M&S Money: Cyclists should ensure they have adequate bike insurance.
Credit card provider M&S Money has warned cyclists to ensure they have adequate insurance on their bikes.
M&S Money: Cyclists should ensure they have adequate bike insurance.”
The warning comes as research by M&S Money revealed Britain is currently seeing a cycling boom.
This week there are two major cycling events in the UK, including the Mayor of London's Skyride, which will allow tens of thousands of cyclists to cycle through the traffic-free city centre.
M&S Money also cited a recent poll from the Association of Cycle Traders, showing that bike shops were experiencing an increased turnover of 83% this year in comparison to last year.
However, the credit card provider warned that as the popularity of cycling has increased, so has cycle theft.
Figures from the British Crime Survey reveal there were approximately 540,000 bikes stolen in the UK in 2008 - 2009.
This is an increase of 22% from the previous year.
M&S head of general insurance Steve Price said: "Bikes are a prime target for thieves and it's important to make sure you are insured in case your bike is stolen or damaged.
"Simple measures like leaving your bike in a well-lit area and using a good quality lock can deter a would-be thief."
M&S Money is also currently offering a typical variable rate on its credit cards of 15.9% APR after ten months.
Credit card holders pay 0% interest on all shopping for ten months from the date on which the account is opened.
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