Bike Insurance

deadliest
deadliest Posts: 471
edited November 2008 in MTB buying advice
Just got myself a new bike and was wondering who the best people are to approach for insurance ?? A few links to good insurers would be really helpful any first hand user feedback would be great . . . Thanks Folks
Bikes are drugs and Im pedalling

http://sherwoodpines.yolasite.com/

Comments

  • I've just finished shopping for the very same thing

    Tried all the online price finder sites but went with my house insurer in the end, my bike is worth less than £500 and the Halifax don't offer bike insurance under this amount, I took out a "personal belongings" policy which covers my bike, camera, phones etc in or away from from home, cost me £21 !


    Forgot to mention that this policy does not cover personal liability like a specific bike insurance does
  • canada16
    canada16 Posts: 2,360
    I went with my home insurance as well.

    covers me for 1500.00 as long as bike is locked to a perm structure when i am not with my bike.

    Covers for everything, malicous damage, theft. Does not include acc damage obviously.

    Its like 1 pound a month
  • My home insurance (on a £1,000 value) £58.88 per year (quite a bit higher). Covered for accidental damage too. Lights covered, yes. Pump, no. Leisure use only. No races, not even charity rides.

    Endsleigh, dedicated bike insurance £74.00 per year. Under 3 years old replaced for new if stolen. If the unfortunate does happen you need to produce your lock key and remains of the lock (if any). There are also quite a lot of exclusions. Plus you need a lock off their list.

    Anyone, any other recommendations?
  • canada16
    canada16 Posts: 2,360
    You want to check your insurance again davomrmac I work in insurance as a claims adjuster and underwriter.

    I could not get my insurance to cover a MTB for accidental damage as you always damage it and its not on purpose, going down the road a rock smacks your nice new shiny bike, do you think an insurance company is going to pay for a new paint job?

    Trust me they dont cover acc damage to bikes.

    oops dropped my bike please give me a new one. :lol:

    Can you let me know what comp you are with so I can join.

    I have acc damage on everything but my bike, goods away from home and, carpets, sofa ect.. but exclusion is my bike.
  • canada16 wrote:
    You want to check your insurance again davomrmac I work in insurance as a claims adjuster and underwriter.

    Can you let me know what comp you are with so I can join.

    Well, I am with MoreThan. When I rang I specifically asked about accidental damage. I was told that I had it on my contents to it would be honoured on my bike insurance. I asked her to check, so she put me on hold for five. Then said, yes to accidental, no to races, no to pump, yes to lights. Pretty thorough answer, but I know what you mean.

    :P Perhaps a puncture could be repaired and covered if it wasn't for the £25 excess.
  • canada16
    canada16 Posts: 2,360
    I would tell them to put that in writing.

    I speak to morethan on a daily bases, and trust me they will say anything to keep the business.

    You might be right, but get something in hard copy.

    I have asked around and even the company I work for would not give it to me.

    Going down a path and oops your bike gets flushed down the rapids, they will not cover that.

    Its is a massive risk, you can claim for anything, your shocks go, and just say your bike got ran over by a car, and you got new 400.00 shocks.

    I will ask the AA but they asked underwriting for me and my fiance works for them as well and they said no.

    Oh also say you take a curb wrong and You got some nice 800.00 dt swiss wheels and you dent them, I dont think they will pay,
  • Hey guys,

    Can any recomemd a third party insurer - I just got quoted £270 for orange which is more than my car insurance arrgg :)
    There is nothing more unequal, than the equal treatment of unequals!
  • Just to add, my house insurence will only go up £1500 and will not go any higher regardless of me offering to pay more.
    There is nothing more unequal, than the equal treatment of unequals!
  • pintoo
    pintoo Posts: 145
    canada16 wrote:
    You want to check your insurance again davomrmac.

    +1
    I work in insurance, too. I would recommend a separate policy if you really want cover. If you make a claim on your home insurance, that's your NCD shot for the whole caboodle - i.e. you pay more for all your possessions' insurance because just one was stolen - and forget about being able to claim for accidental damage or vandalism (many policies) or third party liability should you be involved in an accident. I went with http://www.eta.co.uk

    It's roughly £10 per £100 of bike's value, but that includes third party liability and breakdown assistance.

    I personally believe that sticking the bike on home contents is a false economy. I know most will advise the opposite, but if you're just looking for the very cheapest premium, you're not going to get much from it when it comes time to claim - and the only reason to buy insurance is to rest assured that you can make a claim. Nothing else. Paying £10, £20, £30 whatever extra on home contents and not being able to claim for the majority of cases is a waste of money.
  • I think Im going to spend the £250 on some uba security instead - cement in a thick concrete hoop and put an alarm in?
    There is nothing more unequal, than the equal treatment of unequals!
  • pintoo wrote:
    canada16 wrote:
    I went with http://www.eta.co.uk

    It's roughly £10 per £100 of bike's value, but that includes third party liability and breakdown assistance.

    Thanks for that. I did a quote and it came in at £75 for a £1,000 bike. It is also worth noting that it does not cover for racing. However, it does cover you if you take part in non-competitive events and charity events. Sounds quite good.

    They have a long list of lock requirements. Anyone recommend one from their list that is good, quite portable, and under £40?
  • pintoo
    pintoo Posts: 145
    Glad it was helpful.

    Re. the locks - I can only say that I have an Abus Granite X, but that's certainly not light and it's more than £40. I would advise you take a printout of the approved locks to your LBS and ask them what they'd advise. As you say, there are a lot to choose from which I think is a positive sign. Not too restrictive, so you should be able to get one that suits your requirements.

    All the best.

    EDIT: Just saw these which look great deals. Haven't checked against the list, but Abus qualifies for sure.
    http://www.bikesyoulike.co.uk/product/4 ... ble_Cable_

    http://www.bikesyoulike.co.uk/product/4 ... old_Secure
  • Cheers pintoo, will check those locks out.