Halo Insurance Services Limited today launches new bicycle insurance on a dedicated consumer site, called Spinsure.com. The new site joins Halo Insurance Services portfolio of UK online products, including car hire excess insurance retail brand, iCarhireinsurance.com, and InsuretheGap.com, Guaranteed Asset Protection (GAP) insurance.
In 2018 – 2019, 2.7 million people cycled at least once a week in England, according to Cycling UK. This has grown exponentially in the last two years, fuelled by healthier outdoor habits formed during the pandemic and supported by the government’s £2 billion funding commitment for ‘active travel’, including new cycle lanes. The growing popularity of electric bikes, sales of which doubled between January to October 2020 and which now account for one pound in every five spent on bikes (according to the Bicycle Association), has further propelled the cycling market. Electric bikes can cost from £500 up to £5,000.
Spinsure.com covers the cost of repairing or replacing a bike due to accidental damage, malicious damage and theft. Its standard policies cover new and second-hand bikes, bought from a cycle retailer
, and include damage and theft cover worldwide and 24/7 online claims support.
Bicycles worth up to £6,000 can be insured including road, mountain, hybrid, commuter and electric bikes. Multiple bikes can be insured under one policy, as well as multiple family members in one household.
Variable excess is available from £50 – £250 and the monthly payment plan can be cancelled at any time, as long as no claims have been made, with no penalties or administrative fees. Spinsure.com website has been designed to make the customer experience as simple and straightforward as possible.
Optional extras include Personal Accident cover, providing up to £25,000 cover for the age groups, 16 to 65 years, legal expenses cover up to £50,000, and accessories cover, e.g., helmets (excluding airbag helmets), specialist clothes, tools, locks and cycling cameras and computers. There is also the option to hire a replacement bike if a bicycle needs to be repaired after being damaged and ‘Cycle Rescue’ roadside recovery.
Spinsure is underwritten by White Horse Insurance Ireland dac other than Cycle Rescue which is provided by Call Assist Limited, underwritten by DAS Legal Expenses Insurance Company.
Ernesto Suarez, founder and CEO of Halo Insurance Services Limited, said: “The pandemic has super-charged bike usage, but hand-in-hand with shiny new bikes comes bike theft. With push bikes and electric bikes now routinely costing thousands insuring a bike with a specialist policy is becoming increasingly important to consumers. Not only does bike insurance protect bicycles against damage and theft both at and away from home, but it protects cyclists in the event of personal injury and legal action against a third party.
“One of our priorities is to educate people that they may not be able to rely on their home contents insurance to protect them when they’re out and about, not least because a quarter of UK households don’t have contents insurance. Also, household contents insurance doesn’t necessarily cover items away from home, and claims can affect your premium.” said Suarez.