This could be the best time to remind your bike-riding clients to step up their protection with the rising popularity of cycling and the prevalence of bicycle theft.
British insurer Ageas, which analysed two years’ worth of claims data, said that bicycle theft at the cost of hundreds or thousands of pounds has remained a significant challenge for the insurance sector.
According to the firm’s data, bicycle thefts most commonly occur at home, accounting for over 60% of the total claims, with an average value of £700.
The data also showed that the thefts usually peaked in July and reduced gradually throughout August and into September. The crime rate dropped dramatically in December before a post-Christmas increase in January.
The incidence of bicycle theft is expected to ride the growing popularity of cycling in the UK, noted Craig Allen, Ageas’ head of household underwriting.
Allen said based on the results of the Sport England Active People survey, over 2 million people are now regular cyclists – a wide target for burglars.
“It is unsurprising that bicycle theft has become a bigger issue than ever – and thieves aren’t just focusing on the most expensive models,” he said.
Ageas also urged bike owners to take simple precautions such as ensuring that their bicycles are securely locked up when at home and outside.
“As long as the bike is locked securely, it is likely to be covered as standard by most home insurance policies – possibly with an upper limit for the value per bike,” Allen said.
“Some policies may not cover the bike when it is away from the home, so brokers will need to check details of the policy and look into adding this cover if necessary.”
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