Whether your cycle commute consists of country lanes or busy city roads, you won’t need reminding of the potential hazards of cycling to work, from potholes to pedestrians.
That’s why it’s important to get covered, so you can have peace-of-mind while you’re on your travels. Plus, don’t forget, as part of your hire agreement with Cyclescheme, if your bike is stolen or damaged beyond repair before it has been paid for, you’ll still be responsible for paying for it… all the more reason to get suitable cover for your bike.
We’ve teamed up with Bikmo to give you the low-down on everything cycle insurance. Bikmo deals with claims every day, from the extraordinary to the mundane; they’ve seen it all.
A good way of considering whether you need cycle insurance is to look at how and why people with cover are claiming. Bikmo has been kind enough to share their claims stats to give you a clearer picture of what cover you might need and why you should consider cycle insurance the minute you ride out of the bike shop. A large chunk of their claims were made by commuters too, 24.81% to be exact.
Where incidents take place
Most people think that their bike will be covered under their home insurance, however, be sure to check the fine print as many home insurers have a very low limit to how much they’ll insure your bike for, and usually the bike will only be covered when it’s sat at home.
Bikmo’s claim stats from 2020 showed that only 18.32% of claims were for an ‘at home’ incident eg. theft. It’s clear that the greater risk is when you’re away from home.
You purchase a bike insurance policy so that you can get back on the saddle as soon as possible after an unfortunate incident. If this happens to you, you’ll be in safe hands with Bikmo as they approved 98.07% of their claims in 2020. 1.93% were not, but this figure includes rejected, withdrawn and invalid claims.
What people are claiming for
Our insured riders range from casual commuters to segment chasing, lycra wearing bike-nuts, but regardless of the type of cyclist you are it’s likely you’ll be riding with some pricey accessories or clothing.
Although you’ll be insuring your bike, it’s important to get those expensive accessories covered too. Clothing and accessories were claimed for in 48.83% of all claims in 2020 at Bikmo, so it’s definitely worth considering cover which insures you for both bike and kit, so you won’t have to worry about extra costs if the worst happens.
Types of claims
The main worry people have is that their bike might get stolen, and rightly so. Without your ride you may be back on the train or in the car to work, but many people are surprised to hear that Bikmo sees more claims for accidental damage than for theft.
With 48.5% of claims in 2020 being for theft, it is still a large chunk, so you may want to check you have cover you for both theft and accidental damage at home or out and about on your bike.
If you’re buying a new bike with Cyclescheme you’ll have the option to take out 14 days free cover with Bikmo, which includes cover for both accidental damage and theft. By activating your cover with Bikmo, you will have peace-of-mind whilst you get to know your new bike.
All Cyclescheme customers and friends can also benefit from exclusive savings on cycle insurance with Bikmo. Get a quote here!
The stats were originally posted on Bikmo’s Open Project blog.