Cycling's New Breed
Last month the Government announced new guidance for its Cycle to Work scheme with the intention of helping more commuters to turn their journeys green by using e-bikes.
The guidance makes it easier for employers to provide bicycles and equipment including e-bikes worth over £1,000, removing one of the key barriers to ownership of a quality electric bike.
Additionally the guidance gives more of an imperative to employers to do more to promote cycling as a key part of their health and well-being activities, focussing on the numerous studies which show that getting more people cycling is good for physical and mental health, as well as air quality and congestion.
The Cycle to Work scheme does this by offering both a tax incentive and the opportunity to spread the cost of purchase interest-free through an employee's salary.
As well as the environmental and health benefits of e-bikes, the expectation is that the new guidance will boost bike sales as it allows cycle dealers and shops to appeal to new customer segments outside of traditional cycling enthusiasts, taking advantage of a broader trend towards personal mobility solutions for short and long journeys.
Good news for the cycle industry but also good news for Brokers who offer cycle insurance. Whilst it has sometimes been difficult in the past to engage with hard core cycling enthusiasts, the changing dynamic of today’s modern cycle and electric bike user puts Brokers on a level playing field.