PROTECT YOUR POLICY
Mathew Long of insurance broker Bemoto (www.bemoto.uk) is a biker, and knows all about bike theft. Here’s how the men in suits see the current situation.
“Bike theft has been a continual issue for insurers for years, it’s probably not the largest ‘severity claim’ (injury claims for pillions and pedestrians will be) but it’s one of the highest frequency fault claims (about 40%-50% of fault claims).
“Bike theft is still easier to get away with than car theft for obvious reasons, quietly push it down the road, or chuck it in a van, people ignore it, etc. But, also, you can go on eBay and buy a frame with V5 and use it as a donor chassis to switch all the stolen parts to. You’re not as likely in car theft to be able to buy a chassis on eBay…
“Many insurers are putting up their rates around London or simply withdrawing from that market. If you live in London and don’t own a garage, then expect to see price rises, or get TPO-only quotes (no theft risk for insurer) or maybe no-quotes at all if kept on road in city centre. A high value bike (+£15k) will often be expected to have a tracker (which do work by the way).
“Shared parking with security gates doesn’t count as a ‘garage’: thieves tailgate legitimate residents through the gates. If you don’t have a private garage then a secure building will do, maybe a shed with concrete base and ground anchor, maybe a steel bike safe, or a brick outbuilding. Even the conservatory or dining-cum-bike room at home...
“People often ask me what security they should fit for insurance purposes and I always say the same thing – don’t buy security to get cheaper insurance, do it because you want to keep your bike safe and be able to insure it again next year! It’s not a case of getting best discounts this year with a nice chain, it’s about protecting your NCD, about keeping your claims history clean for next year’s premium. If you have a theft claim you will have an excess to pay, huge inconvenience and anger, you may lose NCD (unless protected), you may see increased prices for the next bike, and some insurers may not quote at all as they know lightning does strike twice.
“Do everything you can to reduce the risk at home and also at work. No matter how good the power tools a thief will always choose an easy target over a tough one – common sense really.”