British cycling is in rude health. When we recently looked at our customer data, we saw that the past three years has seen the number of bikes being declared by our customers increasing steadily, while British Cycling recently found that a staggering two million Britons rode a bike at least once a week. The value of the nation's bikes is also increasing. We have also been seeing a steady rise in premium bike brands on our books while, Halfords, who are responsible for one in three bikes sold in the UK, recently reported an 11% boom in sales, with a 25% increase in premium bikes.

Cycling is certainly a good way to get around. Substituting four wheels is both a good way to stay healthy and much better for the planet than taking your car all the time. But riding a bike can also be hazardous, both to your health and to your finances. The Royal Society for the Prevention of Accidents reported over 20,000 cycling accidents last year, with over 3,000 fatalities. Moreover, recent data from the National Crime agency recorded over 376,000 bicycles stolen last year that's one every 90 seconds.

For such a risky pastime, cyclists have some of the lowest rates of insurance of any vehicle owner. We recently looked at all the bikes declared on our books, and found that while the number of premium bikes is increasing, the number of cyclists insured is fairly small. In fact, when we overlaid the number of people who declare a bicycle on their content insurance over the number of cyclists on the road; we estimate that only 5% of cyclists are covered.