able to offer tailor made policies – including cover for pedal bikes.
 
“If you’re worried about damage to your bike, you can protect it by taking out the Pedal Cycle section of our Home Insurance policy. One of the features of this is that cycles kept locked in your garage or shed are covered, so if your bike is stolen, then we’ll cover the cost of a replacement.”
 
Student Daiane Hall of Barton knows only too well the cost of not having insurance after having her bicycle, which was a birthday present, stolen.
 
She said: “During the summer holidays I went to London on the train and parked my bike outside Cambridge station, as I had done numerous times before.
 
“After a lovely day in London, I arrived in Cambridge after 10pm. It was dark and quite cold, but I wasn't concerned because my cycle home was only 10 minutes. Unfortunately when I walked briskly to the bike park, my bike was not there and after triple checking, it suddenly dawned on me that my bike had been stolen. I felt such disappointment and anger as I walked to the taxi rank.
 
“Since this incident, I have taken out insurance on my new bike.”
 
Find out more at cambridgebs.co.uk.