Cycling insurer Yellow Jersey has adjusted its bicycle insurance policies due to the Covid-19 pandemic, relating to travelling and racing as well as value limits.
During normal trading, the business offers three tiers of bicycle insurance offering different levels of cover; Essentials, Performance and Ultimate.
Yellow Jersey’s Performance and Ultimate policies are comprehensive bicycle insurance policies 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 for the foreseeable future and so there are features on the top tiers that cannot be used, meaning customers are effectively paying for something they can’t use.
To reflect this, 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. This will allow people to purchase insurance for what they are currently able to do.
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.”
There’s more information on the website.