Cycle Crime Puts Bikes at Top of Insurance Claims Podium

Cycle Crime Puts Bikes at Top of Insurance Claims Podium

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Figures just released by one of the UK’s leading home contents insurance providers statistically prove that bicycles are a more in-demand commodity with the country’s criminal underclass and opportunist thieves than smartphones, believe it or not. Direct Line has compiled the results of its recent research to reveal that, somewhat remarkably cycles account for some 17% of all stolen goods insurance claims.

While mobile phones comes second in the top 10 insurance policy claims list (accounting for 11% and marked out as the highest riser in the compilation), it will probably come as a shock to many to learn that they’re still usurped by bikes in this category. After our portable handsets, both power tools and laptops scored represented 10% of claims received by Direct Line, with the other surprise result of this data-gathering potentially being the discovery that TV theft (3% of claims) sits in the lowly position of propping up the list in 10th.

Household insurance experts believe the fundamental reason behind this being that the increasingly larger TV sets have become (in manufacturer’s response to calls for bigger and supposedly better tellies) the more of a logistical challenge it presents to the would-be thief. Elsewhere and garden tools, golf equipment, computer tablets, cameras and audio equipment made-up the remaining top 10 places.

Crime Peddlers Successfully Targeting Bikes, According to UK Home Insurance Providers

In recognition of the proliferation of bike thefts in recent times – which incidentally spiked in 2012 after cycling rose quickly to prominence in the public’s conscience, courtesy of Team GB’s Olympic cycling heroics that year – another insurer, Aviva confirmed that between 2009 – 2015 policyholders arranging additional and dedicated cycle insurance policies rose by a staggering 75% across the board.

Along with the theft of garden shed-stored equipment such as gardening tools and golf equipment, bicycles have always been high on the agenda for light-fingered chancers as well as the more organised and career criminals out there, which is why British home contents insurers speak as one voice when highlighting the necessity of ensuring all items of expense are suitably secure if and when they’re not stored under the house roof.

Adding to the appeal at this time of year is of course the fact that the days are now growing shorter which provides more cover of darkness for those of ill-intent to make their moves. A fact which hasn’t been lost on Direct Line’s Head of Home Insurance, Kate Lomas. Speaking with the BBC she said; “With the nights drawing in, it is perhaps unsurprising that thefts increase, as there are more opportunities for burglars to strike without being seen.” Away from home insurance, it’s common insurance industry knowledge that £77 million is paid out in policy settlements every day to policyholders in Great Britain, with motor insurance (claims for both vehicle repair and personal injury) being responsible for £27 million of this huge total.

The Association of British Insurers (ABI) stats also reveal that property claims also account for £13 million. Addressing the numbers, the ABI’s Director General, Huw Evans concurred; “There is some work to be done to build confidence in products, tackle underinsurance and help more people understand the value of protecting themselves.”

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