Cycling use has shot up by 24% in the past 12 months, according to figures from the Department for Transport, while data from Quotezone.co.uk, a leading price comparison site that launched the UK’s first insurance aggregator for bicycle insurance, reveals that demand for bicycle insurance surged to a five-year high in the first quarter of this year, a 130% increase from the same period in 2020.
In an effort to better serve the growing number of people that are taking up (or rediscovering) cycling, innovative cycling insurance provider, Bikmo, has signed a new partnership with Quotezone.co.uk.
In May 2020 Bikmo secured £1.8 million in Series A funding from the Development Bank of Wales, alongside specialist global insurer Hiscox, plus existing and new angel investors. Bikmo currently serves the UK, Ireland, Germany and Austria – with the travel insurance product exclusive to the UK market.
The team of 36, is based in Chester in the UK and Innsbruck in Austria – insuring over 80,000 riders, reporting 60% growth in 2020, and securing big name partners such as British Cycling, Deliveroo, Cyclescheme and Brompton.
Rob Grisdale, Global Head of Partnerships at Bikmo comments: “We’re pleased to join Quotezone’s cycle insurance panel. We’re a fan of anything that saves time buying insurance, and with more and more people using price comparison to find the right cover, we felt now was the right time for Bikmo. Quotezone was a natural starting point for us because they are actively engaged with online resources popular with riders.”
With an eye on sustainability, Bikmo became accredited as a BCorp in 2019, hitting net zero in Q2 2021 and becoming a 1% For The Planet member. Bikmo’s main goal is to source most replacement bikes from local cycle retailers – setting themselves a target of spending £10 million per year with them by 2023.
Greg Wilson, Founder of Quotezone.co.uk comments: “It’s not surprising that bicycles were incredibly popular during lockdown but it is interesting to see demand is still on the rise as restrictions ease, especially since the good weather has yet to arrive. It will be hard to predict what will happen once more people return to the office – I would imagine cycling could prove a favourable alternative to public transport until the population is completely vaccinated.
“Bikmo is an ideal partner for us, they are pioneers in their field and they want to harness their customers’ passion for cycling and get them the most comprehensive and competitively priced policy, fast – with the latest technology making things easy and accessible 24/7.”
Quotezone.co.uk’s own research is based on a sample of 26,000 premiums collected over a 12-month period from February 2020 to January 2021, which was cross-referenced with samples from previous years in order to calculate the rate of growth.
Cyclists should double check whether or not their home insurance covers their bike, and if so, whether it’s insured for its full value. If the bike isn’t covered, or if the single item limit on the home insurance policy means the coverage won’t cover the full value of the vehicle, they may want to consider purchasing a standalone bicycle insurance policy.