News Story

Insurance News Story


Halifax Home Insurance reveal increase in bike theft

Published: 21/05/2010 by Comments

With warmer climes around the corner, and a gallon petrol setting one back more than £6 at some filling stations, cycling is becoming an increasing popular activity. With additional incentive of the Cycle to Work Scheme, more and more are getting out and about on their bikes, be it to ride to work or spend some leisure time.

On the flip side however, with the all these bikes littering the bike-stands of the streets, the threat of bike theft is also on the up. According to Halifax Home Insurance, the summer months of 2009 saw a 65% rise in stolen bikes, and with a replacement costing £388 on average, it is well worth ensuring that you have good cycle insurance, at least for these summer months.

Martyn Foulds, Senior Claims Manager for Halifax Home Insurance points out that although many of the bikes that end up being stolen are locked up, these locks are often easily circumvented, and are therefore not much of a deterrent.

For smooth claims processing, Foulds suggests taking photographs of the bike, retain receipts as proof of purchase of the bike or of any modifications and upgrades added to the bike.

Halifax Home Insurance’s bike insurance products provide cover for bicycles up to a specified item limit of £20,000, as long as they are listed on the policy schedule; bicycles worth less than £500 are automatically covered. Customers can choose cover their bikes inside the home - which includes cover for theft from sheds, garages and outbuilding, outside the home only or complete cover for both inside and outside the home.

If you are bike owner, think twice about leaving your bike unattended at the top 10 bike theft hotspot of 2009.

1. London
2. Central Manchester
3. West London
4. Cardiff
5. Bristol
6. Portsmouth
7. Hull & East Yorkshire
8. Gloucester
9. Guildford
10. Taunton

Make sure you have the right cover for your house and contents - compare home insurance providers

Similar news stories...