Instances of bike theft from peoples’ homes doubled last year, according to one insurance company that has released its claims data for 2020.
Analysing the data of thousands of customers, Bikmo says the percentage of theft incidents taking place at cyclists’ homes accounted for 49 per cent of total claims in 2020, up from 23 per cent in 2019.
Perhaps surprisingly, the number of claims for accidental damage equalled those for theft, while a third made claims for both their bike and accessories.
While the price of bikes never seems to stop increasing, the average amount claimed for in 2020 continues to fall, to £1,293 from £1,675 back in 2017.
Road cyclists also made the lion’s share of claims, counting for 56 per cent of them, with commuting bikes second, at 25 per cent. Next are mountain bikers, while electric varieties of commuting and MTB then follow.
Bikmo expects more thefts in the years to come, projecting a 45 per cent growth in claims in 2021, after many bought bikes during lockdown last year. The insurance company also revealed that most claims occur in October, while April sees the least.
This is despite one household insurer saying in May 2020 that they had seen an almost 50 per cent increase in bike thefts since the start of the pandemic.
Insurer Admiral saw a 45 per cent increase in bicycle thefts between March and May, prompting the company to warn cyclists to protect their bikes.
Bikmo’s data shows incidents then increased throughout the summer, as people use their bikes more, before thefts then decrease as people put their bikes away for winter.
Only half of UK cyclists have bike-specific insurance, Bikmo says, as many assume their home insurance covers bicycles. However, this coverage may not cover incidents away from home, or have a limit as low as £500.