When you take out any cycle insurance policy, you are paying for an important promise – to help you out in case you need to make a claim. Our objective at Bikmo is always to put you back in the same or better position as before any incident – up to the total value of the cover you have in place. We lay out the terms of this promise as clearly as possible in our Policy Wording.

As an insured customer, you won’t usually get to see much about claims beyond your own if you make one. For us, that doesn’t make sense – if you are paying for that ‘promise’, we think you have the right to know a little more about your insurer’s track record with claims.

We’ve compiled a series of infographics and datasets that give you insights into Bikmo’s claims.

 

Types of claims settled

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Most people associate insurance with theft, but the most likely reason for people to be claiming is accidental damage – this could be anything from a smashed Garmin, to a hairline fracture in a carbon frame.

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…of accidental damage claims are a result of an incident occurring during mass-participation events.

 

Items replaced during claims

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23% of claims settled resulted in the customer getting a new bike, but the majority of claims involved replacing individual components, accessories or cycle clothing. These claims can sometimes add up to more value than the bike itself.

 

When people are claiming

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May and August are our busiest months for claims. This is when cyclists make the most of the weather, and also when there are lots of sportives, races and events in the calendar. The dip in June and July is from people taking holidays (without their bike!).

 

Successful claims

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…of all claims received were approved. 6% were rejected. The most common reasons are fraudulant claims and below minimal security measures.

 

What we pay out in claims

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There’s some expensive bikes and kit out there, and with n+1 syndrome rife among cyclists, the value of claims through cycle insurance can rocket. Our claims in the last couple of years range from £100 to £20,000!

 

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