It is strongly recommended that you take out insurance on the bike, or make sure your home contents insurance covers the bike.
If your bike is stolen or damaged beyond repair, as long as you replace the bike and continue to use it mainly for commuting purposes, the University can continue to take the salary sacrifice reductions from your gross salary. This means that you can still take advantage of the Income Tax and National Insurance Contribution (NIC) savings.
If your bike is stolen before it has been paid for, and it is not replaced, this unfortunately constitutes the end of your hire agreement and any outstanding salary sacrifice repayments will be taken from your net pay. For this reason, Cyclescheme strongly recommends that scheme participants insure the bicycle and safety equipment as soon as they collect it from the store.
If your bike has been stolen, please email email@example.com, copying the Reward Team, Reward@soton.ac.uk, with the following information:
· Date of the theft
· Police Station Reported to
· Crime Reference number
· Is the bike insured?
· Has your employer been notified?
· Are any outstanding Salary Sacrifice reductions being taken from Net salary?
The University may also ask you to pay a fair market value to transfer the ownership of the bike to you.