Insurance coverage offered on 7,000 London cycle parking spaces

Most insurers currently classify a bike parked in one of London’s Cyclehoop Bikehangars as being in the same category as a standard outdoor bike stand, meaning that after 12 or 24 hours, the bike is uninsured against theft or damage.

After recent changes to its policy, Bikmo now offers the same level of cover as bikes stored at home, and without any time limit. This means that Cyclehoop customers who take out cycle insurance with Bikmo can park their bike in the brand’s units 24 hours a day.

As of 2018, Cyclehoop has now reached its 1000th Bikehangar milestone in London, meaning that paired with Bikelockers and Cyclehubs, Cyclehoop have created over 7000 secure cycle parking spaces across the capital.

Cyclehoop managing director Anthony Lau said: “At Cyclehoop, our job is to make cycling safer and more convenient through designing secure cycle parking solutions. Our award-winning products are designed for cyclists, by cyclists, which allows us to operate in an insightful way and keeps cyclists at the forefront of our mind. 

“This is why partnering with like-minded companies such as Bikmo is vital. Their team of bike enthusiasts keep cyclists’ needs at the core of their values, whether they’re a commuter, roadie, mountain biker or Sunday rider.”

Bikmo head of partnerships Rob Grisdale added: “We work hard to make life as cyclists that little bit easier. We settle claims quickly and fairly, but we’re also ready to improve our policy to reflect changes in how cyclists are choosing to use and store their bikes.

“With more and more people parking their bikes in Cyclehoop’s awesome on-street Bikehangars, we felt it was important to update our policy to provide cover that is fit for the intended use of the Cyclehoop Rental scheme – as an extension of the home where bikes are often stored for more than 24 hours at a time. We’re delighted to be Cyclehoop’s first and exclusive insurance partner and to support a scheme that makes cycling more convenient in our cities.”

Cyclehoop’s Bikehangars were first ordered in February 2013 by the London Borough of Lambeth. Its cycle parking rentals scheme rolled out across London over the past four years.