E-bike owners are being warned to be on their guard as insurance claims for cycles and accessories climb.

Aviva data reveals UK theft claims for e-bikes rose by 37% in 2021, compared to the previous year.

The growing popularity of e-bikes is also reflected in the insurer’s figures. Theft claims have rocketed in recent years, rising by nine times (or 815%) between 2016 and 2021.

The average value of e-bike claims has also grown substantially during this period. Aviva reports that a claim for an e-bike was typically less than £1,500 in 2016 but is now around £2,000.

The insurer warns that cycle accessories are also being targeted through domestic burglaries. These can add up to several hundreds of pounds, as the table below reveals.

Cycle accessory Approximate typical claim cost
Helmet £70
Lights £90
Pedals £80
Mudguards £60
Multi-tool £45
Mini-pump £20
Inner tube £5 each
Bike computer £30
Bags and panniers From £20
Dropper post £100
Padlock £40

Claims for cycles and accessories are fairly consistent throughout the year, although Aviva data suggests there may be a small uplift during summer months.

Consider your cycle cover

Aviva also urges bike owners to check their insurance policies, to make sure they are suitable for their needs. Home insurance policies usually cover pedal cycles and e-bikes when in the home, although this may not extend to taking the bike out and about.

Many insurers offer a pedal cycle add-on to contents insurance which covers cycles when they are not at the home address, but there are often requirements that the bike should be secured when it is not being ridden. There are also stand-alone products available, such as Ripe Cycleplan which provides specialist cycle protection.

A previous Aviva study of cycling habits revealed the most popular places for storing bikes when not in use as follows:

Storage place Proportion of cyclists who store bike here
Garden shed 37%
Private garage 34%
Inside my house / flat 32%
Outside in the garden 20%
Public bike storage / rack 18%

NB: Respondents were able to select more than one storage place.

 

Kelly Whittington, Property Claims Director, Aviva says: “Pedal cycles – and e-bikes in particular – can cost hundreds or even thousands of pounds, so people should consider their cover carefully. Home contents insurance often covers bikes and e-bikes while in the home, but there may be a single item limit for possessions stolen or damaged. More expensive models may need to be listed separately to ensure they are fully covered. Similarly there may be a limit for items stored in sheds and outbuildings – often around £2,500.

“Some home insurance providers also offer a cycle add-on option to cover bikes away from the home, while stand-alone special policies are available. However, thefts may only be covered if the bike is in the customer’s control or locked or secured in accordance with the policy terms, so it’s always best to check with the insurer if in any doubt.”

Aviva has the following advice for people to protect their cycles and themselves:

  1. Prevent thieves from taking your bike by locking it to a fixed object such as a bike rack or a ground anchor. These are often found in designated bike parking areas.
  2. Use a good quality lock such as a D-lock, which is strong and difficult for thieves to cut through.
  3. Ensure the lock is around the wheel, frame AND anchor to which it is attached. Otherwise thieves may be able to remove parts of your bike and lift the main frame away.
  4. Invest in a well-fitting quality cycle helmet. You may wish consider knee and elbow pads – even seasoned cyclists have mishaps.
  5. Remove easy-to-steal parts or accessories like the saddle and post, pumps, or clip-less pedals.
  6. Leave your bike in a well-lit area with CCTV cameras where thieves are less likely to loiter.
  7. Register your bike with a tracker website such as www.immobilise.com so police authorities can trace and identify your bike if it does get stolen.
  8. Photograph your bike and note down the serial number, make and model. If it does get stolen, this will make it easy to identify.
  9. Security-mark the frame using an ultraviolet marker. If it is stolen and found again, it could be identified as yours and possibly returned to you.
  10. Familiarise yourself with your insurance policy and make sure your cover is adequate for your needs. Home insurance may be suitable for some, but more expensive models may benefit from more specialist cover.

Digital bank Chase today announced it is offering 3% cashback on Amazon.co.uk spend until the end of 2021, to help customers make more of their Amazon purchases this festive season.

The Chase current account already offers customers 1% cashback on all eligible debit card spend for 12 months*, but beginning today, Chase customers can benefit from an increased cashback offer of 3% on online purchases** from Amazon.co.uk. The promotion will run from 18th November through to 31st December, and will be applicable to up to £5,000 spent on the site.

Customers can earn the 3% cashback when they use their Chase debit card to make purchases at Amazon.co.uk, including digital downloads, Amazon Prime subscriptions, and items sold by third-party merchants through Amazon.co.uk’s marketplace.

In order to start earning this additional cashback, customers must activate the offer in the Chase app via the Rewards hub.

