Bike theft claims rise by 125% in three months

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London saw the biggest increase in bike theft claims according to the insurtech’s data

Claims for bike theft have risen by 125% in the past three months leading up to October.

This is according to claims data from Munich Re-backed insurtech, Urban Jungle’s 20,000 customer base which reveals that claims for London have increased by 129% – significantly higher than the national average.

However, the nature of the claims Urban Jungle’s chief executive Jimmy Williams suggests most of these crimes are pre-planned rather than opportunistic.

This is why the chief executive is advising policyholders to pay attention to their insurance policies, while most insurers cover for theft if “out if home cover” is not included in the wording it may fall outside of this.

Organised crime

Williams continued: “The claims we are receiving aren’t from people who have left their bike outside a pub or shop, or who forgot to lock it. They are cases where criminals have clearly turned up prepared, with bolt cutting tools, and whisked the bike away in a hurry.

“Criminals know how to spot an expensive bike and can dispose of them quickly by selling them online.

“They are organised, fast and efficient. Also, they know there’s a big market for bikes right now, as cycling is increasingly popular, meaning demand has outstripped supply.

“Some thieves are not averse to jumping into back gardens or breaking into sheds. Criminals have also worked out how to get into the council-owned bike hangers.”

To reduce the risk of bike theft Williams said that policyholders can join ‘Bike Register’ – a police approved scheme to deter thieves, lock the bike up if unattended, park in a well-lit area, and remove high quality accessories.