Stolen bike under the Cycle 2 Work scheme

ciaran11

Hi All, I bought a Felt Compulsion 2 last year on the cycle 2 work scheme. After enjoying it for two months it was stolen from outside work.

The Bike was secured using the company bike rack (2 inch steal bar with a pad lock) and the theft was caught on CCTV.

The down side is I never got it back and hadn't got around to getting it insured.

I have now had a email from the company as this month is my last instalment for the scheme and you get the option to buy the bike off the company or give it back.

I don't want to buy off the company as I hove no bike to buy but I think the company will want a payment for the bike as I have no bike to hand over to them?

Has anyone been in this situation before or does anyone have any advice for me?

Thanks guys.

P.S Felt rule, it was a awsome bike (£1899.99) which I got for £1000 in the sale

sandy hill

Not sure on the legalities of this, however I seem to recall the bike isn't your's until the transfer.

So did the company have its bike stolen or did you?

ciaran11

The problem is under the T&C's it says:

Your home contents insurance policy should be checked to see if it covers bicycles. Otherwise insurance should be taken out to ensure a replacement bike would be provided if stolen or damaged. If the bike is not available for your use for whatever reason during the 12-month lease period, your monthly deductions will still continue.

At the time of the the little bugger nicking it I was still paying the monthly payment so in essence the compay owned it.

mattv

As above, sadly it should have been insured according to the ts &cs of the scheme, to cover everyone in exactly this situation. I think you are going to have to pay for it mate, unless your company is leniant.

gilesjuk

Cyclescheme just administer the scheme. Insurance isn't part of the scheme, it is up to you to cover that.

When you hire a car the insurance is included, when you "hire" a bike under the cycle scheme it is not.