This week as consumers mark the National Bike Week, there are reports that one bike is stolen in the UK every 65 seconds. Now, insurance provider Halifax has warned consumers to be aware of the risk of theft.

The insurance company says that one bike is stolen in the UK every 65 seconds, with London identified as the bicycle theft hotspot. Halifax is urging consumers to take precautionary measures in order to reduce the risk of falling victim to bike theft.

According to Halifax, the average insurance payout for replacement of a bicycle will total £337. However, the insurer recommends that consumers who have been unfortunate enough to fall victim to the crime, should consider taking out a personal loan. Halifax says that this will provide the necessary funds to get back on the roads again and enjoy the health benefits that cycling brings.

Among the methods proposed was making use of available bike racks and always locking bicycles securely, regardless of how long the rider plans to be away from it. Additionally, people should also look to lock their bike in well-lit, public areas wherever possible to reduce the likelihood that opportunistic thieves will attempt to take it quickly.