During normal trading, the business offers three tiers of bicycle insurance, Essentials, Performance and Ultimate, to suit cyclists with differing levels of cover.
Yellow Jersey’s Performance and Ultimate policies are aimed at people with higher value bikes who travel and race within Europe and worldwide, while the Essentials policy is for lower value bikes (up to £1,500 per bike) with no travel or racing allowed. All policies cover theft, crash and accidental damage as well as public liability.
COVID-19 has prohibited people from travelling and racing at the moment and so there are features on the top tiers that cannot be used, so the company has upgraded the bicycle value limits on the Essentials bicycle insurance policy to match the Ultimate bicycle insurance policy. While Government restrictions are in place, all customers can now insure individual bikes worth up to £15,000 per bicycle and a fleet up to £50,000 on the Essential policy.
Once travel and racing restrictions have been lifted, anyone who has bought an Essentials policy, but would like to get access to all the features of either a Performance or Ultimate policy, will be able to upgrade and pay a pro-rata price difference for the remainder of the year.
Ryan Georgiades, managing director at Yellow Jersey, said: “While insurance is probably low down on priority lists at the moment, we still want to ensure that people can keep riding should something happen to their bike, without paying for elements of cover that they cannot use due to COVID-19.
“By allowing all our customers to purchase our Essentials policy, all cyclists can now insure their bikes for the “essentials” without them having to pay for additional elements of cover that they cannot currently use, thus saving them money.”
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