Unlike car insurance which is a requirement in the UK - and most of the Western World - bicycle insurance, third party or otherwise, is not a requirement and cyclists can freely cycle without any kind of policy behind them.

Of course, with cars, the main reason for having insurance is to protect yourself should you insure someone else or damage their property. It is of course also wise to ensure that you are covered medically and that your car is insured should it get in an accident.

Bicycle insurance is slightly different. The main reason for insuring a bicycle is to protect it against theft. Bicycle theft in the UK is a huge problem and no city is immune.

If you have an expensive bike, the thought and possibility that it could get stolen is enough to deter many people from leaving their bike locked up. Bike insurance, and the knowledge that should something happen to your bike you're covered, makes it easier for cyclists to enjoy biking round the city.

Of course bicycle insurance isn't just about cover against theft, although this is a huge part of it. Damage cover is also another important factor.

There are two types of damage cyclists can expect, accidental and malicious. Accidental occurs when you damage the bike yourself, unintentionally. Malicious is another problem, almost on a par with theft. Many bike thieves, in an attempt to rob your bike, will end up damaging it which can leave you forking out a considerable amount of cash to get it fixed.

For those that cycle every day, the loss of a bicycle doesn't just mean the financial problems in replacing it, but also the loss of mobility while you are waiting for a claim to be fixed. If this sounds like it could be a problem for you, it's worth looking out for insurance companies who provide cover for bicycle hire. Essentially this covers you while your bicycle is being replaced, allowing you to hire a replacement bike in the meantime.

If you are thinking about getting your bicycle insured, then it's worth paying attention to which companies in the best. In the UK, there are a handful of companies which insure bicycles, and there are plenty of review sites online which compare and rate these on both features and with reviews from current customers.

If you can't find a review of the company you're thinking of insuring your bike with, why not ask in a few different cycling forums? Most people will be happy to help and more than willing to give you recommendations on which companies to go with - and more importantly which ones not to go with.