Approximately £100m worth of bicycles will be stolen in 2004, with the majority of thefts occurring over spring, summer and autumn, warned household insurance and MPPI provider Select & Protect (S&P).
S&P said this was a conservative estimate based upon approximately 400,000 bikes being stolen in England and Wales at an average price of £250 per bike. It said only 15% of bikes stolen were ever recovered.
With over 69% of households with children owning a bike, ensuring a client's bikes are covered under their household insurance may not be an adviser's first thought but it is still worth considering, the company urged.
S&P also pointed out that many of the more expensive bikes would not be covered by normal household policies, with the latest mountain and road bikes worth anywhere between £500 and £2,000–£3,000.
Chief executive Simon Hood said: “With the value of bikes in the UK estimated to reach £750m in the next ten years, unfortunately, this will present a thief with a greater determination and opportunity to steal clients' bikes, so make sure they have the right cover and they take steps to keep their bike safe.”
