Selling bikes in the UK?
Want to boost store Conversions?
AND revenue?
Trusted by
About the scheme
Offer 1-Year Product Protection at checkout to increase conversion, enhance customer value, provide peace of mind, and unlock a new revenue stream.
Our Casual Plan will repair or replace bikes, and accessories, that are stolen or damaged either maliciously or accidentally, increasing customer satisfaction and reducing the burden on your customer support.
Customers can choose to upgrade from these core benefits, to receive a hire bike should they be without wheels, and protection against personal accident, with our Commuter Plan.
Our Elite Plan allows serious cyclists to further extend the Commuter Plan to include worldwide and competition cover.
Whether your customers are recreational riders, daily users, or amateur racers, we’ve got them covered.
Implementing
Our insurance solutions securely integrate into your physical and/or e-commerce store, whether through our Shopify app, Magento and BigCommerce native apps (launching March 2025), API (compatible with platforms like WooCommerce), or instore portal.
Our expert team will support you through the deployment process, so that you’re servicing your customers with the insurance in no time, with minimal disruption to your business operation.
Customer satisfaction
Like how Klarna simplifies offering payment solutions to customers at checkout, Bolt Cover makes it just as easy for us to offer product protection to our customers at the same time. Their seamless integration and tech-first approach made embedding insurance the logical next step for enhancing our customer experience.
The support team has been outstanding, and we’re excited to see the impact this will have on customer satisfaction and conversion on our store.
Shahab Raghbi, CEO, Homedone
Benefits to you
Offering customers protection against perils such as accidental damage and theft at point of sale is shown to:
Enhance customer loyalty and experience
(1) 60% of online shoppers say insurance options offered at checkout would increase odds of making purchase
Add a new source of income and boost conversion, aiding your bottom line
(2) Sitewide conversion rate increase of 11% and
(3) protection plan attach rate of up to 40%
Differentiate and raise your brand image in a competitive market
(4) Customers willing to pay +21% when considering product protection for purchases
Extend the useful life of products and promote the circular economy
(5) A 2022 survey showed that 81% expressed that companies should be encouraging people to fix their broken items
Reduce customer support costs
You can also service replacements for the wholesale value of the insured item +20% margin.
Cover
The core benefits of this cycle insurance scheme are protection from theft, accidental or malicious damage that renders the bike beyond use, and theft or damage to cycle accessories and clothing.
The insurance can be upgraded to include;
Up to £20k Personal Accident cover from bodily injury while using the bike
Cover of Cycle Hire expenses if the bike is stolen or damaged
Theft and accidental cover while taking part in Cycle Competitions
Territorial limits extended to Worldwide Cover
Customers benefit from there being no contribution (excess) payment required for cycle hire and personal accident claims.
For cycle theft and accidental damage claims, the customer will be required to pay up to £100, toward the cost of a claim.
For theft and accidental damage to accessories, the customer will contribute £25 toward the cost of a claim.
Please note that we can only provide the cover to UK residents. Items not secured to an immovable object using an approved lock, damage in transit, normal wear and tear, commercial use and any deliberate harm or neglect, are not covered under the insurance scheme.
Claims
All claims are handled by expert Claims Handlers at Claims Consortium Group, who will arrange a like-for-like replacement, or reimburse the customer to the financial value of the item via a voucher for your store, keeping the customer in your ecosystem.
Stolen items will require a police incident report and will also be replaced on a like-for-like basis, or the customer will be reimbursed to the financial value of the item via a voucher.
Customers will receive a lump sum payment to compensate for bodily injuries in the event of an approved personal accident claim.
Scheme Pricing & Commission
You will retain a percentage of the insurance premium received for each policy you distribute, exclusive of Insurance Premium Tax. We’ll bill you monthly for the remaining proportion of the premium collected.
The insurance premium will usually be 6-12% of the value of the item.
Getting Started
You will need to complete our onboarding form here, which will include KYB screening. We will then issue you with our contract* to sign and arrange a kickoff call to ensure integration goes smoothly where we can:
Install on your test website to make sure it goes well (if you have one)
Provide engineering capacity, or support your tech team to install efficiently
Do you need to be regulated?
Simply put, our ToBA will allow you to “offer or arrange” insurance contracts that are complementary to your products without being subject to regulation by the Financial Conduct Authority (FCA), by utilising the ‘Connected Contracts’ exemption
(see PERG 5.11.13 G & ICOBS 2.6.1R).
Who provides the Insurance
This insurance is provided by Collinson Insurance (a trading name of Astrenska Insurance Limited), which is authorised by the Prudential Regulation Authority (PRA) and regulated by the FCA and the PRA in the United Kingdom (FCA no. 202846).
Bolt Cover, a trading name of Bolt Warranty Limited, is the Policy Administrator and an insurance intermediary authorised and regulated by the Financial Conduct Authority (FCA no. 1018666).
Our Claims Handler for the scheme is ClaimSorted Ltd, a trading name of Property Consortium (Holdings) Ltd, which is registered in England under Companies House number 07531688.
References
PYMTS ‘Retail Product Insurance’ study (Jan-2020)
Extend ‘BlendJet’ case study (2021)
Extend ‘The Dufresne Group’ case study (2024)
Cover Genius ‘The Retail Protection Report’ (Jan-2024)
Circular. ‘Making the case for reuse’ (Nov-2022)
All images are for illustration purposes only.