Over 40% of Cyclists Expose Themselves

A recent survey conducted by Cycleguard, the online bicycle insurance provider revealed that over 40% of cyclists exposed themselves to unnecessary risk by not having suitable bicycle insurance.

Coventry, United Kingdom, August 26, 2007 --(PR.com)-- These figures are all the more surprising in light of recent British Crime Survey data which puts estimates of cycle theft for this year at just under 560,000*.

But the risks don’t end with cycle theft. Many cyclists now use their bikes to commute to work and, as road users, face the same third party liability as motorists.

Cycleguards results showed that only 9% used a specialist insurance provider and 50% of cyclists surveyed rely on their home contents policy to provide cover for their bicycle. However home contents policies may not be the best solution for many cyclists. Few offer third party liability insurance, excesses may be high and there may be limits on the value of bicycles. Some home contents insurers will also only cover a bike within the home, with others insisting on greater security precautions and restrictions on use.

It seems that the message regarding cycle insurance is hitting home however, 29% of the cyclists surveyed thought that they should be insured but hadn’t made arrangements yet. 12% didn’t see the point in insurance, an opinion likely to change should they be the victim of theft in the future.

Cycleguard clearly have an interest in these figures, “It’s about raising awareness of the dangers that cyclists face and the insurance options they have. We’ve always taken the view to help not sell and try to buck the stereotype image that insurance providers typically have,” says Giles Rees, Marketing Director for Cycleguard.

Notes to editors:

Survey was conducted via an online poll on independent cycle site BikeMagic.com
Respondants chose from 4 answers to the question ‘Is your bicycle insured?’
468 votes were placed
9% said they had their bicycle insured with a specialist provider
50% said they had their bicycle insured on their home contents policy
29% said they were not insured but really should get cover
12% did not see the point in bicycle insurance

* Figure based on the 16% increase in theft from 2005 – 2006.
Thefts in 2006: 482,000
Estimate for 2007: 559,120

Pavilion’s cycle specific insurance policy was launched in 2000 – the second in a line of specialist insurance products. Pavilion Insurance Management Ltd is based in Coventry, and has over 80% of its customers transacting all aspects of their policy management on line, backed up by a call centre.

The full range of Pavilion products can be found at www.pavilioninsurance.com.

Contact details:
Name: Giles Rees (Cycleguard)
Tel: 02476 851027
Email: giles.rees@pavilioninsurance.net

Address: Pavilion Insurance Management Ltd
Pavilion House
Mercia Business Village
Westwood Business Park

Pavilion Insurance
Monica Dougall
024 7685 1019