Demand for bike insurance hits ‘five-year high’, Quotezone data reveals

Data from Quotezone.co.uk has revealed that demand for bicycle insurance surged to a five-year high in the first quarter of this year, a 130% increase from the same period in 2020.

In an effort to better serve the growing number of people that are taking up, or rediscovering, cycling, Bikmo has signed a new partnership with Quotezone.co.uk.

In May 2020, Bikmo secured £1.8 million in Series A funding from the Development Bank of Wales, alongside specialist global insurer Hiscox, plus existing and new angel investors. Bikmo currently serves the UK, Ireland, Germany and Austria, with the travel insurance product exclusive to the UK market.

“We’re pleased to join Quotezone’s cycle insurance panel,” said Rob Grisdale, global head of partnerships at Bikmo. “We’re a fan of anything that saves time buying insurance, and with more and more people using price comparison to find the right cover, we felt now was the right time for Bikmo.

“Quotezone was a natural starting point for us because they are actively engaged with online resources popular with riders.”

Greg Wilson, founder of Quotezone.co.uk, added: “It’s not surprising that bicycles were incredibly popular during lockdown but it is interesting to see demand is still on the rise as restrictions ease, especially since the good weather has yet to arrive.

“It will be hard to predict what will happen once more people return to the office – I would imagine cycling could prove a favourable alternative to public transport until the population is completely vaccinated.

“Bikmo is an ideal partner for us, they are pioneers in their field and they want to harness their customers’ passion for cycling and get them the most comprehensive and competitively priced policy, fast – with the latest technology making things easy and accessible 24/7.”

Quotezone.co.uk’s own research is based on a sample of 26,000 premiums collected over a 12-month period from February 2020 to January 2021, which was cross-referenced with samples from previous years in order to calculate the rate of growth.

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