Research by Direct Line has revealed that 1,200 bicycles are being stolen in the UK everyday, that is the equivalent of 439,000 over the course of a year. The insurer estimates the increase in bike theft is costing cylists as much as £65 million a year.

Previous estimates of the total figure have varied from 300,000 to half a million a year, with the police believing only about a quarter of thefts are reported.

Direct Line has warned that over half the bikes stolen were not properly covered by insurance. Although home contents policies typically cover the theft of a bicycle from the owner's property, most bikes are stolen away from home. Only policies that have been specifically extended to cover bikes outside of the home will pay out on such thefts.

To demonstrate the increasing problem of bike theft, Direct Line carried out an experiment by leaving 10 locked bikes in cities around the UK. Agents were paid to check on them every hour. Most of the cycles were stolen within 24 hours, and bikes which were left in London, Manchester and Liverpool were all stolen in less than two hours.

An increase in bike thefts in London has put the Mayor's target of a five fold increase in two-wheeled transport, at risk. Transport For London suggests that nearly 80,000 bikes were stolen in London alone last year, that's more than 200 a day.

Jenny Jones, green transport adviser to the London mayor, said She would like to run a different version of Direct Line's recent experiment by using "baited" bikes, with tracking technology, so that some proper police work would be done on bike theft for a change.

The growth of online auction sites such as Ebay makes it far easier today for a thief to sell a bike on. When buying a bike from such a source, consumers need to make their own inquiries as to the origin of the bike.

Cyclists need to check their home insurance policy to ensure they are covered when cycling outside of the home, if not you need to take out additional cover.