Claims for bike theft have risen 125% in the past three months, according to the latest data from insurtech company Urban Jungle.
The insurtech company, which provides insurance for renters and people sharing homes, saw a big surge in claims in the three months leading up to October.
The data, taken from claims made to Urban Jungle from its 20,000 customers, show that claims in London are up higher than the national average, having increased 129%.
Jimmy Williams, chief executive officer of Urban Jungle, said the nature of the claims suggests much of the crime is pre-planned, rather than opportunistic.
Williams continued: “The claims we are receiving aren’t from people who have left their bike outside a pub or shop, or who forgot to lock it. They are cases where criminals have clearly turned up prepared, with bolt cutting tools, and whisked the bike away in a hurry.”
“Some thieves are not averse to jumping into back gardens or breaking into sheds. Criminals have also worked out how to get into the council-owned bike hangers.”
“Criminals know how to spot an expensive bike and can dispose of them quickly by selling them online. They are organised, fast and efficient. Also, they know there’s a big market for bikes right now, as cycling is increasingly popular, meaning demand has outstripped supply.”
Williams said bikes can be added to most insurance policies, but can be easily missed. Most insurers will cover for theft, he noted, “but make sure you include `Out Of Home cover’ on your policy”.