We know how important bike security and protection is to most of our customers, and rightly so.
Our Bikehangars are designed for maximum security but as tough as they are, we know leaving your bike unattended can be a worry. For peace of mind you should consider having suitable cover in place – especially if your bike is valuable. We hope this advice page helps you to understand what you should consider when it comes to insurance. We can also offer you 10% off Bikmo cycle insurance if you want to get insured with their Bikehangar-ready cover.
Cyclehoop’s Theft + Damage Policy
Insurance is not included in your membership. You park your bike in our Bikehangars entirely at your own risk. That is why we recommend using a quality lock with an appropriate level of security for your bike value.
Home Insurance Cover
If you have home insurance and think you’re bikes are covered under it, we’d strongly recommend reading the wording carefully to make sure you have the level of cover you want. If your policy covers cycles, they will usually want to know some more details like the manufacturer, model and value. They may charge extra to insure higher value bikes, especially whilst away from home, which will apply to Bikehangars.
The cover can be limited, and there may be cover restrictions. Here are some tips on what to look out for:
Away from home cover
Nearly all insurers will consider a bike parked in our Bikehangars as being ‘away from home’. Many policies won’t cover your bike for theft or damage away from home, or may impose restrictions.
Your policy will come with a limit on individual items. If your bike is worth more than this limit then your bike may not be properly insured.
It’s important you check how much you would need to pay yourself if you make a claim. You could find that the excess on your home insurance policy is too high for your bike value.
If you make a claim on home insurance, it will probably increase your premium for following years.
Many cyclists now choose to take out cycle-specific insurance when their home insurance doesn’t give the right protection. This may give you better suited cover and protect your home insurance ‘no-claims-bonus’.
Here are some of the reasons that you might choose to take out specialist cycle insurance:
You don’t have home insurance, and your bikes are their main valuable possessions.
Your home insurance doesn’t offer the cover required e.g. doesn’t cover bikes away from home or is limited.
The excess on your home insurance is too high for the value of the bike.
You want to protect your home insurance no-claims bonus by insuring separately.
You ride a lot and/or have lots of bikes and you find you get better cover, and it’s better value.
Unfortunately, as with home insurance, most specialist cycle insurance policies still treat your bike as ‘away from home’ in a Bikehangar (Bikmo do not). This can mean your bike is no longer insured after 12 hours if left unattended. This clause to look out for is usually defined as ‘abandonment’ in the policy wording.
To help you out, we’ve checked out some popular policies to compile the time limits for abandonment after which your bike would be uninsured in a Bikehangar.
|Company||Bikehangar definition||Hours unattended until uninsured|
|Cycleguard||Away from insured location||12 hours|
|Cycleplan||Away from insured location||12 hours|
|PedalSure||Away from insured location||12 hours|
|Yellow Jersey||Away from insured location||18 hours|
|Laka||Insured location||No time limit|
|Bikmo||At home||No time limit|
(information correct at date of last check on 21st March 2019)
Bikmo and Laka are the only specialist cycle insurers (as far as we know!) to recognise Bikehangars as a suitable storage option for long periods of time, by not limiting the cover to a time period or imposing inconvenient security requirements. With Bikmo, your bike must still be locked in accordance with their locking requirements, and your unit must be 500m or less from your insured address.
Bikmo Cycle Insurance
Bikmo is cycle insurance, by cyclists. Their policy offers theft, accidental damage and vandalism cover for your bikes and kit, plus the option of cover for yourself.
Feefo gave Bikmo their ‘Gold Trusted Service Award’ in 2018 and their customers rate them ‘excellent’. Their policy is underwritten by Hiscox, so claims are processed fairly and swiftly.
Bikmo get great reviews from cyclists, we’re awarded Feefo Gold Service Status for 2019. Check out their reviews here .
Save 10% with Bikmo
To help Cyclehoop Rentals customers save time and money, we’ve partnered with Bikmo cycle insurance to offer you an exclusive 10% discount on your policy (a minimum premium applies).
To get a quote and claim your discount visit bikmo.com or use code HOOP at the checkout.
Bikehangar user Rosie from Southwark purchased a Bikmo policy and hasn't looked back. Read her story here.