Bicycle insurance is a popular product in the UK, but it may be about to change, said GlobalData, the London-based platform that provides knowledge research and research specialized in global industries.
Less than 1% of UK consumers have a motorcycle insurance policy, according to GlobalData UK 2019 insurance survey. However, bicycle sales soared due to the pandemic, which has now provided an opportunity for insurers that have not yet capitalized on this developing market.
“People are expected to rush into public transportation and government investments will remain popular beyond the blockade,” said GlobalData insurance analyst Yasha Kuruvilla.
“According to data from the GlobalData survey, 9.0% of Londoners have bought a motorcycle since the start of the coronavirus pandemic, up to 4.8% of all consumers in the UK,” he said.
“This has led motorcycle insurance providers to offer horny be through the pandemic. Laka be offers liability insurance for bicycles for 1 euro according to the month until the end of the year, while Cycleplan offers a 50% reduction to NHS workers,” Kuruvilla continued. . [Editor’s note: Laka and Cycleplan are UK-based motorcycle insurers].
“Insurers deserve to have a spouse with cycle-work systems that offer a fiscally efficient way to buy bicycles; they will have more exciting merit as companies reopen their offices and look for tactics to protect their employees,” he said.
“As offices reopen, more and more people will cycle to the frames to congested public transport for fear of contracting the virus. This will be more popular in cities where the distance between the house and the paintings is more manageable.”
Photo: The bikes are in-house demonstration by Bike Shack, a separate motorcycle shop in Leyton, east London, on Monday, May 18, 2020. Bicycle sales and maintenance have increased since the coronavirus outbreak hit the UK. Now that some locking measures have been lifted, motorcycle department stores are experiencing an overwhelming flow of paints, from sales to maintenance, as travelers are asked to cycle to paints when possible, for the use of cars and public transport. Photo Credit: AP Photo / Alberto Pezzali.
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