With nearly 450,000 cycles stolen every year Britons getting on their bikes as the weather improves should think carefully about insurance and other security measures.

This high risk of theft – there are only 1m or so people cycling regularly in the UK – compares with the 148 cyclists killed and 1,400 who suffered serious injury on Britain’s roads last year.

Cyclists account for one in 20 of people injured or killed on Britain’s roads and 10 per cent of road fatalities in London – casualty statistics which national cycling organisation the CTC describes as “disproportionate, but not as disproportionate as for motorcyclists”.

“Cycling can be dangerous, but there’s nowhere near the same chance of injury as there is of getting your bike stolen,” says Malcolm Tarling of the Association of British Insurers (ABI).

For most bikes, the cheapest way of insuring against theft is through your home contents policy.

Some policies may already offer protection under “all risks” cover for possessions outside the home, while to add this coverage for a cycle may cost £10 to £20 on the annual premium.

Home contents policies will typically offer new-for-old cover, giving a new bike costing up to around £200 if your existing cycle is stolen. The policy may also provide liability protection if you are responsible for an accident when cycling.

However if you do have to claim for a stolen cycle, the choice of replacement models may be limited.

You should also consider whether the cover limit is sufficient, although insurers may well be prepared to increase this – the ABI says higher-value bikes may mean a premium loading of £30 overall.

Richard Mason of financial comparison website Moneysupermarket.com also warns that cyclists who claim for thefts on their home insurance could then face higher premiums for up to three years.

“What you gain on a claim you might have to pay back in increased home contents premiums,” he says.

Alternatively, standalone cycle insurance policies can be worth considering. The CTC’s policy replaces a stolen bike with the same model.

This and other specialist policies also pay out to cyclists suffering injuries under so-called personal accident cover. But premiums may well work out higher: the CTC says its premiums are typically around 10 per cent of the new value of the cycle.

No insurance is also an option: there is no legal requirement for cyclists to be insured, and with many new bikes costing just £200 some may think insurance is not worthwhile.

However, regardless of whether you are insured or not, it makes sense to have a decent lock and think more widely about security. Most insurers will only cover bikes for theft if they are locked to a fixed structure such as a lamp post or railing when unattended.

Halifax Home Insurance, which says that people are more likely to be bike theft victims in London than anywhere else in the UK, recommends cyclists secure their bike with a hardened steel U-type lock. Cable locks, it says, are easily cut.

The CTC says cheap locks often make theft easier but adds that even supposedly indestructible locks costing £60 or more can be cut through with the right tools. However, two or more locks on a bike may work as a deterrent because they can slow thieves down.

Having a bike that isn’t attractive to thieves can also help.

Adam Coffman of the CTC says certain brands including Trek, Specialized, Canondale and Ridgeback can be more at risk.

“But if you’ve got a basket on the front or mudguards, your bike’s less likely to be stolen,” he says.