Bikmo has announced that over the last 12 months, it has replaced more than £500,000 in bikes and kits. It expects to reach the £1m mark by August 2017.
The unique selling point for these cycle insurance policies is the work they do to support the IBD community. While usually, insurance claims are settled by issuing vouchers to large retailers, Bikmo sources replacements through a network of independent bike dealers. Its representatives believe that traditional approach alienates local bike shops and independent dealers.
Customers are incentivised to opt for the Bikmo Retailer Club, a community of participating stores in which replacement parts of bikes are sourced, by receiving a settlement excess fee.
Bikmo CEO, David George, commented: “I can see why some insurers dish out vouchers. It’s easy for them and they probably get large discounts, but we prefer to support IBDs, and customers prefer to pop into their local bike shop to collect their bike ready-to-ride, rather than get a box on the doorstep.
“There are no losers – the customer is happy because they save an excess charge with this scheme, the retailer gets the business, and in return they let more customers know about Bikmo.”
For more information, visit the Bikmo website here.