Deborah Keay, Chief Marketing Officer of the digital bank says: “The festive season is fast approaching and we know consumers are already busy shopping for the holidays.  We want to help everyone to have an even more rewarding festive season this year, so we’re delighted to be expanding our fuss-free rewards programme so Chase customers earn a little extra back while they spend with Amazon in the run-up to the holiday period.”

JPMorgan Chase launched its new digital bank in the U.K. under the Chase brand earlier this year, offering a range of simple, rewarding features to help people budget, manage money, spend and save.

Additional rewarding features include:

  • Small change round-ups on which customers can earn 5% interest: customers can save as they spend by rounding up their debit card purchases to the nearest £1, and depositing the small change into a separate account where it will earn interest at 5%***.
  • Fee-free debit card use abroad: customers won’t be charged any fees by Chase when using their card while travelling, including for cash withdrawals at ATMs abroad.
  • A U.K.-led customer support team: with just a few taps in the Chase app, customers will be connected to a specialist – 24 hours a day, 7 days a week.

New customers interested in taking advantage of the Amazon offer can open a Chase current account quickly and simply by downloading the Chase app.

For more detail on Chase’s Amazon offer see Chase.co.uk/Amazon.

Telematics car insurance pioneer, and road safety advocate, insurethebox has released data showing that young drivers in the UK are 18% more likely to have an accident in the winter, when compared to the summer months.

The analysis, seemingly prompted by an ongoing trend of accidents rising across the UK in the months following the clocks going back, identifies that drivers in the Midlands are most affected by this seasonal change, with a 25% increase in accident frequency. The area least affected is the capital – London, which sees an 11% rise in accident frequency.

 

Gary Stewart, Service Manager at insurethebox said: “The role of adverse weather conditions and reduced visibility for larger proportions of the day are key contributors in the increased likelihood of having an accident in the winter. There is a higher risk in the more rural areas of the UK, likely as a result of more portholes and lack of on-street lighting.”

“Although these elements are unavoidable, there are certain things drivers can do to help prevent accidents; we urge everyone to firstly make their car winter-ready and plan journeys ahead in wintry conditions. Inexperienced drivers entering these conditions for the first time should keep in mind longer stopping distances on wet or icy roads and keep their speed down.”

The importance of daylight was also highlighted in previous analysis by the insurance provider, revealing that the period directly following the clocks change (October and November) brings an increase in accident frequency of 31%, between 5pm – 8pm.

insurethebox collects data using telematics, by fitting a black box to a customer’s car, in order to analyse driving behaviour and risk factors. Based on this individual data, insurethebox rewards safe drivers and calculates a personalised renewal for each customer – as well as educates young drivers about common risks.

With an 18% increased likelihood of having an accident in winter, compared to summer months, insurethebox firmly aim their attention at ensuring young drivers are able to navigate the roads in a safe manner.

05 Mar 2019 The FCA today announced a number of measures to stop vulnerable people paying way over the odds for rent to own purchases.

In future retailers won’t be able to charge more than 100% of the price of goods – a big improvement as in some cases people are paying up to 4 times the price of items once charges and insurance is taken into account.

Andrew Hagger, Personal Finance Expert from Moneycomms said:

It’s good to see the regulator stepping in to protect some of the most financially vulnerable in our society.

These people have been taken advantage of for far too long, mainly because the retailers know such customers often have nowhere else to turn.

The credit cap of 100% is a welcome move and it’s pleasing that the FCA won’t let these retailers recoup their money via the back door by increasing the cost of add on insurances.

The new rules come into force on 1st April 2019.

Tesco Bank has today announced their support for National Pet Month, a nationwide campaign to celebrate pet ownership;

To help customers protect their cats and dogs, Tesco Bank is offering all Tesco Clubcard holders 50% off Tesco Pet Insurance Accident and Injury cover in the first year when purchased by 2nd May 2017

New research by Tesco Bank has found that the owners of 2.41 million UK cats and dogs would be unable to pay the average cost of an unplanned trip to the vet in the event of an accident or emergency. With the average emergency vet bill totalling £493*, four out of ten pet owners state that the worst thing about owning their cat or dog is worrying when they have an accident or are hurt.

However, despite this worry, the research reaffirmed that we are a nation of pet lovers, with 84% of owners stating that their pet is an integral part of their family, and the most common reasons for owning a pet is for the happiness they bring and their good company.

The new research comes as Tesco Bank announces their support for National Pet Month, a nationwide campaign to encourage responsible pet ownership, and raise awareness of the great benefits that living with a pet can bring your family.

David McCreadie, Managing Director of Tesco Bank, said; “We understand just how important our customers pets are to them, and that’s why we’re supporting this years National Pet Month. Over the coming months, we’ll help customers take better care of their pets by hosting a number of Pet Roadshows at Tesco stores across the UK*, which customers can come along to. These will offer people the chance to see vet-led demos on topics such as brushing your pets teeth and grooming.”