81. PedalCover

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Founder: Darren Thomas
Founded: June 2014 (launched August 2014)
Website: www.pedalcover.co.uk

Keen cyclist Darren Thomas had always struggled to find adequate insurance for his bikes when competing in Ironman’s and pro-am cycling events internationally, with insurance providers failing to meet the needs of triathletes or cyclists who often use multiple bikes and equipment.

The cycling and triathlon markets are becoming big business in the UK: triathlon expenditure is now worth over £363m a year according to the Triathlon Industry Association (TIA), and the average British Cycling member spends £1,000 a year on cycling. Using his 30 years experience in insurance, Thomas started insurance company Pedalcover, providing insurance specifically tailored for this growing market. As well as a “unique”, combined home and bike insurance policy, the AXA-backed provider offers travel, healthcare and excess protection.

And it seems the triathlon community is responding. Having secured Helen Jenkins, two times world champion triathlete, as the face of Pedalcover, the young brand has garnered impressive PR coverage which has opened doors to partnerships with organisations such as the Welsh Triathlon – who endorse the product to all their members.

Since launch, Pedalcover has written 1,485 home and bike insurance policies, cross sold with 1,200 excess protect policies, with more than 20% also taking out travel insurance. This is just the tip of the iceberg, with huge scope for the business to grow in line with the industry it serves. By March next year, Thomas expects to hit £1m in turnover.

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