As more people turn to pedal power to combat the costs of motoring and the effects that driving has on the environment, how can you protect your two wheels?

The cheapest way to cover a bicycle is usually to add it on to a home insurance policy. If you have personal possessions cover, and bicycles are not excluded in the terms and conditions, then you can even cover a bike against theft away from home. However, most policies will expect you to pay an additional premium for this protection or even not cover your bicycle at all.

Research from a comparison website shows that homeowners can add a bicycle to their policy from as little as £14 a year - however, it warns that costs and coverage can vary widely.

In the example it quotes, a man living in Maidstone, Kent, with a £40,000 home contents insurance policy with quotelinedirect would pay an extra £17.43 to cover a bike with a value up to £500. However, with Swinton this man would pay around £23 extra to cover the same bicycle; while Direct Choice also charges £23 albeit this includes up to £1,000 worth of cover.

There are also a number of policy exclusions to be wary of. For example, Swinton does not offer coverage for bikes that are left in a garden overnight unless they are kept in permanent structures while Direct Choice requires unattended bikes to be locked to an immovable object or kept in a locked building.

If you have a bicycle with a particularly high value or you plan to take it abroad then it could be worth looking into individual bike insurance - many cycle clubs and groups offer discounted insurance.

However, if you choose to add a bike to a home insurance policy then take steps to keep it secure and you might be able to bring premiums down. You can record and register your bike and use security marks on the frame.