EU Markets: Getsafe Launches Bicycle Insurance Product in Germany

Every two minutes a bicycle is stolen in Germany – and these are only the cases reported to the police. The number of unreported cases is estimated to be significantly higher at a further 50 percent. In order to protect these faithful two-wheeled companions, the Heidelberg-based startup Getsafe has now expanded its service portfolio to include a separate bike theft protection.

This completes the company’s services and is particularly aimed at insurance starters, helping them protect what they most care about. Every year over 300,000 bicycles are stolen in Germany – and only every eleventh theft is cleared up.

“Many customers have asked us for bike insurance that works just as easily on a smartphone as our other products. Now the time has arrived and we are pleased to fulfil our customers´ wish,” says Christian Wiens, CEO and founder of Getsafe.
Just like all Getsafe products, customers can simply buy and manage their digital bike insurance policy via an app. The bike is protected worldwide, even while travelling, 24 hours a day. If a bicycle is stolen, the lock is even insured.

Unlike other insurance providers, Getsafe offers its customers bicycle protection separately from contents insurance. “This increases flexibility and makes the product particularly attractive for young people who may own an expensive bicycle but have little or no valuable furniture, works of art or other valuables in their home,” explains product manager Marie Foshag. Experts recommend taking out bicycle insurance when the bike has a purchase price of 500 euros or more.

“Our approach takes into account that most customers don’t want be tied to a fixed contract over the long-term, particularly in this digital and fast-moving world,” says Christian Wiens. All policies can be cancelled at any time and claims can simply be reported via app. Getsafe thus promises a new, uncomplicated and transparent insurance experience on the smartphone – without long waiting times, cumbersome telephone calls with brokers or customer hotlines and paper-based processes.

Over the coming years, the company plans to offer entirely digital life insurance and expand into other european markets.