Bike Insurance and CTC How Much should it Cost?

pedylan
pedylan Posts: 768
edited March 2008 in The bottom bracket
Im about to renew my home insurance on which I have one bike on as a "named item".

I need to add my new bike bringing total bike value up to over £2500. I've been quoted £90 for both bikes which covers theft from or away from home. And I have to say insurer asked lots of questions about security before quoting and had to get underwriter to phone back.

Looking at CTC I was quoted £200 for just the bikes. I was prepared to join CTC and take their insurance as I know membership has lots more benefits. The differential is too great though.

How much are people paying to insure their bikes?
Where the neon madmen climb

Comments

  • TheBoyBilly
    TheBoyBilly Posts: 749
    I'm very sceptical about insurance coverage. I keep my bikes indoors. My thinking is that even though the insurance company ask loads of questions about security, its just so they know how to wiggle out of a claim at a later date. I honestly don't think the extra expense justifies it. You'd be better off putting the extra cash towards even more locks that come with their own insurances.
    To disagree with three-fourths of the British public is one of the first requisites of sanity - Oscar Wilde
  • Doom
    Doom Posts: 133
    TheBoyBilly wrote:
    I'm very sceptical about insurance coverage. I keep my bikes indoors. My thinking is that even though the insurance company ask loads of questions about security, its just so they know how to wiggle out of a claim at a later date. I honestly don't think the extra expense justifies it. You'd be better off putting the extra cash towards even more locks that come with their own insurances.

    I am in the same boat as you. As I have 4 bikes, 2 of which are high value I had some stupid quotes in excess of £700 to cover them. In the end I decided that it wasn't viable as my bikes are kept indoors under lock and key.
    FCN: 4
  • TheBoyBilly
    TheBoyBilly Posts: 749
    It reminds me of the time my missus was playing with our dog and her mobile phone got knocked into a mug of coffee. Everything was stuck, all the buttons- everything, so she claimed on the insurance. They wouldn't pay out but admitted that had she said she had been lying by a swimming pool and the phone had been dropped into that, they would have paid out. What the ......?????
    To disagree with three-fourths of the British public is one of the first requisites of sanity - Oscar Wilde
  • SteppinRazor
    SteppinRazor Posts: 4
    If you are looking to change insurers I'd recommend Marks and Spencer, They will cover bikes up to 4k (or any item) with no additional cost.

    I've never had to claim but from comments on other forums they seem to be ok
  • geoff_ss
    geoff_ss Posts: 1,201
    I rely on the house policy (Prudential). Not claimed for some time but I've had 2 new hand-built Mercian frames out of them in the past. One due to being knocked off by a car (got compensation from the Motor Insurers Bureau as the driver was uninsured) and the other from being knocked off by a cat (as my solicitor commented the cat was "a cat of straw" and not worth claiming against)

    The CTC is well worth joining anyway even if you don't use the insurance. They're the only people representing you at Government level. Without them the new Highway Code would insist on cyclists using any available cycle track regardless of its state.

    Geoff
    Old cyclists never die; they just fit smaller chainrings ... and pedal faster
  • pedylan
    pedylan Posts: 768
    I agree with your comments Geoff that CTC is worth joining and I will, I thought that insurance renewal was an ideal time to kill two birds - get joined and take their insurance. Not the latter it would appear given the cost.

    I'm surprised how few bikes are insured at all by the sound of it. How many million get stolen every year?
    Where the neon madmen climb
  • Doom
    Doom Posts: 133
    SteppinRazor wrote:
    If you are looking to change insurers I'd recommend Marks and Spencer, They will cover bikes up to 4k (or any item) with no additional cost.

    I've never had to claim but from comments on other forums they seem to be ok

    Don't you have to be a homeowner with M&S? As a tenant I don't think I can benefit from their insurance??
    FCN: 4
  • buspassman
    buspassman Posts: 35
    I have an excellent home policy with Zurich, negotiated by Headley Insurance (01420 594242). The broker there is a cyclist himself, and has negotiated a deal whereby our bikes are "named" items on our household contents policy (which I assume means you wouldn't necessarily need to be a home owner). The cost is 2% of the bike's value (as against 10% for the CTC insurance, this seems to be a common figure with many insurance companies), so for the 4 bikes we've got insured for a total of £8100, that's a hell of a difference. The deal is "new for old", and last year they paid for a new C50 frame, forks, bars and stem after my much-loved C40 frame (old enough to have a quill stem) got wrecked by baggage handlers. I've been with them for years, and can't praise them highly enough.
  • sheppypeppy
    sheppypeppy Posts: 2
    Im the same have 2 bikes and have spent so much time going from insurer to insurer. Ive ended up with a company called www.simplyinsurance.uk.com/ im not sure how big they are but very helpful. I hope this helps someone :D

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