Bike Insurance

Doobz

My first post here so thought I should say hi :oops:

A few days ago I bought a new Ribble Dedacciai Nero Corsa with Ultegra 10 Double from Ribble. Went there to the shop got measured and decided on crank length etc..

On the drive back to the Wirral I got thinking about the fact I had just spent a grand on a new bike.. I know to some people that might not be a lot, but to me its a fair bit and I would like to protect what I have bought in terms of loss/theft, damage and most importantly 3rd party.. I Would hate to cause someone an injury and not be able to help them in some way..

:arrow: What my question is really is can anyone recommend any bike insurance companies or sites. I don't need group or racing insurance as I am not sure if it will ever come to that.. so if anyone has any hint and tips and advice on where and what to steer clear of I would be really stoked..

Adios
Doobz

alfablue

Most dedicated bike insurance policies will cost at least 15% of the bike value per year (if not 20%), whereas some home contents policies will cover it for minimal or no extra cost. Frequently recommended here is M&S insurance that will cover any number of bikes of up to £4000 each without any extra premium. Whilst their policy may be a few qiud more than some, you are in effect getting very cheap and apparently reliable bike insurance. You will need to check the small print re: accidental damage, but I think this is doable.

My own bikes are tagged on my CIS policy - 2 bikes of £1000 for about £2 per month, though they aren't covered for accident damage, but they are covered worldwide.

Doobz

alpha, Thanks for the quick reply - I do currently use CIS for my home insurance and I will call them to see if I can add the bike onto my premium..

Do any companies offer insurance for damage caused by a fall or crash? Just as I am using a carbon frame I would hate to have a fall and have to pay out for a new frame etc..

Doobs

alfablue

I believe, but am not sure, that M&S can cover damage, CIS may do also, not sure.

ColinJ

alfablue wrote:

I believe, but am not sure, that M&S can cover damage, CIS may do also, not sure.

I'm almost certain that it does. I asked at the time I took out the insurance and was told that it didn't cover me for racing, but for any other riding it did.

By the way - I rang M&S last week to ask about the legal liability cover included in the insurance. Apparently one is covered for £50,000 worth of legal expenses and £2,000,000 worth of third party damages per incident should one be sued for causing an accident (for example).

John C.

My house insurance is with Nationwide and it's the same as above, with 2000 000 pounds worth of third party liability insurance, if you are concerned about damage to your bike go for a new for old policy, although check the wording carefully, or, give your insurance company a ring and ask them am I covered for XYZ.

Chitty

I also have Nationwide home plus insurance. This protects any single item [bike] up a value of £7k. for accidental damage. They do pay up as well, as I have been unfortunate to have to make a claim. [I did not fancy Toyota 4WD as my head badge in place of DeRosa].
As for liabilty cover why not support cycling the BC silver is only £30 and you also get a limited racing licence with it. Which is acceptable for entering French [FFC] sportives as well.

APIII

My bike is covered for accidental damage on my Halifax home policy. Good job aswell, cos I had to make a claim after a spill (my fault). They use Wheelies Direct to handle all their claims relating to bikes. After reporting the claim to Halifax, Wheelies were on the phone to me within half an hour, I kid you not. It was all taken care of over the phone and I now have a new set of wheels.
Whoever you go with, make sure the quality of service is up to par, rather than trying to save a few quid on the cost of the policy.

mattdwilliams

I use these as recommended by British Cycling

http://www.bcbikeinsurance.co.uk/

Cost £16 per month for my Trek Madone 5.2 2008

Doobz

thanks so much for all the help with this.. I called CIS and they were unsure what XYZ was? I then asked them if I was covered while I was out and

say for example I hit a dog and my bike was damaged

would the bits and my bike be covered.. She happily replied "yes it would be old for new"

so not bad for £12 a year. I need to check the policy over before I agree as I dont want the small print to come and catch me with my pants down if anything happened to my bike - with regards to if it covered 3rd party - I forgot to ask tho if it covered any person that I crash into etc.. what a numpty.. will call and ask again tomorrow

alfablue

Doobz wrote:

thanks so much for all the help with this.. I called CIS and they were unsure what XYZ was? I then asked them if I was covered while I was out and

say for example I hit a dog and my bike was damaged

would the bits and my bike be covered.. She happily replied "yes it would be old for new"

so not bad for £12 a year. I need to check the policy over before I agree as I dont want the small print to come and catch me with my pants down if anything happened to my bike - with regards to if it covered 3rd party - I forgot to ask tho if it covered any person that I crash into etc.. what a numpty.. will call and ask again tomorrow

Hi Doobz, a couple of points, did she (or you) mean it's covered "new for old" rather than "old for new"? (In other words, you get a new bike rather than a proportion of its value less depreciation).

The other thing is, I also phoned and got reassurances, yet there is no small print sent with the cover, just a brief statement that the bikes are included. This is not as reassuring as a full document would have been, but I guess I am trusting them!

In respect of 3rd party, my policy does include public liability insurance, but again I would be happier if this issue was explicitly stated in relation to bike use.

Overall, it is excellent value for money if it does what we think it does!

Doobz

Alfablue .. Yea your right (My bad), she did say new for old and not old for new :oops: . I still have a few days till the bike is ready and presume I will need to phone with frame number etc - Thanks for the help - I would also like something in writing to specifically say "hey there this is what your covered for".. But I guess that would be in the ideal world - I did look at the policy documents online and I could not quite make out for deffo -

Anyways Thanks again to all that helped out
adios
doobz

LazyBoycp

Doobz wrote:

alpha, Thanks for the quick reply - I do currently use CIS for my home insurance and I will call them to see if I can add the bike onto my premium..

Do any companies offer insurance for damage caused by a fall or crash? Just as I am using a carbon frame I would hate to have a fall and have to pay out for a new frame etc..

Doobs

Can you remember when you took out the policy with CIS? I'm not too sure about policies taken out before about March 2002, but for anything since then it looks as though the £2m Personal & Occupier's Liability may not cover you if you have an accident on your bike and injure someone else or damage their property. The policy excludes 'Injury, loss or damage caused by or arising from ... mechanically propelled vehicles...'. I suppose it depends on whether or not they define a bike as mechanically propelled. I'd advise phoning CIS to ask (and keep a note of the time of call, who you speak to, etc, just in case!).

Any damage to the bike should be covered though.

Cajun

Be sure to get a Bill of Sale from the LBS detailing the retail prices of your new ride BEFORE YOU GIVE THEM THAT £1000..... . Even if you bought it on sale, that doesn't mean that you want them to list the 'sale prices' in the event there is reason to contact the Ins. Co. You also want to have it insured as Full Replacement Value....this way, there won't be any depreciation value if (heavens forbid) anything happens to the bike....


And don't worry about the £1000..... in 2 years, you'll wish you had spent £2500.. :shock: