The Sweet Spot Bike Lease protected by BikeInsure is a more affordable alternative to traditional full-price credit card or finance options.
March 5, 2024 / Superior, Colorado / The Sweet Spot Bike Leasing is excited to announce the continuation of its partnership with BikeInsure, which began in 2021. This partnership has transitioned from solely insuring bicycles during the proof-of-concept phase to providing comprehensive insurance coverage for every bike and eBike lease transaction with The Sweet Spot.
Bicycle Retailer and Industry News has often reported on the increasing average price of bicycles, primarily due to the growing popularity of e-bikes and other variables such as material costs, exchange rates, labor costs, tariffs, and freight. Additionally, technological advancements in bike manufacturing have made new bicycles more attractive every three years. These factors make leasing a bicycle an appealing option. Bike brands and retailers have taken notice of bicycle leasing success in Europe and are actively searching for a similar solution in the United States. The Sweet Spot Bike Leasing will cure that point-of-sale vacancy with a ready-to-use lease origination platform for bicycle companies and retailers to lease their products. Cycling enthusiasts will be pleased to know that leasing a bicycle can help reduce the cost barriers to enjoying high-quality bikes.
"The BikeInsure embedded insurance is an innovative way for The Sweet Spot Bike Leasing to integrate risk protection and add a little extra comfort into our customers' purchase journey. Their solution provides comprehensive bike insurance for our leased bikes and eBikes, ultimately adding value for our bicycle brand and retail partners, as well as our shared valued customers," said Ryan Fishel, CEO of The Sweet Spot Bike Leasing.
Fishel further emphasized that brands and retailers in the bicycle industry can enjoy point-of-sale checkout options for their upcoming bicycle or eBike transactions, making The Sweet Spot Bike Lease with BikeInsure coverage a more affordable and attractive alternative to traditional full-price credit card or finance options with large payments and short terms. By focusing on bikes priced between $3,000 - $20,000 MSRP, The Sweet Spot offers the opportunity for customers to get their dream bike for a fraction of retail. BikeInsure collaborated to provision a custom insurance program for The Sweet Spot with a forward-thinking coverage limit far exceeding the value range of each bike lease. The BikeInsure continuing partnership with The Sweet Spot will profoundly impact continued innovation in the industry and provide a more affordable way for enthusiast and casual cyclists alike to procure a bicycle or eBike in the United States.
Buzzy Cohn, CEO of BikeInsure, has pointed out that many bicycle owners and buyers often ride unaware that their bikes or e-bikes are usually NOT covered by their insurance policies. Most home insurance policies do not offer adequate bicycle coverage, as they are designed to protect against catastrophic home loss. Additionally, electric bikes are often excluded from home insurance policies due to their classification as motorized vehicles. As a result, The Sweet Spot Bike Leasing has integrated BikeInsure's comprehensive bike insurance to cover accidents that occur during riding or transit, as well as theft. Plus, lessees will benefit from the stress-free assurance that any claim for a leased bicycle with BikeInsure won't affect their other insurance policies. BikeInsure embedded insurance has made hassle-free cycling a reality for modern-day bike leasing by The Sweet Spot.
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About The Sweet Spot Bike Leasing (TheSweetSpot.com)
The Sweet Spot Bike Leasing is a fintech platform in the United States that offers a turn-key solution for bike brands and retailers to lease their products easily. The lease platform aims to reduce the financial barrier for people to own a bicycle or eBike. The plug-and-play lease origination and management system enables bike brands and retailers to offer a lease option to their customers at the time of purchase.
About BikeInsure (BikeInsure.com)
BikeInsure, an insurtech company, offers affordable and comprehensive insurance for bicycles and eBikes in the United States. Licensed insurance producer BikeInsure, the official bike insurance partner of USA Cycling and International Mountain Bicycling Association (IMBA), is administering the insurance plan, underwritten by carrier Great American Insurance Company, rated "A+" (Superior) by AM Best, an authorized insurer in all 50 states and Washington, DC. For 152 years, Americans have trusted Great American Insurance Company to protect them and render best-in-class service.
The Sweet Spot Bike Leasing is available at TheSweetSpot or contact Ryan Fishel at Ryan@TheSweetSpot.com.
