Specialised bicycle insurance is worthwhile for particularly expensive bicycles that are no longer covered by household contents insurance. The market of providers is quite manageable. With BIKMO a new provider was recently added in Germany and Austria. Bikmo comes from the British specialist insurer Hiscox and offers mountain bikers, racing cyclists, triathletes, e-bikers and commuters a quick and unbureaucratic all-round carefree package that protects ambitious cyclists from the financial consequences of unexpected events.
In addition to theft and vandalism, the premium cover for mountain bikers also explicitly includes accidental damage, which, according to our own studies, accounts for around 70 per cent of all claims and is not covered by household contents insurance.
Since its market launch in England in 2016, Bikmo has impressed with its fast and uncomplicated claims processing. "We are bikers. We know what's important," explained founder David George on the market launch in Germany and Austria. "We want to impress with exceptional customer service and customised protection. Our mission is to get our bikers back on the saddle as quickly as possible after a claim."
Worldwide protection that also applies to used bikes
Because bike, equipment and clothing are inextricably linked, the sum insured, which is tailored to the value of the bike, not only includes the classic or high-end bike, but also all accessories and the outfit - each with at least 250 euros or up to ten per cent of the sum insured. The highlight of all policies: The insurance cover applies worldwide. Whether on your home trail, in the bike park in Leogang or crossing the Alps - with BIKMO bike insurance, your bike is insured all over the world - even at events. If the event is cancelled by the organiser, BIKMO will refund the entry fee if the organiser does not pay it back.
In contrast to many other Bicycle insurance BIKMO also insures used bicycles, regardless of age - and not at current value, but at replacement value. In the event of damage, the replacement value is therefore reimbursed without deduction up to the sum insured. Like the insurance itself, taking out the policy is straightforward: After just a few clicks on the BIKMO website, the insurance cover is immediately active, without any paperwork. All contracts are subsequently managed via a separate website account. Simply register online, change the contract or report a claim - no matter where and when.
Interview Alex Zingg (BIKMO Germany Austria)
BIKE: What makes you different from other bike insurers?
Alex Zingg: Our team consists exclusively of bikers. We know what it means to push your bike to its limits and that things can quickly go wrong. That's why we've developed insurance cover that applies to all types of bikes and all types of terrain - regardless of the age of the bike. Bikmo protects bikes worldwide and also covers accessories and outfits. Our insurance can be taken out online via any end device, and the insurance cover is active immediately - without any annoying paperwork, Post-Ident procedures and the like.
Liability, accident and life insurance: Why do I also need special insurance for my bike?
For most people, their bike is the most expensive item they own after their car - and if it is totalled or stolen, it really hurts. Liability insurance protects you against claims from third parties, e.g. if I bring you down and you demand money from me as a result. Accident insurance protects your bones and life insurance protects your surviving dependants if the worst should happen. But who protects your bike? Theft may still be partially covered by household contents insurance, but who will help you if the carbon frame breaks after a fall in the bike park? Or if the trail was tougher than expected and the wheels are bent after a crash and the rear derailleur is no longer recognisable as such? This is exactly where we are there for you and ensure that we make the accident as materially undone as possible.
If I crash on a MTB-Transalp and my bike is scrap: What can I expect from you, what will be replaced?
Where you crash is irrelevant to us, as we insure all types of bikes on any terrain - only races with mass starts are excluded. If the bike can be repaired, we will pay the specialist dealer's invoice. If your bike is a total loss, we will provide you with the same bike again. If this is no longer possible, we will replace it with a new model (up to the sum insured). If the bike is scrap, your outfit and accessories are probably not intact either - that's why we automatically cover them up to 10 per cent of the sum insured, e.g. your helmet, goggles or protectors.
Races and competitions are particularly critical: is the insurance also valid during the competition?
Unfortunately, races with mass starts are excluded from our programme, but we can insure everything else - even participation in a triathlon where the bike is not even cordoned off in the transition zone. We expect to be able to offer a special race cover next year that also includes races with mass starts.
If I have several bikes, can I insure them as a package?
This is where we clearly stand out from the competition: With us, you can insure your entire bike fleet under one contract. If you're travelling on an enduro bike, the hardtail is probably at home. With us, you only insure the value of the bikes you are travelling with at the same time for the full premium; there is only a small surcharge for all other bikes. This gives you maximum flexibility and allows you to switch between bikes at any time, and all your bikes are perfectly protected at all times.
