NEWS
Compare The Market Bicycle Price Comparison Site Live
i-Wonder have partnered with Compare the Market to launch the price comparison site’s first bicycle insurance comparison service. To help meet the demands of a growing market of cyclists looking for insurance, the comparison service will allow those looking to insure all types of bikes, including road, mountain, BMX’s, folding, gravel bikes and E-bikes.
‘’Cycling is becoming an increasingly popular transport and leisure option in the UK, with more than four in ten* people now owning or having access to a bicycle’’, explains Ray Vincent, Chief Executive Officer at i-Wonder. ‘‘Bicycles can be a very valuable asset, sometimes costing upwards of £1,000, whilst specialist bikes can have a similar value to motorbikes and even some cars, so the need for suitable insurance is growing.’’.
The Department for Transport has committed to promoting cycling as a mode of transport via its Cycling and Walking Investment Strategy, which is encouraging a growing number of travellers to add cycling ‘stages’ to their journeys – cycling to the train station before boarding the train to work, for instance. Beyond government initiatives, there are several other factors driving the UK’s ‘cycling revolution’, such an environmental and economical motives.
‘’Given their portability, their growing numbers in the UK and their potential value on the resale market, bikes of all kinds attract the attention of thieves. There are around 20 million bikes in the UK, and on average, approximately 72,000** are reported stolen annually’’, explains Frances Howard, Commercial Director at i-Wonder.
Giles Byford, Director at Compare the Market, commented, “At Compare the Market, our purpose is to make great financial decision making a breeze for everyone. In partnership with i-Wonder, we are helping customers quickly compare and take out bicycle insurance nationwide. While nobody wants their bicycle to be damaged or stolen, in the event that something happens, it is great to have peace of mind that you’re protected.”
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