What happens if the bike is stolen?
Firstly, if you are reading this article because your bike has been stolen we want to extend our sympathetic condolences to you. Bike theft, and burglary in general, is a blight on society and we're very sorry if you're in the midst of the trauma it can cause.
Because the theft of a cycle to work scheme bike often involves commitments to other parties (such as your employer) we have a strict process that must be followed, although we are sympathetic to the plight of anyone who has suffered at the hands of unscrupulous bike thieves there is sadly no wiggle room regarding writing off the value of the bike. Cyclescheme widely communicates the importance of insuring the bike and has brokered a 15% discount to help with this.
If your bike is stolen or damaged beyond repair, as long as you replace the bike and continue to use it mainly for commuting purposes, the employer can continue to take the salary sacrifice reductions from gross salary. This means that you can still take advantage of the Income Tax and National Insurance Contribution (NIC) savings.
If the bike is stolen before it has been paid for, and it is not replaced, this, unfortunately, constitutes the end of your Hire Agreement and any outstanding salary sacrifice repayments will be taken from your net pay. This means that you cannot take advantage of the Income Tax and National Insurance Contribution (NIC) savings.
If your bike has been stolen, please email firstname.lastname@example.org with the following information:
- Date of the theft
- Police Station Reported to
- Crime Reference number
- Is the bike insured?
- Has your employer been notified?
- Are any outstanding Salary Sacrifice reductions being taken from Net salary?
Please remember 🚨
- If your bike has been stolen but not replaced and you have benefited from tax and national insurance savings you are still likely to be liable for your ownership payment.
- Cyclescheme offers auto-enrollment to Bike Register as one of our benefits. The purpose of Bike Register is to assist with the recovery of your bike if it is stolen.