From the news archive. This article describes the situation on its original publication date. Historical amounts, rules and service descriptions are not current personal advice.
We would like to share the notice we have received from Unigarant about its decision to stop insuring fatbikes. From 6 September, it will no longer be possible to take out a new fatbike insurance policy with Unigarant.
Cancellation at the annual renewal date
Existing fatbike policies must be cancelled at the earliest possible main annual premium renewal date, allowing a notice period of at least two months. Our clients will be informed using this sample letter. The brands affected are listed below.
Policies being phased out will not be terminated early. Cancellation applies only to fatbikes covered by Unigarant’s bicycle insurance product and does not apply to its moped insurance product.
Unigarant’s announcement:
“From 6 September, Unigarant will temporarily stop insuring fatbikes. This is because of the extremely high cost of claims. Over the coming period, we will investigate whether, and on what terms, we can develop suitable fatbike insurance in the future.
Rapid growth
The fatbike portfolio has grown rapidly in recent months. The introduction of compulsory helmets for light mopeds in particular has led to substantial growth. Many people see the fatbike as a good alternative. The downside of its popularity is its high risk of theft. These developments are putting such pressure on the financial performance of our bicycle insurance that it risks becoming unaffordable.
At the same time, we are seeing many fatbikes fitted with a throttle and/or modified to increase their speed. This increases the risk of damage and jeopardises road safety. Adding a throttle or increasing the speed gives these bicycles the characteristics of a light moped, meaning they cannot be used on public roads without a registration plate. Many people are unaware of the risks involved.
Exploring a revised product
As the market leader in bicycle insurance, we want to offer good insurance solutions for all bicycles. Over the coming period, we will therefore explore how we can still insure fatbikes. This could involve adjusting premiums and/or policy terms so that the risk becomes acceptable again for both consumers and us. We intend to introduce a new insurance product before the start of the 2024 cycling season.”