When purchasing bicycle insurance, you hope you’ll never need to file a claim as your bike should remain safe from theft and damage. However, if the unexpected happens and you do need to make a claim, one important document you’ll need is proof of ownership. Having clear evidence that you own the bike you’re claiming for is vital for a successful claim. This article explores why proof of ownership is important and what constitutes as valid evidence.
Why Is Proof of Ownership Important?
Providing proof that you own the bike you want to claim for is important as it prevents people from attempting to claim on stolen bicycles. Verifying that the bike is actually yours helps prevent fraudulent claims. You submit ownership documents to confirm that you legally possess the bike you’re attempting to claim on.
Valid evidence should also allow your claim to be processed quickly and more successfully.
What Counts as Evidence?
One or more of the following documents are considered valid proof:
- Original receipt stating the make, model, amount paid and date of purchase.
- Copy receipt of the original receipt.
- Invoice stating your bike’s make, model, amount paid and date of purchase.
- Credit agreement stating cycle make and model, value and date of purchase.
- Date and timestamped photograph of your bicycle, ideally showing its serial number, with the owner’s driving license or passport visible in the photo.
- Valuation or repair invoice, from a reputable dealer or repairer, confirming the bike’s make and model. Must be issued within the past three years.
If you’re claiming for stolen bike, you must also provide proof that you owned the correct grade SoldSecure lock for your bike as well as valid proof of ownership. This tells us you took reasonable steps to prevent your bike from being stolen.
Proof of Ownership for Second-Hand Bikes
If you purchased your bike second-hand online via platforms such as Facebook Marketplace and eBay, you’ll need to provide a copy of the original auction listing, this should include:
- Photos of the bike
- Description of the item
- Auction number
- Relevant proof of payment
Whether you bought your bike brand-new or used, you should also make sure to keep a record of your bicycle’s frame or serial number. If you provide this when purchasing a Cover4Cycles policy, we can match your claim to the relevant proof of ownership.
Storing Proof of Ownership
When you purchase a bike, the documents proving your ownership may seem unimportant, and as a result, they can be easy to lose. However, keeping your documents both safe and easily accessible is really important should you need to claim.
To make things easier, scan or photograph physical documents so you have a digital version and save them in a memorable place. Don’t forget to keep your records up to date when you have your bike repaired or any modifications.
Being able to quickly find your evidence of bicycle ownership will be a lot easier, as every time you make a claim with Cover4Cycles bicycle insurance, you must provide at least one of these documents.
I Don’t Have Proof of Ownership!
If you need to make a claim but don’t have any evidence of ownership, the claims process will be significantly harder. Without clear evidence, we will struggle to verify your claim.
If you don’t have original purchase receipts, try to gather alternative forms of documentation such as photographs, bank statements and repair invoices.
In Summary
Proof of ownership is essential if you ever need to file a claim with us, so taking the time to gather all your documents and storing them properly will save you frustration if your bicycle is unfortunately damaged or stolen.