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Open Project – Claims 2018


Open Project – Claims 2018

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.

As a part of our Open Project, we’ve compiled a series of infographics and datasets that give you insights into Bikmo’s insurance bicycle claims.

Types of claims settled

Bikmo claims type graph

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.

Items replaced during claims

Bikmo claims what replaced graph

42% of claims settled resulted in the customer getting a new bike, and 80% also involved replacing individual components, accessories or cycle clothing. These claims can sometimes add up to more value than the bike itself.

Where incidents take place

Bikmo claim incident location graph

As with anything expensive stored in your home there is always a chance of theft, but with 86% of claim incidents occurring away from the home this is clearly when your bikes are most at risk. This is why we ask you for ‘at home’ and ‘away from home’ values when getting a quote with Bikmo.

Successful claims

Bikmo claims success

… of all claims received were approved. The most common reasons for an insurance claim being refused are fraudulent claims and below minimal security measures.

What we pay out in claims

Bikmo claims value graph

There are some expensive bikes and kits 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 £20 to £20,000!

When people are claiming

Bikmo claims when graph

Summer is our busiest time for claims, simply because more miles are ridden by our customers and it’s peak time for events and racing. In a busy month we will settle over £100,000 worth of claims for our customers. Many of them result from the smallest of incidents, and from all types of cyclist from commuters to all-out racers.

Our customer experience team is full of bike enthusiasts and they’ll settle your claims as fast as possible so you’re back on your bike in no time. If you have a problem with your bike, or if you just want to chat about life on two wheels, you can contact the team – on 01244 470337 or email us at You can also fill in our no-frills contact us form, and we’ll be in touch shortly.

If you haven’t get your bike covered just yet, check your quote in our super-easy-to-use cycle insurance calculator.