ACT highlights overall cost of bike thefts totals £2.4bn

The ACT has recently shared news that seven in ten cyclists in the UK have had their bike stolen (at least once), with the average cost of a stolen bike at £612.80.

According to new research from Novuna Personal Finance, this brings the total estimated cost of thefts to £2.4 billion.

Theft is most common in urban areas, with 82% of Bristol cyclists affected, followed by Newcastle (76%), Edinburgh (74%), Liverpool and London (both 73%). Despite this, only 24% of victims made insurance claims, despite cover options such as specialist bike insurance from providers like Bikmo.

The Novuna Personal Finance study highlights that thefts are most frequently occurring in public places, with 42% of cyclists feeling most at risk at public bike racks and 51% of thefts taking place in public spaces, compared to 30% on private property, including outside homes and workplaces.

E-bikes are considered particularly vulnerable, with 75% of cyclists believing they are more likely to be targeted than traditional bikes, amid the rise in e-bike popularity in recent years.

The startling theft figures have directly discouraged many from riding altogether, with 23% reporting a reduction in the amount of cycling they do and 9% having stopped riding completely following a theft.

A Home Office spokesperson said: “Bike theft has a huge impact on individuals and for too long, many of the victims have felt that not enough was being done to prevent their bikes being stolen, or track down the thieves responsible. As part of this Government’s Plan for Change, our Safer Streets Mission is determined to clamp down on the crime that damages our communities, and affects people’s lives, and tackling theft will be a crucial part of that work.”

Theresa Lindsay, marketing director at Novuna Personal Finance, said: “With so many cyclists facing the financial and emotional costs of theft, it was clear that bike security needed to be a priority. Investing in a quality lock and ensuring bikes were secured properly could help deter thieves.”