"LV= has launched a campaign to help advisers understand the importance of add-on cover following an increase in bicycle theft."
In 2022, thefts of bikes increased 54%, with 68% of claims being made for incidents that occured away from the home.
In response, LV= has launched their 'A little extra cover goes a long way' campaign aimed at IFAs and designed to highlight the benefits of optional extras on home insurance to ensure customers are adequately protected.
The insurer's data shows that 26% of new claims reported were for accidental damage, costing £1,300 on average, and the average theft claim away from the home cost £1,400. Bicycle claims in 2022 cost, on average, £1,350.
With cover for items away from the home, protection for bicycles and accessories away from the home, and accidental damage offered as optional extras, LV= says the campaign will help advisors understand what their clients are covered for and where they might need extra insurance.
Sarah Watts, Head of Intermediary at LV= General Insurance said:
“We’re committed to helping advisors provide insurance advice to their clients so that they have the best protection, but we understand that most of their time is taken up advising on mortgages.
“By providing the information to advisors on the simplicity and value of tailoring a home insurance policy, we hope this will help ensure their clients have the right insurance."
