Insurance is “critical” after rise in London bike thefts

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Specialist insurance firm Cycleguard is encouraging cyclists to protect themselves against theft after the number of stolen bicycles in London rose by a third in five years.

...choosing the right insurance package will prevent cyclists from being left out of pocket...

Cycleguard has urged cyclists to ensure they are covered, after the BBC reported that more than 26,000 bikes in the capital were reported stolen to the Metropolitan Police last year.

Of that total, less than 1,000 bikes were tracked down during the last financial year, just under 4% of those stolen.

Furthermore, with new research suggesting the number of bikes on Britain’s roads is set to consistently rise over the coming years, it is important for cyclists to protect their interests.

Mintel, a leading market research company, published a study earlier this summer stating that the bike market is set to grow 8% year-on-year during 2012, reaching £700m.

The report goes on to declare that the market is forecast to soar by 23% over the coming years, topping £800m by 2016. Mintel adds the retail price paid for bikes has jumped by more than 40% during the past five years.

Cycleguard also believes the number of bikes on Britain’s road will rocket due to Team GB’s success on the track and road during the recent Olympic Games, with the squad picking up 12 medals in London, building on the success of Bradley Wiggins’s Tour de France victory in July.

While it is sometimes difficult to prevent theft, Cycleguard believes it is important to ensure bikes are insured so cyclists avoid being left counting the cost of crime.

Chris Vinton, business development manager, Cycleguard, said: “With bike crime on the rise in London it is now critical for cyclists to make sure they are insured.

“Despite investing in a quality lock, or even by putting your bike away in a garage every evening, unfortunately bikes can get stolen.

“With the average cost of a bicycle rising, and with more and more people investing in high-specification models, cyclists should also take extra care when leaving their bikes unattended.

“Furthermore, choosing the right insurance package will prevent cyclists from being left out of pocket, in the event of a theft or their bike being vandalised.”

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Notes for Editors

About Cycleguard:

Cycleguard is a leading brand in providing specialist bicycle insurance for the protection and insurance cover needs of cyclists and their bicycles, for whatever type of cycling they undertake or bicycles they own. Our products are flexible and allow you to choose the right type of cover to suit your own personal insurance needs as a cyclist. We offer five Cycleguard insurance policies: Cycleguard, Roadcare, Cycleguard 4 Kids, Cycleguard Rescue and Cycleguard Triathlon, each of which are tailored to suit differing insurance and cycling needs.
Contact details:

Pavilion House
Mercia Business Village

Chris Vinton
Business Development Manager (Cycleguard)
Tel: 024763 851086

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