Bikmo

Bikmo Insurance Review: A Comprehensive Guide for Cyclists

Brief Introduction and Overview of the Company

Bikmo is a specialized provider of cycle insurance, offering comprehensive coverage tailored to the diverse needs of cyclists. Established in 2014 after a successful pivot from a bike and kit comparison website, Bikmo has rapidly gained a reputation for its commitment to protecting both riders and their beloved machines. The company distinguishes itself through a strong emphasis on exceptional customer experience and active community engagement. [3][4]

Key Highlights of the Company’s Market Position and Reputation

Bikmo's success is underscored by several key factors:

• Certifications and Partnerships: Bikmo holds prestigious B Corp certification, reflecting its dedication to social and environmental responsibility. Further bolstering its credibility are strategic partnerships with leading cycling brands like British Cycling and Brompton. [4]
• Customer Stewardship: A high Employee Net Promoter Score (NPS) testifies to Bikmo's positive work culture, which translates directly into excellent customer service. The company is widely recognized for its user-friendly policies and responsive support. [4]
• Global Presence: Bikmo's influence extends across multiple countries, including the UK, Austria, Belgium, France, Germany, and Ireland. [4]

Overview

Year of Establishment and Background Story

Bikmo's journey began in 2014 as a platform for comparing bikes and cycling equipment. Recognizing a significant gap in the market for specialized cycle insurance, the company cleverly transitioned into the insurance sector, leveraging its established expertise and network within the cycling community. [3][4]

Key Milestones in the Company’s History and Growth

• 2014 Tour de France Rapha Tempest Festival: This event marked a pivotal moment for Bikmo, as it generated considerable interest and email sign-ups, ultimately leading to the sale of its first insurance policies. [3]
• Continuous Innovation: Bikmo remains committed to ongoing innovation, harnessing technology to streamline processes and enhance the overall customer experience, making insurance simple and satisfying. [3]

Regulatory Compliance and Licenses

Details on Licenses and Certifications Obtained

Bikmo operates with full regulatory compliance:

• Financial Conduct Authority (FCA): Bikmo Limited is authorized and regulated by the FCA, holding the reference number 745230. [5]
• B Corp Certification: Bikmo's commitment to sustainability is evidenced by its B Corp certification, achieving a remarkable B Impact Score of 96.7 – significantly above the median score of 50.9 for typical businesses. [4]

Insurance Products and Services

Main Insurance Products

Bikmo provides comprehensive cycle insurance with a variety of coverage options to suit diverse needs:

• Comprehensive Cover: This core offering protects against accidental damage, theft, vandalism, and even covers event fees. [1][2]
• Specific Coverages: Bikmo offers granular coverage including theft, accidental damage, vandalism, clothing & headgear (up to £250 or 10% of bike value), accessories (up to £250 or 10% of bike value), 365-day worldwide cover, road/criterium/circuit racing event cover, event fee cover, a multi-bike discount (50%), bike box cover (up to £500 or 10% of bike value), returning home cover (up to £150), alternative cycle hire (up to £500), sportive event cover, family & friends coverage, new-for-old replacement options, an excess-free Bikmo replacement option, 24/7 cycle hangar parking, and business use (with optional coverage). [1][2]

Additional Services

• Claims Assistance: Bikmo prides itself on its swift and straightforward claims process, typically resolving claims within 1-3 days. [1]
• Local Support: The company actively supports local bike shops for repairs and replacements, ensuring a hassle-free experience with no claim excess. [1]
• Travel Policy: Bikmo extends its coverage to travel, providing protection against accidental damage during transit. [2]

Premiums and Pricing

Pricing Structure

Bikmo offers competitive pricing, with monthly premiums starting from £3.73. [2] The exact cost will vary depending on factors such as the value of the bike, the level of coverage selected, and any applicable discounts.

Discounts

• Multi-Bike Discount: A substantial 50% discount is available for insuring multiple bikes. [1][2]
• E-Bike Discount: Bikmo offers a 25% discount for e-bikes. [2]

Comparative Analysis with Industry Averages

Bikmo's premiums are generally considered competitive within the market, providing comprehensive coverage at reasonable rates. [1][2] Direct comparisons require analyzing specific policy details and coverage levels from competing insurers.

Discounts and Special Offers

Besides the standard discounts, Bikmo occasionally introduces promotional deals and limited-time offers. These special offers can be found on their website. [2]

Customer Service and Support

Contact Methods

• Phone: 01244 470 551 [1]
• Email: [email protected] [1]
• Live Chat: While not explicitly advertised, the user-friendly design of Bikmo's website suggests the possibility of live chat support. [1]

Availability of 24/7 Support and Multilingual Assistance

• 24/7 Support: Bikmo offers round-the-clock support for claims and inquiries. [1]
• Multilingual Assistance: While not explicitly stated on their website, considering Bikmo's international presence, multilingual support is likely available. Contacting customer service directly would clarify this. [1]

Pros and Cons of Bikmo Insurance

Pros

• Comprehensive Coverage
• Quick Claims Processing
• Local Support Network
• Competitive Premiums and Discounts
• Customer-Centric Approach

Cons

• Lack of Explicit Information on Multilingual Support
• Absence of Clearly Advertised Live Chat Feature

Conclusion

Summary of the Main Points Covered in the Review

Bikmo stands out as a reputable cycle insurance provider, offering comprehensive coverage, swift claims processing, and a customer-focused approach. Its partnerships with major cycling brands and its B Corp certification underscore its commitment to both the cycling community and environmental sustainability. Bikmo's global reach adds to its appeal, making it a viable option for cyclists worldwide.

Recommendations on Who Would Benefit Most from the Company’s Insurance Offerings

Bikmo is especially well-suited for cyclists who prioritize comprehensive coverage, particularly those involved in competitive cycling events like road, criterium, and circuit racing. The company's efficient claims process and local support network make it an attractive choice for cyclists seeking reliable and convenient service.

Frequently Asked Questions about Bikmo Insurance

Answers to Common Questions about the Company’s Policies, Claims Process, and More

1. What types of bikes are covered? Bikmo covers a wide range of bikes, including MTB, road, hybrid, and Brompton Electric bikes, provided they comply with the Road Traffic Act. [2]
2. How do I make changes to my policy? Policy adjustments can be made through your Bikmo Cloud account 24/7. There are no fees for premium increases. [2]
3. Is my e-bike eligible for insurance? E-bikes are eligible if they meet the requirements of the Road Traffic Act (maximum 250 watts and pedal-assisted mode). [2]
4. How do I file a claim? Claims can be filed online, with Bikmo typically settling claims within 1-3 days. [1]
5. What is the process for transit-related accidental damage? For transit-related accidental damage, a GO or PLUS policy is needed. Bikmo will repair or replace your bike regardless of airline compensation (which usually maxes out around £1400). [2]

References

• [1] https://bikmo.com/uk/partners/british-cycling/
• [2] https://bikmo.com/uk/
• [3] https://bikmo.com/uk/about-bikmo/
• [4] https://www.bcorporation.net/en-us/find-a-b-corp/company/bikmo/
• [5] https://bikmo.com/uk/privacy-policy/