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Insuring your tax free bike

The responsibility is yours!

If you obtain a bike package through Cyclescheme we strongly recommend that you insure it during the hire period. Your insurance policy should cover the bike for trips to, from and whilst at work and also for leisure riding. As a consequence, when you sign your hire agreement you are agreeing that it is your responsibility to insure the bike for the duration of the hire period.

Although it might seem strange for the onus to be on you to insure a bike that is owned by your employer this arrangement is in place to protect you: In the event of theft or damage during the hire period you will need to settle all outstanding payments from your net salary i.e. without any tax benefits.

The everyday consequences of not having insurance cover are magnified by the savings made through the scheme and the penalties imposed on early leavers: The government's guidelines on this topic are as follows:

Employees leaving the scheme will pay outstanding amounts from net pay i.e. they will not benefit from any tax breaks

In reality the risks of losing a bike to theft are in proportion to the securing method and type of lock. You must used an insurance company (Sold Secure) approved lock to be covered.

What can I do to prevent theft?

There are many things you can do whilst using or storing the bicycle to make theft less likely. The following advice has been provided by insurance experts to assist in reducing the likelihood of theft by taking a few simple precautions:

• Never leave the bicycle unlocked
• Always use a Sold Secure* approved lock appropriate for the value of bicycle
• Always lock the bicycle to a solid immovable object (If available use a bicycle rack or an object set into concrete or stone where it is not possible to lift the bicycle over or under the object)
• When away from your usual storage location never leave the bicycle unattended for longer than 12 hours
• When at your usual storage location always leave the bicycle inside your home, garage or shed when not in use
• Ensure your home garage or shed is secured with a minimum 5 lever lock or padlock (or lock the bicycle to an immovable object within the garage or shed)
• Always read your insurance policy to ensure the place you intend to store the bicycle is acceptable to your insurers and that you understand the security requirements.
• If the bike has quick-release wheels and saddle you can buy an additional cable or replace these items with secure devices that can only be operated with specialist keys.

The information provided here is for guidance only and no contract or contract term is implied by the security advice given - Only the security conditions detailed in your insurance policy wording can be taken as a binding contract.

* Sold Secure is a not for profit trade association with the backing of the Home Office. See www.soldsecure.com for details.

Had an accident on your bike?  Cyclescheme highly recommend the free use of Fetch (0870 066 0621) who offer specialist free advice and support for cyclists injured in accidents.

You can obtain compensation for injuries as well as getting your bike replaced or repaired by a shop of your choice.

Fetch has helped hundreds of cyclists in all aspects of their claim including:

• Loss of earnings
• Compensation for injuries
• Physiotherapy
• Repairs / replacement cycle
• Replacement accessories (lights, panniers, etc.)
• Replacement clothing
• Replacement helmet

For further information please www.thecyclingexperts.co.uk/fetch-insurance/