Should I insure the bike?
In a word, yes.
Cyclescheme's view is that it's imperative that the bike is insured - wording to this effect is included in the Hire Agreement. If the bike is stolen you will remain liable for the hire payments and potentially an ownership fee too. In addition, if you cannot ride the bike to work (because it's been stolen) you will no longer be eligible for the tax-efficient savings.
The good news:
The good news is that specialist insurance doesn't have to be expensive.
Most cycle-specific insurance not only provides cover for the cost of theft replacement, but also provides personal and third-party medical insurance cover and, in some cases, a roadside recovery service in the event of breakdowns.
Cyclescheme has partnered with award winning Bikmo where you can obtain exclusive pricing on your insurance.
Advice on looking after your bike:
- Do I need bike insurance?
- How to beat bike thieves
- How to thief-proof your bike
- What to do if your bike is stolen
For a personalised savings figure that includes ownership fees, visit our calculator and enter your details.
You can search to see if your workplace is signed up using the search box on Cyclescheme's homepage.