Bicycle theft is a wheel problem for cyclists

Monday, June 21, 2010

Category: Home Improvements

According to NFU Mutual, nearly 400 bicycles are reported stolen every day.  As a result, the UK’s leading rural insurer is advising cyclists to check whether or not their bicycles are covered by their home insurance policy.

Home insurance expert at NFU Mutual, Paul Richardson, commented: "At this time of year people often ditch their motors for pedal-power, hoping to shrink waistlines and tighten belts financially.  But, with the average bike now worth £240 they've become rich pickings for thieves.

"Unfortunately, many victims of these two-wheeled heists have found getting a claim to cover the cost of a new cycle can be an uphill struggle.  Many insurers will cover a bicycle as part of personal belongings in household insurance, but unless its price is listed on the policy, the payout can be far lower than its true value.

"Good insurance is particularly important for people with bikes at the higher end of the market.  Many such bikes can cost upwards of £1,000, especially when all the accessories are taken into account so it's essential that insurers are informed properly in case of damage or theft.

"In addition, cyclists should check their insurance includes securing their bike around the property or in external buildings, as they can often be left out of pocket if their insurance falls short of the mark.  NFU Mutual's policy covers bikes securely stored in a garden, shed and garage as standard."

NFU Mutual has offered five top tips to help reduce bicycle theft:

1. Purchase an appropriate lock for your bicycle.  The police reportedly advise that 10 percent of a bicycle’s value should be spent on its security.
2. Lock up your bicycle regardless of how little time you are planning to spend away from it.
3. Ensure that your bicycle is locked up within a building, or to an object that cannot be moved.
4. Refrain from leaving your bicycle outside overnight, and secure it in a busy public area where thieves are less likely to go unnoticed.
5. Be sure to remove or secure any accessories that may be of value, such as panniers.

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Homeowners who enjoy cycling but do not have a safe place in which to store their bicycles could consider taking out a secured loan to rectify this, and to enhance the security of their property in general if desired.  One of many finance options available, a secured loan for home improvements could be used to build a secure outhouse in which to keep bicycles, and perhaps any expensive garden tools or furniture that may not currently be locked away.  Borrowers may also wish to use the funds to enhance the security of their home by replacing any weak doors or windows and fitting them with strong locks for example.  Burglar alarms, closed circuit television and external lighting could also be invested in.