As more and more people turn to cycling to reduce travelling costs and improve their health, the bicycle insurance industry as grown.
(PRWEB UK) 20 March 2013
Cyclists are being warned to expect a potential rise in bicycle insurance premiums due to the growing popularity of carbon fibre bikes leading to bigger payout costs, reports Bike Radar.
The bikes, which can cost thousands, are costly to repair and are considered cheaper to write off than repair after a damaging crash.
Halfords reports that they’ve seen a 39% increase in carbon bike sales by volume year on year and the bicycle insurance industry is facing a dilemma on how to come up with a suitable repair process.
However, it is thought that a decrease in bicycle theft which accounts for the majority of claims, could offset the potential rise.
A spokesperson from Cost.co.uk said:
“As more and more people turn to cycling to reduce travelling costs and improve their health, the bicycle insurance industry as grown. With people investing in more expensive bikes to improve their cycling experience or for competitive sport, it is understandable that carbon fibre bikes have seen a spike in popularity. Carbon fibre bikes are 3-4 times lighter than alloy bikes so offer an easier riding experience.
“However, as these bikes are more costly to repair, the increase in their popularity does mean we could see higher premiums to cover the cost of accidental damage. Hopefully the fall in bike theft with offset this and cyclists won’t be too badly hit.”
Based in Essex, Cost.co.uk is one of the UK’s leading price comparison sites. Allowing their online customers to seek out great deals and offers for travel insurance, car insurance, credit cards, holidays and more. Founded in 2012, the agency has a trusted reputation for sourcing the most ideal policies at affordable prices.