Bikmo has lifted the lid on its claims data for 2020, identifying a number of underlying themes over the last four years.
The insurer believes that existing and potential customers have the right to see insurance companies aggregate claims records. In an effort to set a new standard for transparency, the official insurance partner to British Cycling has released information on everything from the most popular causes of claim, where incidents took place, the average cost of replacement and even what percentage of claims were successfully paid out on. The numbers for 2020 are available to the public via Bikmo’s website here.
This year’s stats show that with more people storing and riding their bikes at their properties than ever before, the percentage of incidents taking place at home has almost doubled from 2019. In 2020, theft accounted for just under 49% of Bikmo’s total claims, up 23% from just two years ago.
Whilst the primary fear of most bike insurance buyers (and a growing cause of claims) is theft, it may surprise some to see that accidental damage was actually responsible for just as many claims (49%) by Bikmo customers in 2020. When looking at which items customers claimed for, the majority (31%) claimed for both a bike and accessories.
Despite the average cost of bikes and equipment rising in recent years, the average amount claimed for fell from £1,675 in 2017 to £1,293 in 2020. Bikes worth under £500 had made up only 18% of Bikmo’s policies in 2017, rising to 29% in 2020.
When looking at what riding disciplines incidents took place within, road cyclists appeared to make the most claims in 2020 with 56% of the total. This was followed by commuters (25%) and trail-shredding MTB riders (11%). E-bikes across all disciplines accounted for just 7% of claims.
When looking at what periods of the year had the most claims for Bikmo, some may also be surprised that despite widespread reporting of bike thefts in the spring, April saw the least number of claims for Bikmo, with the most occurring in October. Bikmo also reported that 98% of claims were approved in 2020.
“2020 has been a year like no other,” said CEO David George. “Whilst presenting significant challenges and personal tragedy for millions across the country, it has also seen a positive shift in the way we travel.
“Believing strongly in the values of openness and transparency, we have today released insights from our claims data in 2020, so that we can share some of the trends we’re seeing as well as better predict what lies ahead.”
Read the February issue of BikeBiz below: