Bike Insurance, another way to increase sales

Bike Insurance, another way to increase sales

As well as offering their customers the option of buying a bike on finance IBD’s can also increase revenue by selling their customer’s bike insurance to help protect their bike from any unforeseen event. One the companies with a good percentage of market share is Cycleguard. They were established in 1998 and were originally backed by one of the UK’s largest insurance brokers.

Cycleguard’s key aim is to provide specialist bicycle insurance which protects both the bike and its rider for whatever type of cycling the rider carries out or the whichever bike they own. Cycleguard has a number of different policies, therefore, policyholder is able to select the right policy and type of cover that suits their personal requirements.

I am sure when you first think of buying some insurance to protect your bike the first thing you think is to cover any losses from the result of theft. However, it is a fact that by far the greatest financial loss is damage to another person or another person’s property.

Having bike insurance to cover damage to third parties is not compulsory but if cover is not taken out cyclists do run the risk of causing damage to expensive items such as a car. Furthermore, claims for medical expenses can run into millions of pounds.

The cost of bike insurance will be calculated using a number of key factors. For example, the value of the bike, your home postcode, where the bike is stored overnight. These are very similar issues that also affect the price of your car insurance.

Adding your bike to your existing house insurance is also an option and can sometimes be cheaper than a separate arrangement. However, always check what conditions are on the policy. For example the insurer may only pay out so much for a full loss. Therefore if your bike is worth £2,000 and the maximum pay-out is only £1,000 you are going to be out of pocket.

Once you are happy you are covered to be on the road it is time to think about protecting your bike whilst it is stationary and unattended. Theft to bicycles in the UK is very common, it is reported that as many as 100,000 bikes are stolen every year from sheds, gardens, public places in Greater London alone.

It is pretty obvious that the best way to prevent the theft of your bicycle is a bike lock. In fact a number of insurance policies will write into the policy that if the bike is not locked whilst unattended and it is stolen the insurance company will not pay out.

To try and prevent your bike from been stolen, please follow some simple tips below.

  1.             Don’t leave an unlocked bike out of your site for a second;
  2.             Buy a robust lock that cannot be easily snapped or cut through;
  3.             Buy a strong D-lock or fat chain with a silver or gold Sold Secure rating;
  4.             Why not use two locks instead of one and two different styles?

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