What should I do if my cycle is stolen?

What To Do If Your Insured Bike Is Stolen?

1. Insurers will pay an amount equal to declared value of insured bike in case of theft.
2. Register An FIR.
3. File The Insurance Claim.
4. Inform The RTO.
5. Submit The Documents.
6. Approval Of Claim.

Do I own my bike after cycle to work scheme?

The cycle to work benefit is a tax-efficient hire benefit. As such, you do not own the bike in the first instance (albeit it is in your care and you can use it as if it were your own).

What happens to bike at end of cycle to work scheme?

At the end of the ‘hire’ period, you are usually offered the option to buy the bike from your employer. Because it was set up to promote work journeys rather than cycling in general, your employer technically remains the owner of the bike once you finish the hire period.

Can I check if a bike is stolen?

BikeVAULT’s National Bike Register (NBR) is a free community service where bike owners can enter their bike’s details. In case your bike gets stolen, it can be tracked and returned to you (the owner).

What happens if a cycle to work bike is stolen?

Because the theft of a cycle to work scheme bike often involves commitments to other parties (such as your employer) we have a strict process that must be followed, although we are sympathetic to the plight of anyone who has suffered at the hands of unscrupulous bike thieves there is sadly no wiggle room regarding writing off the value of the bike.

How does the cycle to work scheme work?

The Cycle to Work scheme allows employees to hire a bike, which they pay for through their salary, meaning it comes out of their pre-tax pay. At the end of the hire period, the employee can make a payment to take full ownership of the bike.

Do you have to pay tax on stolen bike?

Confusion over the Government-backed Cycle to Work scheme is resulting in some bike theft victims losing their tax benefits, even though the taxman says they should not have to. One of the scheme’s major providers, Cyclescheme, advises employers that people whose bikes are stolen and not replaced can no longer take advantage of tax savings.

Do you get tax free bikes with cycle to work?

If your employer offers the Cycle to Work Scheme then you can get big savings on our complete range of adult bikes, clothing and accessories. Including bikes on sale! By joining a Cycle to Work Scheme you can save hundreds of £££’s, and spread the cost interest-free through your salary.