At Yellow Jersey, we are determined to continue providing the best bicycle insurance possible for our customers, and to stay ahead of our competition in both value and level of cover. A key to achieving this goal is constant review of our policy wording.
By acting on feedback from our customers -enthusiasts and professionals alike- as well as discussing the policy wording within our office and with our underwriter, we have identified areas in which we can improve our service.
Over the next few weeks, we will be rolling out an updated Policy Wording document to our customers. The intention behind the changes is to tighten up our ‘common sense’ commitment to insurance, clarifying certain requirements and simplifying aspects of our policy which weren’t as straight forward as they could have been. You can read the full, updated Policy Wording here>>.
Valuing your Bicycles
I have written a fairly thorough description of how bicycles will be valued moving forward which you can read here >>. We no longer base the age of your bicycle on the age of the frame, or devalue bicycles if they are more than three years old. Bikes are now insured at the price you paid for them, so we can more reliably replace or repair your bike with an equivalent, if not with the exact same model.
This change ties in nicely with our adjustment of how accessories are defined. Whereas upgrades to your bicycle may in the past have been added to your policy as accessories, wherever they are essential to the function of the bike, they are now included in the value. We hope this can increase riders’ confidence that their whole bicycle is covered in the event of an accident or theft.
The policy wording has been clarified to explain exactly what we define as accessories. An accessory is anything additional to the bike that is not necessary for its function, such as a Garmin or panniers.
Additional or spare wheels can also be added to the policy as accessories if, for example, you have a pair of training wheels you regularly use with your bicycle, and a pair of race wheels you reserve for competition. In this scenario, the ‘accessory’ wheels will have the same full cover against accidental damage while on your bicycle as your primary pair.
The maximum trip away from the insured location with your bicycles we allow at any one time is now 60 days, an increase from 45, for those longer training trips and holidays. As before, you can take as many of these trips as you can fit into your schedule.
A clause which existed in our old policy required bicycles to be locked to something solid while stored overnight inside a locked car. This is a fairly common requirement for bicycle insurers, but between us, we couldn’t identify what a bicycle could actually be locked too. As far as we are concerned, the lock and alarm on your car is sufficient, and so this requirement has been dropped from the Policy Wording.
A feature of our policy which has been updated to benefit our travelling customers is our cycle hire cover. Should you arrive abroad for a race, sportive or touring holiday and find your bicycle has been left behind or damaged by the airline, we will pay for replacement cycle hire anywhere in the world, ensuring you have access to an equivalent value bicycle wherever you need it. This comes on top of insuring your bicycles and bike boxes against damage loss or theft while in transit.
A blog I prepared outlines our locking and storage requirements as they appear on the updated Policy Wording document. If your storage arrangement was in line with the old policy, then it still is. We have however simplified the lock requirments for sheds and garages, details of which can be viewed here >>.
Professional and Semi Professional Riders
The bicycle insurance we offer to our customers is essentially the same as that which we provide to our Professional and Semi Professional riders, however, Pro cover needs to be agreed on an individual or team basis.
Our previous insurance policy didn’t provision for professional or semi-professional cyclists, but with a growing roster of professional cyclists on our cover, including the Matrix Pro Fitness women’s road cycling team and Mountain Trax Vauxhall mountain biking team -as well as many professional and semi professional individuals- we have had to make changes to our definitions. Professional and semi professional riders are now defined as those ‘deriving part or all of their income from activities involving the use of a pedal cycle’ and receive the same all inclusive cycling insurance, but must have their cover agreed individually with us.
Do I need to do anything?
If you already hold a policy with us, it will be automatically upgraded to the new policy wording. We offer a single, all inclusive policy to cover our customers against every eventuality, and so all the new features are automatically credited to you with no change to the cost of your premium. The changes made have been designed with ‘benefit to the customer’ as our chief motivator, but if you need to make a claim prior to renewal, you will have the choice to do so following either the updated Policy Wording, or the Policy Wording as it was when you took out your insurance. For some customers, it may be beneficial to take advantage of the changes to our bike valuation requirements. Via the customer area on our website, which you can access here, you can adjust the value of your bicycles and accessories if you chose to do so.