The Environmental Transport Association -- the insurance provider that commissioned the creation of the bicycle, a modified Charge Plug model -- said one copy of the bike will be awarded to a customer who requests a quote on ilovemybike.co.uk, The Telegraph reported Wednesday.

The company said other copies of the item will be available for purchase before the June 14 start of Britain's National Bike Week. It said proceeds from the sales will go toward the company's non-profit campaign for sustainable transport.

ETA Director Andrew Davis said that because the bike is too expensive to be eligible for insurance, purchasers will be offered the option of a personal security guard to stand by the bike when it is left in public places.

"A personal security guard is not a practical option for most people, but with over half a million bicycles stolen across Britain each year, it's vital that cyclists are properly insured," Davis said.