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Careful cyclists no longer penalised thanks to new innovative insurance approach

Many home and specialist cycle insurance providers’ policies are based on long standing principles which have not evolved at the same pace as the technology and services on offer to cyclists.

For example, most insurers currently classify a bike parked in one of London’s award-winning Cyclehoop Bikehangars – a popular and secure on-street cycle storage solution for over 7000 cyclists in London – in the same category as a standard outdoor bike stand, meaning that after 12 or 24 hours, the bike is uninsured against theft or damage.

Thanks to a new partnership between Cyclehoop and Bikmo cycle insurance, this has now changed!

Created by a team of cycling enthusiasts, Bikmo is the first insurer to recognise Cyclehoop Bikehangars as an effective and safe way to store bikes outside of the home. After recent changes to their policy, Bikmo now offers the same level of cover as bikes stored at home, and without any time limit.

This means that Cyclehoop customers who take out cycle insurance with Bikmo can park their bike 24 hours a day with peace of mind that they are covered against accidental damage, theft and vandalism providing their bike is locked up with an approved lock.

Anthony Lau, Managing Director at Cyclehoop commented: “At Cyclehoop our job is to make cycling safer and more convenient through designing secure cycle parking solutions. Our award-winning products are designed for cyclists, by cyclists which allows us to operate in an insightful way and keeps cyclists at the forefront of our mind. This is why partnering with like-minded companies such as Bikmo is vital. Their team of bike enthusiasts keep cyclists’ needs at the core of their values, whether they’re a commuter, roadie, mountain biker or Sunday rider.”

Rob Grisdale, Head of Partnerships at Bikmo added: “We work hard to make life as cyclists that little bit easier. We settle claims quickly and fairly, but we’re also ready to improve our policy to reflect changes in how cyclists are choosing to use and store their bikes. With more and more people parking their bikes in Cyclehoop’s awesome on-street Bikehangars, we felt it was important to update our policy to provide cover that is fit for the intended use of the Cyclehoop Rental scheme – as an extension of the home where bikes are often stored for more than 24 hours at a time. We’re delighted to be Cyclehoop’s first and exclusive insurance partner and to support a scheme that makes cycling more convenient in our cities.”

  • Bikmo are offering Cyclehoop’s Cycle Parking Rentals Scheme customers exclusive discount with insurance starting at £5.14 per month, and cover options including:
  • You, your bike/s, kit, clothing and accessories
  • Theft, vandalism and accidental damage
  • £2m public liability
  • £20k personal accident
  • Excess free option
  • Worldwide cover
  • 0% interest on monthly payments
  • Friends and family cover
  • And much more

Cyclehoop’s award-winning Bikehangars were first ordered in February 2013 by the London Borough of Lambeth. The success of this trial has seen their Cycle Parking Rentals scheme rolled out across London over the past four years. As of 2018, Cyclehoop has now reached their 1000th Bikehangar milestone in London, meaning that paired with Bikelockers and Cyclehubs, Cyclehoop have created over 7000 secure cycle parking spaces across the capital.

This milestone, coupled with the partnership between Cyclehoop and Bikmo is a great reflection of the fast-growing cycling culture in London and the need to add extra value and adopt an innovative approach to the services offered to London cyclists.

For more information about Bikmo’s exclusive Cyclehoop insurance offer click here.