damage insurance for bikes, reccomendation

oldwelshman

I have had a quick browse of posts and did not find suitable answer/advice.
I have several bikes and currently buying two more expensive bikes
I will probably have to modify my house insurance for them when stored but I also want to insure them against damage due to their value.
I am looking for cover of up to £8k.
any advice welcomed?

Cajun

Your Homeowner's insurance should cover them; talk to your Agent and tell him/her what coverage you are seeking. This may also involve adding a "Rider" onto your present Homeowner's Policy. (An added rider is not expensive, but is written to cover specific items, such as furs, jewelry, silverware, etc....in your case, Bike #1 & Bike #2) and I'd suggest that you get them insured for FULL REPLACEMENT VALUE, This would eliminate any reduced payment due to depreciation, should anything drastic happen to the bike(s)..

One important thing you want to do: BEFORE you accept the bikes from the LBS, request a detailed bill of sale of your bikes which should list the RETAIL values of the bike, including it's components....DON'T accept "We'll get that tomorrow or next week"....the leverage power of not accepting the merchandise without having the requested Bill of Sale is in your hands....once you take the bikes home, they may quibble about the values listed, etc., etc.
These receipts are invaluable if someone else destroys your bike; you'll have defininite proof of your quality, expensive bike to present to the adjuster..)

doobie919

Wow I didn't even know homeowners would cover bikes.

That's a great policy.

Mercury-10

just insured my three bikes with M&S and one my £5500 de rosa for £306 which includes my home insurance, this covers everything including abroad, hope its as good as they say, but deff worth a look

geoff_ss

I've claimed new frames on our Prudential home contents policy. Not for over 12 years though so it may have changed.

Geoff

sheppypeppy

Why not give the guys at www.simplyinsurance.uk.com/ a call. Very competitive, i dont know how big they are but my quote was £90 cheaper.

oldwelshman

Mercury-10 wrote:

just insured my three bikes with M&S and one my £5500 de rosa for £306 which includes my home insurance, this covers everything including abroad, hope its as good as they say, but deff worth a look

£306 for bikes and house cover? You live in a tent?
Mine currently is £607 pa including £53 for bike cover up to £3.5k
I will give M+S a call tomorrow, I may get a good deal as they do my car insurance also.

oldwelshman

Wehey, insurance sorted
Calle M&S and put all my insurance with them so for £796 I have managed to increase my current home cover, also got cover for mobile phones so cancelled individual insurances there, insured one bike for £6k and another for £4k, that includes damage cover and cover abroad, my other 4 bikes are also covered in contents also for damage but only have to list bikes individually if they cost £4k or more.
I also have full emergency cover for electric and heating so cancelled a policy I just took out with Npower so that saved me £139 so basically the money I saved from npower paid for my bike damage cover and extra contents , job done

Slow Downcp

oldwelshman wrote:

Mercury-10 wrote:

just insured my three bikes with M&S and one my £5500 de rosa for £306 which includes my home insurance, this covers everything including abroad, hope its as good as they say, but deff worth a look

£306 for bikes and house cover? You live in a tent?
Mine currently is £607 pa including £53 for bike cover up to £3.5k
I will give M+S a call tomorrow, I may get a good deal as they do my car insurance also.

£607 pa? You live in a mansion?
I pay less than £300 inc buildings and contents (four bed detached, not a tent ) including new for old, accidental damage etc, including business use for my wife who clidminds from home. All bikes covered upto £4k each and no restrictions on locks etc - as long as it's locked to a drainpipe/railing etc when out and about, it's covered. I don;t even have to specify separate bikes/values etc. Policy is with Axa.

pware

cooperative insurance society CIS will happily allow you to put expensive bikes on to your home & buildings insurance.

Swapping mine from Tesco to CIS today!

Phil.

ColinJ

My bikes are also covered by M&S on my home/contents insurance. When I took out the insurance, I phoned up M&S and asked some specific questions. For example, I mentioned that I usually go to Spain once a year and ride in organised groups -

Q: Would my bike be covered if it was damaged riding in such a group?
A: As long as it wasn't a race, yes.

Q: We make cafe stops, but we don't lock the bikes. There might be 20 of us sat looking across at the bikes. Would I be covered if someone jumped on my bike and rode off?
A: Generally, you should lock up your bike, but in that situation you would be covered. Don't leave it lying around unlocked and go off shopping!

Q: How about the bike being on a roofrack, but not locked to it?
A: Covered, as long as you don't leave the car parked and go off shopping!

Q: Is the cover 'new-for-old'?
A: Yes. If your bike is stolen or written off, you will be able to claim for a new replacement of the same standard.

The answers reassured me, but I wonder how much weight verbal assurances would carry if it came to a claim. So...

Has anyone here claimed on their M&S (or other) insurance in such a situation? Did they pay up the full amount? Did you have to show a receipt for the bike? Did you have a choice about where to buy the replacement bike? Could you choose the spec (upto the same value)?

Alternatively, has anyone claimed on their bike insurance and had problems? I remember reading about someone's claim being rejected when his locked bike was stolen from a locked shed, on the grounds that the small print said that the building must be made of brick or stone, not wood - what if you lived in a log cabin!

oldwelshman

Slow Downcp wrote:

oldwelshman wrote:

Mercury-10 wrote:

just insured my three bikes with M&S and one my £5500 de rosa for £306 which includes my home insurance, this covers everything including abroad, hope its as good as they say, but deff worth a look

£306 for bikes and house cover? You live in a tent?
Mine currently is £607 pa including £53 for bike cover up to £3.5k
I will give M+S a call tomorrow, I may get a good deal as they do my car insurance also.

£607 pa? You live in a mansion?
I pay less than £300 inc buildings and contents (four bed detached, not a tent ) including new for old, accidental damage etc, including business use for my wife who clidminds from home. All bikes covered upto £4k each and no restrictions on locks etc - as long as it's locked to a drainpipe/railing etc when out and about, it's covered. I don;t even have to specify separate bikes/values etc. Policy is with Axa.

No just live in 5 bedroom terrace
I also work from home.
I have unlimited contents and buildings and full cover for electric and plumbing including heating with 24 hour callout.
With the bikes I had to name bike over £4k but I have 6 other bikes also coverred up to £4k!!
The problem with my old insurance was a limmit of £1.5 for any one bike !!