Wednesday, June 17, 2009
Category:
Secured Loans
With a good summer weather forecast in place, it would seem that an increasing number of people are turning to their bicycles as a means of aiding their fitness as well as their finances.
In fact, reports indicate that bicycle sales have risen by 50 percent. However, according to Halifax Home Insurance, bicycle theft was recorded to have risen by 7 percent last summer and the company is urging cyclists to be vigilant.
With claims data pointing to the fact that the average cost of bicycle theft stands at £350, and with reports revealing that bicycles are one of the main items to be stolen from sheds, Halifax Home Insurance has offered advice to cyclists.
Utilise bicycle racks in every possible instance and always lock bicycles up – even when leaving them for just a few moments. Be sure to park bicycles in busy, illuminated areas if feasible. When bicycles are not being used, keep them indoors and locked up. Ensure that locks cannot be easily cut by using hardened D-shape locks. Have bicycles marked up and registered with a Police security scheme. Retain photographs of bicycles owned, along with details of the names, models and serial numbers just in case a theft does take place. Check that bicycles fall under the home insurance policy. Regular cyclists could consider taking out additional cover for contents outside the home.
Martyn Foulds, Senior Claims Manager for Halifax Home Insurance, commented: "Despite a wetter than average summer, we saw a 7 percent increase in claims for bike theft during the summer months compared to the winter months last year. Many bikes that are stolen are locked up, but often some types of locks such as cables can be cut and are therefore not enough of a deterrent. We anticipate that this year bike thefts may be on the up as warmer weather prevails, people look for ways to economise, and domestic burglary generally increases.
“If you are unlucky enough to fall prey to bike thieves, it is important to report the incident to the Police as soon as is reasonably possible, as in order to make a successful claim for bicycle theft, insurers need a crime reference number. It's also a good idea to take photographs of the bike, and keep any receipts to prove purchase of both the bike and also any additional accessories such as mudguards, lights and tyres."
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Homeowners who have opted for two wheels rather than four in order to lower their monthly commitments, could consider consolidating their debts which could potentially lower monthly outgoings further. A debt
consolidation loan, one of many options to consolidate debt, could be of interest for those that are currently juggling several expensive credit card and personal loan repayments each month. A debt consolidation loan could tie these up into just one, potentially lower, monthly repayment – thus leaving the borrower with extra money each month. However, when taking out a debt consolidation loan it must be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
