As the Official provider of bike insurance to British Cycling members (get a quote here!), we think it’s really important that members understand as much as possible about what we do and how Bikmo cycle insurance works. We hope you enjoy exploring our Open Project feature all about our customer’s claims…

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

As an insured customer, normally you wouldn’t see any details about claims beyond your own, if you make one. For us, that doesn’t make sense – if you are paying for that ‘promise’ as a Bikmo customer, we think you have the right to know a little more about our track record.

As a part of our Open Project, we’ve compiled a series of infographics and datasets to give you an insight into Bikmo’s insurance claims for the full year of 2020.

Type of claims

Most people associate bike insurance with cover against theft, but it is actually more likely the reason for a claim is due to accidental damage – this could be anything from a smashed GPS Computer, to a fracture in a bike’s carbon frame.

Items replaced during claims

24.18% of claim settlements resulted in the customer getting a full new bike replacement, and 35.97% also involved replacing individual components, accessories or cycle clothing. Claiming for all of these items can sometimes add up to more value than the full bike itself.

Where incidents take place

As with expensive items stored within your home, there is always a chance of theft. However, with 81.68% of claim incidents occurring away from the home, this is clearly when your bikes are most at risk. This is one of the reasons we ask you for ‘at home’ and ‘away from home’ values when getting a quote with Bikmo.

Successful claims

98.07% of all Bikmo claims received were approved! 1.93% were not, but this figure includes rejected, withdrawn, and invalid claims.

What we pay out in claims

There are some expensive bikes and kits out there, and with n+1 syndrome common for a lot of cyclists, the value of a claim through cycle insurance can really soar. In 2020, they ranged from £5 to £11,700!

When people are claiming

Summer and Autumn are our busiest times for claims, simply because more miles are ridden by our customers. In the busiest months, we will settle over £100,000 worth of claims for our customers.

What people are claiming for

Claims made by customers came from varying cycling disciplines. All types of cyclists had unfortunate incidents, whether it was commuters, mountain bikers or all-out road riders.

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 470 551 or email us at britishcycling@bikmo.com, and we’ll be in touch shortly.

If you haven’t get your bike covered just yet, get a quote in seconds here.