With the credit crunch taking its toll on our finances, around one in five Brits would consider cycling to work according to a new survey. However, will our bikes be covered as part of our home insurance policies?

According to research from a comparison website, an active 15 per cent have already turned to the pedals for their daily commute in an attempt to save money, boost the environment and reap the health benefits of cycling. However, many are failing to ensure that their new method of transport is suitably covered by insurance.

Bicycles can be insured as part of a home insurance policy or with a stand-alone policy. Homeowners should check their home insurance terms and conditions to see whether their bike is covered or not.

The research from the comparison website shows that keen cyclists could add cover for a bicycle to their home insurance policy for around £14 a year. It's worth checking the policy carefully to see the level of coverage available. For example, Swinton will cover bikes up to a value of £500 as part of its home insurance policy for just £14 a year. However, Quoteline direct charges an additional £69.98 a year, albeit this does include a bike value limit up to £1,500.

It's well worth checking the details of a home insurance policy too. Most policies cover bikes as part of their personal possessions option - however, cover levels vary with some insurers only protecting your bicycle against theft if you keep it locked in a secured area. Others will cover you against risks such as vandalism and accidental damage.

If you have a particularly expensive bicycle and can't imagine life without it, then you're probably better off taking out a conventional bicycle insurance policy. The likes of AUA Insurance, E&L Insurance and Cycleguard offer protection that includes options such as accidental damage cover, legal expenses cover, replacement hire and coverage for trips overseas.