Freedom Bike Insurance
Target market
In summary this product caters largely for open market aggregator and call centre business. This product offers terms for Comprehensive and Third Party Fire and Theft cover. The product caters for riders aged from 16 to 79 years old covers motorcycles ranging from 50cc Mopeds to high performance Supersport bikes.
Characteristics of target market:
• Customers who are resident of the UK and where the vehicle is registered in the UK.
• Customers who are aged between 16 and 79 years old.
• Customers who want annual (12 months) insurance cover.
• Customers who require Third party Fire, Theft and Accidental Damage Cover (Comprehensive) or Third-Party Fire and Theft (TPFT) cover only.
• Customers who do not have a non-motoring conviction.
• Customers who hold a Full UK Motorcycle licence or a Provisional licence (so long as customer holds a Certificate of Basic Training).
Objectives, needs and interests of the target market. This Product:
• Provides cover for bikes valued up to £18,000 for Comprehensive cover and £6,000 for TPFT.
• Provides cover for up to market value of the bike at time of accident, loss or theft and Liability to others.
• We provide cover for two types of use – SDP only and SDP&C.
• Provides cover against third party claims that arise from the use of their bike, for accidental damage and damage caused by fire and theft.
• Provides cover when the bike is being ridden in the UK and abroad for 30 days per trip and a maximum of 90 days in any one period of insurance.
• Provides cover for riding the bike up to 10,000 miles annually for Comprehensive cover and 4,000 miles annually for TPFT.
• Does not automatically provide cover for riding any other person’s bike. Customers will need to check their certificates to see if they are covered in these circumstances. In any case cover will be provided on a third party only basis.
Customers for whom the product would not provide the intended value:
• Individuals who do not require insurance for a motorcycle.
• Any customer aged 16 who wishes to insure a bike but where engine size is greater than 50cc.
• Any customer who wished to have “laid up cover” for their bike.
• Any customer who wants to insure a trike or quad bike.
• Any customer who wants short term cover (i.e. less than 12 months).
• Any customer who wants to use bike for any form of business use, hire and reward or motor trade purposes.
• Any customer who wants to ride their motorcycle in order to act as a Courier and/or as fast-food delivery riders.
• Any customer who stores/garages their bike away from their home address.
• Any customer who wants to insure an electric bike.
• Any customer who requires Third Party Only (TPO) cover.
• Any customer who has had a previous policy cancelled by an insurer or declared void.
• Any customer who has more than 5 motoring convictions within the last 3 years and who has not been disqualified for more than 36 months in the last 5 years.
• Any customer with 4 or more claims regardless of fault in the past three years (excluding Windscreen claims only).
• Any customer with a combination of 3 or more fault, fire, theft and vandalism/malicious damage claims in the past three years.
