A fifth of Britons say their bike is their most prized possession

New research has found that more than half of UK cyclists (61%) do not have insurance to cover their bike.

Despite this, a fifth of Britons cite their bike and accompanying kit as their most important possession.

Around 1,100 bikes are stolen every day in the UK.

insurance company Direct line is raising awareness of the problem via a new artwork installation, ‘Bi-High-Cycle’, created by Bristol-based mechanical sculpting expert Jason Lane and revealed in notorious bike theft hotspot Camden.

Made with broken bicycle parts, the installation has been meticulously designed to represent the staggering levels of bicycle theft experienced by cyclists every day and includes parts from 45 different bicycles to show the number of bicycles stolen every hour across the country.

Bike theft in the UK costs cyclists £34.1million every year to use alternative transport.

Despite the high number of thefts and one in 10 (11%) saying they bought a bike in 2021, many cyclists still leave it up to chance, as more than half (61%) say they don’t have specialist insurance in place for cover their bikes

Bikes are also among the most expensive personal purchases, with 16% admitting to spending £500 on their bike and accessories, and more than a third admitting to buying a bike for Christmas 2021.

Despite this large number, 80,000 stolen bicycles will not be claimed, as 21% of victims say they did not make a claim or have insufficient coverage to do so.

The research also details the emotional impact of victims, revealing that nine out of ten people change their behavior after having their bike stolen.

The study also found that more than half of bike theft victims go two weeks or more without a bike, leaving them to spend an average of £85 as they have to use alternative means of transport.

Alison Traboulsi, Marketing Manager at Direct Line Cycling Insurance, said: “Unlike car insurance, when it comes to dealing with a bike theft or accident, many cyclists are unprepared for the consequences. .

“Replacing a bike or paying a liability charge can be hugely expensive and not everyone may be able to do it right away. Theft is proving to cost UK cyclists £34.1million each year in alternative travel alone, so there is a real importance of making sure cover is in place – particularly as bike use increases.

“Insight shows that more than a third of cyclists will have to pay for repairs following accidents, which can lead to significant costs throughout the life of a bike and a rider. A cost that could be mitigated with the subscription of a specialized insurance.

“Direct Line wanted to dig deeper into the real impact of bike theft and accidents, beyond the incident itself and what it means for those who have lost or damaged their bikes or suffered personal injuries. On average, 45 bikes are stolen every hour in the UK. Riders should consider what protection to put in place to ensure they are potentially covered for this.

Regional data highlights differences in where thefts and accidents occur.

Manchester cyclists are the most likely to suffer damage to their bike from an accident (45%), closely followed by London (42%) and Bristol (39%) which complete the top three.

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