Cyclosure Launches Insurance for Bikes for Amateur Cyclists
Cyclosure, London, 13 May 2013 – Cyclosure, part of the Towergate Insurance Group and one of the UK’s leading travel insurance providers for amateur cyclists and triathletes, today announces the launch of Cyclosure for Bikes – a new insurance solution for amateur cyclists.
The new product offers a number of benefits for the non-professional cyclist, triathlete or mountain bike rider at home and abroad. Bikes are covered for loss, theft or accidental damage up to £10,000, personal accident up to £10,000, public liability of £2 million and replacement bike hire up to £500. Cyclosure for Bikes also covers damage to bikes sustained from competing in events.
Many road, triathlete and mountain bikes – which tend to be of high value – can be covered under home insurance, but usually this has a fixed limit which can be as low as £300. Whilst the limit under some policies can be increased, this is usually at a significant additional cost. In addition, covering a bike under home contents insurance may not offer any cover away from the home in the UK or overseas, not to mention the loss of a no claims bonus in the event of a claim.
More than 500,000 bikes are stolen every year at an estimated cost to British cyclists of more than £80 million a year*. Cyclosure for Bikes doesn’t just value the frame, but also the parts. High performance cyclists often replace parts on their bikes, such as gear sets and tyres, on a regular basis. Most specialist cycle insurance policies will calculate the settlement based on the age of the frame so the claim settlement will not reflect the true investment in the cycle. Cyclosure for Bikes offers new for old on bike components, not just the frame, so that if a claim has to be made, a realistic settlement can be offered.
What’s more, according to a survey carried out in 2011-12 by Cyclosure, almost half of all respondents have fallen off their bikes during an event and 65% have come off their bike more than once during training.
Tim Gilbert, Business Development Manager at Cyclosure, explained, “Many insurers simply won’t insure bikes that are over a certain value or the bike needs to be declared separately with an additional premium paid on top. By offering new for old on both the bike frame and any additional components Cyclosure for Bikes is a better product for cyclists, which more fairly reflects their requirements and which is different from those currently available on the market.”
“In my experience, amateur cyclists love their bikes and will spend anything from £600 to more than £7,000 for a custom bike, so protecting this investment with insurance is a sensible move. The risk of not getting insured is simple – most people can’t afford to lose or damage their bike and not replace it without a significant impact on their pocket.”
Dean Downing, a professional cyclist for Madison Genesis, commented, “Bike insurance is a sensible move if you’re a keen cyclist. Not only is there the threat of theft of your beloved machine, but unfortunately, many of us will come off our bikes at some point or another, either in training or when racing. Cyclosure for Bikes provides peace of mind, whether it’s theft, loss or damage to your kit – and with personal accident cover included, the rider is also protected.”