Monday, 26 June 2017
Bicycles were Number 1 insurance claim in 2017
UK research shows that bikes were the most targeted item by thieves but only 5% of cyclists have adequate insurance.
British Cycling recently found that a staggering two million Brits ride a bike at least once a week. When we overlaid this number with the number of people who declare a bicycle on their contents insurance, we estimated that only 5% of cyclists have cover.
Further to this, recent data from the National Crime agency recorded over 376,000 bicycles stolen. This also supports HomeProtect’s discovery that bikes top the UK’s list of claims for stolen items.
The UK insurance market is the largest in Europe and the third largest in the world. According to industry data, £77 million insurance claims are paid out every day in the UK. The Association of British Insurers (ABI) reports that, of that overall sum, property claims amount to £13 million with £8.2 million paid to homeowners and £4.7 million to business owners.
HomeProtect are therefore encouraging customers to secure their possessions to limit opportunities of theft. Belongings such as bicycles and gardening tools that are kept outside of the home are being targeted. As mentioned, bicycles are the number one claims item in the UK, accounting for 17% of all theft claims.
Top 10 insurance claims items
We provide cover for specified items. If you are worried about your personal possessions or a high value item, then call today for a quote or to add an item to your policy.