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Cycleplan sees sales increase by 315%

Cycleplan has seen a 315% sales increase since the start of lockdown.

Analysing three years of internal data, Cycleplan found the most common claims to be theft and damage, including malicious damage caused intentionally by a third party.

The specialist insurance provider is also urging cyclists to check the details of their policy to avoid disappointment in the event of a claim. The advice comes as part of Pedal Safe, a new campaign that seeks to highlight the risks associated with cycling, alongside educating the public on how to prevent issues occurring and the importance of having insurance in place if they do.

Paul Williams, CEO of Cycleplan, said: “Cycling is booming – but unfortunately, it’s not risk-free. It’s therefore been reassuring to see a growing awareness amongst cyclists of the security offered by taking out a specialist insurance policy.

“Of course, in most circumstances, making a claim for issues like theft and damage is straightforward. However, cyclists can (and do) make mistakes that render their policy impossible to claim against – undoing the good work of setting up insurance in the first place. We wanted to share the most common pitfalls when it comes to making a claim, to help avoid confusion or disappointment.”

The three most common pitfalls when making a cycling insurance claim (and how to avoid them)

1. The bike wasn’t secured with an approved lock
Most insurers stipulate that the lock you use to secure your bike meets a certain standard – and will outline this within your policy conditions. The type of lock required will almost certainly depend on the value of the bike at the time it’s insured. The more expensive the bike, the more robust and high-quality the lock will need to be. The strongest – and therefore the hardest to break – are U-shaped (sometimes called D-shaped) locks, but if you have any questions you should clarify as soon as possible with your insurer.

Should you be a victim of theft, Cycleplan recommends keeping the broken lock as supporting evidence for your claim.

2. The bike was not adequately secured
You’d almost certainly lock up your bike if you left it somewhere public. But you may be left disappointed if you don’t follow similar security procedures at home, too.

For example, there may be different security requirements for those living in flats and keeping their bike on a balcony or storing their bike in a private underground car park. It’s not enough to simply leave the bike there and assume it’s covered; you need to check the policy wording.

3. You can’t prove the bike is yours
Proof of ownership is critical for any insurer. You should always aim to keep (or take a copy of) your receipt. A credit card statement corresponding to the item is acceptable in some circumstances (but not all – so best to check). Keeping a dated photograph of the bike is also very useful.

Don’t forget that accessories like helmets and GPS trackers can also be insured under your policy, so make sure you retain proof of purchase for those, too.

Read the October issue of BikeBiz below:

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