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3 reasons why bike brands should offer insurance to their customers

There's no denying it: cycling is hugely popular worldwide and not slowing down anytime soon. Biking gives people an eco-friendly way to avoid traffic jams, get some exercise and enjoy the outdoors – and for many, it's an alternative to traditional modes of transport. Here are 3 benefits of providing bike insurance and why it should be a priority in your retail strategy.
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Time to read
3 minutes
Last updated
February 11, 2021
In a nutshell
  • Embedded insurance responds to a growing consumer demand for high-value added services.
  • It strengthens consumer trust and reinforces your brand.
  • It effortlessly boosts your income.

1. Answer your customers’ need for peace of mind

As the pandemic encourages commuters to switch from cars to bikes and cities look to improve air quality, the bike revolution is just getting started. And with this lifestyle change comes the need for better protection should life decide to get in the way.

When opting for a bike, consumers invest time and money in finding the perfect make and model. Speed, comfort, practicality, affordability – every person has their own requirements. One thing they have in common, however, is wanting to make a good investment.

Bike theft is rampant across Europe. In fact, 1 in 4 people have had their bike stolen, according to a survey we ran with more than 120 respondents. Bike thieves become increasingly sophisticated, and are less likely to be deterred by padlocks. It's no wonder 90% of cyclists we surveyed are concerned about bike theft.

Protection against such events is essential, especially when bikes are used as a primary mode of transport.

By proposing comprehensive bike insurance at checkout, you prioritise your customers’ needs for security and freedom. And in today's competitive marketplace, we know that success lies in putting people first.

three young people laughing on a bike

2. Enrich your offer with a high-value service

Strengthen consumer trust and reinforce your brand with positive experiences. An embedded solution is so much more than insurance – it enables you to broaden your horizons by offering a high-quality, modern service, making you the one-stop-shop for bike enthusiasts.

By making bike insurance an integral part of your strategy, you increase your ability to create value for your customers and your business. However, insurance is a complex subject, which is why it's important to choose the right partner to guide and support you in this endeavour.

Theft, material damage, assistance, deductibles, depreciation, nighttime exclusions, professional use, global coverage, multilingual customer care, the list goes on and on. All of these aspects need to be carefully considered in order to guarantee the best possible customer experience.

At Qover, we ensure that your brand is reflected in our superior products and customer care. We're a tech company, but people always come first. Your bike customers will never be left to fend for themselves. But don't just take our word for it, check out our numerous TrustPilot reviews!

a carefree woman on a bike in front of the ocean, with a surf board under her arm

3. Effortlessly increase your revenue

Many companies have successfully scaled up by diversifying their portfolio and offering add-on services.

With insurance, not only do you bring value to your customers, but you also effortlessly increase your revenue. Results are almost immediate: each new contract generates a profit for your business with minimal effort.

Embedded insurance at checkout has very high conversion rates. According to our latest data, more than one in two people select insurance when purchasing their bike.

Still curious? We've created an online calculator so you can simulate your potential increase in income in just a few clicks.

In conclusion, regardless of where you are in your bike insurance journey, understanding your customers' needs is key. Only the right partner and the right insurance solution will guarantee you a successful outcome, both in terms of customer satisfaction and revenue.