Cycle enthusiasts enjoy Tour of Britain and London Skyride

The bicycle boom sweeping across the country has led to a 22% increase in cycle thefts - meaning it is more important than ever for cyclists to check they have adequate insurance, according to M&S Money.

This week cyclists will be enjoying two major cycling events in the UK. The Tour of Britain race culminates with a spectacular final day of racing through the heart of London on Saturday 19th September.

On Sunday the capital will host the ‘Mayor of London's Skyride'. The event will give tens of thousands of cyclists the chance to enjoy traffic-free city centre roads for the day, encouraging riders of all ages and abilities to get on their bikes with friends and family.

Cycling has grown in popularity in recent years as Brits aim to reduce travel costs, get fit and help the environment. A recent poll by the Association of Cycle Traders showed that 83% of bike shops were experiencing an increase in turnover compared to last year.

As demand for bikes has increased, so has cycle theft. The latest British Crime Survey figures show that during 2008/09 there were an estimated 540,000 bikes stolen - a 22% rise since the last survey.

In London alone, where cyclists make around 545,000 daily bicycle journeys, an estimated 80,000 bikes were stolen last year. The average cost of a bike is now around £150, meaning £12million worth of cycles were stolen in the capital during 2008.

Crime figures show that theft of cycles has a clear seasonal pattern. Peaks start in May and continue to reach 29% above trend in September. This could be related to the start of university term. A poll of 2,000 students by M&S home insurance found that 22% of student cyclists have had their bikes stolen.

M&S home contents insurance policyholders enjoy unlimited cover for their possessions, meaning bikes are protected against damage or theft whilst in the insured property. Policyholders can also opt to protect bikes away from the home.

Steve Price, M&S Head of General Insurance, said: "Bikes are a prime target for thieves and it's important to make sure you are insured in case your bike is stolen or damaged. Simple measures like leaving your bike in a well-lit area and using a good quality lock can deter a would-be thief."

M&S Money offers cyclists the following security advice:

Register your bike model, make and frame number. Contact local police for advice.

Store your bike in a secure garage or shed and keep the door locked.

Avoid leaving your bike in isolated or dimly lit places.

Always lock your bicycle, even if you are just leaving it for a short period.

Secure removable parts: lock both wheels and the frame together.

Inform the police if you have your bike stolen. This is important if making an insurance claim.