5 reasons bicycle insurance claims are rejected
If you have bicycle insurance and your bike gets damaged, stolen, or you suffer an accident while riding, the last thing you want to be worrying about is whether or not your claim will be successful.
With policy wordings varying between different cycle insurance providers, it can be easy to get caught out for not meeting specific requirements, therefore it’s important to double-check the policy wording of your insurance to make sure you meet all the necessary criteria.
To give some general guidance, we’ve compiled a list of the most common reasons bicycle insurance claims are rejected, and the steps you can take to make sure that yours would be approved if such a situation arose.
1. Unapproved bicycle locks
Regardless of variations between specialist cycling policies and home contents insurance, the majority of insurers will specify that the lock you use to secure your bike must meet certain standards. Bike insurance firm Cycleplan, for example, requires customers to have a Thatcham-approved lock if their bike is up to the value of £1,500, or a Sold Secure lock dependent on the bike’s value. An Unapproved lock is the top reason fellow insurance company Laka rejects claims, stipulating customers must have a Gold Sold Secure Lock at the very least if their claim is to be successful.
2. Not adequately securing your bike
Another common reason bicycle claims are rejected is down to failing to meet the security requirements for how your bike needs to be secured when it is not in use. For instance, cycle insurance firm cycleGuard has multiple stipulations for when your bike must be left locked when unattended and away from your insured location, and also includes lock requirements for bikes stored in vehicles and attached to roof racks.
3. No sign of forced access
According to Cycleplan, any bike theft must be caused “by forcible and violent access”, and suggests that, while not always necessary, if a bike lock was broken to steal your bike it will help your insurance claim to keep hold of the broken lock as evidence. The company advises customers to read the terms of their insurance closely so they know what they are and are not covered for.
4. Failure to provide proof of purchase
A further common reason for rejected claims is a lack of proof of purchase or ownership, either through documents or photo evidence. For Laka, providing clear evidence that you own the bike or kit in question enables the firm to prevent fraud cases and create a fairer collective for its cycle community.
5. Misreading policy documents
Taking all of the above into account, misreading your policy wording, or not delving into the small print to see what you are actually covered for, seems to be one of the most common reasons for bicycle claims being rejected.
As each insurer has varying requirements as to what makes a successful claim, it pays to closely read your policy documents to ensure you meet all the necessary conditions to secure a pay-out, should you need to submit a claim.