The latest figures released by Halifax General Insurance show that over 400,000 bicycles are stolen annually in the UK, a rise of 9.5 per cent since 2001.
With 20 million cycle owners in the UK, that equates to around one in every 50 bikes being stolen, at a total cost of £113 million in insurance claims, according to the company.
Kingston-upon-Thames experiences the worst rate of bike theft in the UK, closely followed by Greater London and the traditional university cities of Cambridge, Bristol and Oxford.
Spokesperson for Halifax General Insurance, Vicky Emmott, offered some advice to bike owners: "To stand a better chance of deterring a thief, cyclists should ensure that their bikes are post-coded, securely locked and out of view," she said.
"Given the amount of warnings and the relatively low cost of purchasing a good lock it is surprising that so many people still leave their bicycle unsecured."
Halifax are urging people to check if their bicycle is covered in their home insurance policy, as any oversights could lead to many owners being left out of pocket.
The high street bank's own home insurance policy includes cycles valued up to £500 when contents plus cover is purchased but to insure your bike when it is away from your home as well, personal belongings cover is also necessary.To read more on insurance, click here.
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