In a fast-growing and changing bicycle market, offering bike insurance represents a strategic opportunity for retailers. More than just protection, itboosts margins,diversifies revenue streamsandbuilds customers loyalty.
A dynamic bicycle market despite some turbulence
In 2024, the French bicycle market generated 3.2 billion euros in salesdespite a 5.9% decline vs 2023 (but a 33% increase since 2019). This contraction reflects an uncertain economic context, yet it masks an upgrade in product quality and a structural growth of as a sustainable mode of transport.
Bicycles are now the best-selling means of individual transport in France, accounting for43% of sales, ahead of scooters and cars. Electrically-assisted bicycles (VAE) are driving the market, with an average price of€2,045, representing a significant investmentfor buyers (source: Union Sport Cycle).
Bicycle insurance: meeting a real need
With bikes (new or refurbished) becoming increasingly expensive, the risks of theft, breakage or breakdownare becoming major concerns. Yet a large proportion of cyclists remainuninsured, often through ignorance or over-reliance on their home insurance (MRH), which only partially covers these risks. Indeed, MRH is very often limited to civil liability, and therefore does not cover theft, breakage, etc.
Bicycle insurance covers :
- Theft, even outdoors with an approved anti-theft device
- Accidental breakage
- Breakdowns and wear
A cross-selling opportunity for sellers
Offering bike insurance at the time of purchase, whether in-store or online, enables sellers to :
- Increase the average basket
- Improve marginsthrough commissions on subscriptions
- Strengthen customer relationswith a comprehensive service offering, encouraging customers to return to the store in the event of a problem.
- Distinguish yourselfin a competitive market
According to retail experts, integrating insurance services into the customer journey can generate15-25% in additional sales.
A lever for loyalty and recurring revenues
Bike insurance isn't just a one-off sale. It opens the way to :
- Recurring revenuesthrough renewals
- Additional services(breakdown service, replacement bike, etc.)
- Anongoing relationshipwith the customer, conducive to the sale of accessories, maintenance or new bikes.
At a time when bicycles are becoming an essential part of sustainable Mobility ,bicycle insurance is becoming an essential service (like split payment, the Bonus Repar scheme, etc.).
Integrating a bike insurance offer means choosing a more agile, more profitable business that's closer to the expectations of today's cyclists.
Neat: a strategic partner for bicycle dealers
Neat helps sellers of new and refurbished bikes to integrate insurance solutions tailored to their needs and those of their customers. In addition to offering customized coverage for every rider profile, Neat also covers accessories, providing comprehensive protection at a competitive price.
Bike insurance is no longer a side extra: it's a strategic lever for securing your revenues and building a lasting relationship of trust with your cycling customers ! Get Neat!
