Make sure your bike is covered

Make sure your bike is covered

Monday, June 14, 2004

To coincide with the start of National Bike Week (12th June), Halifax General Insurance has analysed its claims records with some interesting results. Statistics show that more bikes are stolen in September than any other month of the year, whilst Monday appears to be the peak day for bike thefts.

There are now more than 20 million bicycles in the UK and the number is on the increase. What’s more, modern additions such as front and rear suspension are making bikes more and more expensive.

With June 12th marking the start of National Bike Week and July 3rd being the first day of the 2004 Tour de France dates when bike usage is likely to increase Halifax General Insurance is warning cycle owners to ensure they are fully covered on their household insurance. Halifax General Insurance handles thousands of claims each year for bike theft and statistics show that there are three key reasons why cycles are stolen:

the main reason is so the thief can sell it on locally (approximately 60% of bikes are stolen for this reason).
the second-biggest reason is from opportunist thieves who use bikes merely to help them get home, after which the bike is abandoned (making up around 25% of bikes stolen).
The third main reason is to sell the more expensive bikes overseas. As there are no left-hand or right-hand versions of bicycles, as there are with cars, there is a steady market for bikes just like motorcycles to be sent by container overseas and sold on (almost 15% of bikes are stolen for this purpose). Typically, these more expensive bikes are stolen to order and end up in countries where cycling is most popular, such as Holland or Belgium.

The colour of a bike also has a strong bearing on its apparent popularity with thieves. The in colours are always the ones most in demand, not only with consumers, but also with crooks.

Statistics from Halifax General Insurance show that a bike is most likely to be stolen on a Monday, while theft increases significantly as the summer progresses and the weather gets hotter, with July, August and September being the top three months for bike theft).

With cycles being such an expensive item, it is important to make sure that your insurance policy provides cover for them, both when they are in the house, and out and about. Many people may not know that bikes require additional cover when they are away from home, and Halifax provides this cover under personal belongings.

Managing Director of Halifax General Insurance, Howard Posner said: "People often assume that their home insurance policy will automatically cover all of their possessions. It is important for people to realise that they need to check their insurance needs every so often. This will help to make sure their cover is adequate, up to date, and a true reflection of their lifestyle."

Halifax General Insurance advises bicycle owners to:

Always lock the bike, regardless of how long you will be away from it or how much it costs.
Use a rack that is in a well-lit or well-travelled area.
When not in use, keep the bike locked in an outbuilding or inside the house.
Use a hardened steel U-type lock, as cable locks are easily cut - also consider using anti-pry devices.
Register your bike at one of the bike ownership agencies.
Use an ultraviolet pen to mark your postcode on the frame.
Write down the name, model and serial number of the bike.
Take photographs of the bike and keep a note of extras such as mudguards, water bottles, and other equipment you may have added over time.

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