I'm in California, US, so probably quite different insurance situation than the UK. Have medical insurance for whatever personal medical issue I may have regardless of whether it's on the bike or not. Also increased the amount of my 'uninsured/underinsured' coverage I have on my automobile policy since that is also supposed to help if I'm hit on my bike by an uninsured motorist or a hit&run. My homeowners insurance covers liability I might have for damage/injury I do to others while riding and could also cover theft of the bike - but my deductible is greater than the value of any of my bikes so I wouldn't have a claim. Regarding the danger of damage due to road hazards mentioned above I know that locally cyclists have been reimbursed by the applicable town/county for wheels that were destroyed due to the poor road conditions - I'd expect frame damage to be covered as well.
Last edited by prathmann; 04-24-16 at 01:17 PM.