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

  • UncleMonty
    UncleMonty Posts: 385
    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
    The Ride

    http://i997.photobucket.com/albums/af92 ... 010735.jpg
  • davomrmac
    davomrmac Posts: 83
    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?
    My webby: http://www.geekanoids.co.uk
  • 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.
    The Ride

    http://i997.photobucket.com/albums/af92 ... 010735.jpg
  • davomrmac
    davomrmac Posts: 83
    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.
    My webby: http://www.geekanoids.co.uk
  • 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,
    The Ride

    http://i997.photobucket.com/albums/af92 ... 010735.jpg
  • tonyeynon
    tonyeynon Posts: 114
    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!
  • tonyeynon
    tonyeynon Posts: 114
    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.
  • tonyeynon
    tonyeynon Posts: 114
    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!
  • davomrmac
    davomrmac Posts: 83
    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?
    My webby: http://www.geekanoids.co.uk
  • 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
  • davomrmac
    davomrmac Posts: 83
    Cheers pintoo, will check those locks out.
    My webby: http://www.geekanoids.co.uk

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