Budget for new bike / cycle-to-work scheme

I’m fairly sure my employer is on this scheme, although like most UK workplaces they cap it at £1000.  The amount you save varies with both cost of bike and your tax bracket. Condor have a handy online calculator to work  it out, and for me it looks like I would save 41% – ie £410 on a £1000 bike.

I don’t have a specific number in mind but I guess I was thinking of capping it at around £1000, so with the cycle-to-work reductions, that means an upper limit or around £1410.

At that value, and on a big  bike trip, I suspect I should be thinking bike insurance.  I’ve heard through Mr Tinsley that insurance companies typically have a problem with cycle-to-work scheme bikes that are over the threshold, since they aren’t all owned by one party.  Will need to look into that, and possibly either reducing it’s top value (if it works out at say £1200, that’s only a £200 hit) or that it’s a cycle-to-work scheme bike (I fully intend to keep it at the end anyway).


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