Some policies will cover pedal cycles if they were stolen from a locked outbuilding under the standard cover. You need to check with your insurer because you may decide to add this cover.
You will need to add pedal cycle cover to cover loss or damage to your cycle. There are exclusions and these are usually that if you leave your cycle it must be locked to a fixed object or in a locked building. If cycle accessories are stolen they are not usually covered unless the cycle is stolen also. If the cycle has a motor then there is no cover. Loss or damage while the cycle is being used for racing, pace making trials and business purposes is also excluded.