Bike insurance: What company? Total value of cycles?!

x8swift9x

Looking for advice on what companies are best in terms of prices/and service and I also have two other relevant questions! I want to get public liability cover on top of the actual bike insurance, through the same company.

Total value of cycles is an interesting debate in my eyes.

£270 (The sale price I paid) Dawes Giro 300 2008 (rrp.£355)

£999 Planet X '09 (the saddle was a special offer upgrade rrp. £135) So that's £1,134 total.

So... £1,269 or £1,489??

What do you do for example when you treat your steed to some new £X wheels, ring them up and say the bike just increased by X amount?

One last question, how do they depreciate bikes?[/u]

Slow Downcp

Varies by company - mine are covered under home contents, including public liability. As long as none cost more than £3,000 each then I don't have to notify of any modifications as I don't have to specify them as single items. Cover new for old, so no depreciation, and accidental damage included.

BigG67

I use Halifax home insurance and there's no limit to contents including bikes. Just need up to date valuations dated before any theft, no racing and secured when away from home.

That covers a £1,600 MTB, a £800 winter bike, a £800 bike for the wife and my £4,500 good bike. Plus the kids bikes and sundries.

bazbadger

Try ETA. They do bike specific insurance, which covers you public liablity (in case you cause damage to something / someone else) and also accidental damage -eg falling off your PX and totalling the frame...

ride_whenever

M&S home insurance, covers any item less than 4k, not too expensive but very comprehensive cover.

schlepcycling

ride_whenever wrote:

M&S home insurance, covers any item less than 4k, not too expensive but very comprehensive cover.

+1

errbud

As everyone else has stated home insurance is defo the way to go, I looked at these bike insurance companies and they are very expensive. I paid an extra £40 a year on my home insurance policy for a 2 grand bike and that covers theft and accidental damage anywhere in the world depending on the policy it may be included without the extra ...

galatzo

Hi All

Please all double and triple check your policies.
Bikes often have to be specified items if over a certain (low) amount.
You may read you policy re Single Article Limits which can vary but there will be a seperate section for bikes which will take precedence over this.
EG: SAL may be £2500 fine you think but bicycles will be covered in a seperate section and may only be covered to say £500.

It's not Insurers being crafty trying to wriggle out of it, it's an added risk for them that they need to charge extra for like golf clubs or a 100" widescreen HD TV for instance.

Better safe than sorry.

Regards

( yes I do work in Insurance)

fungus_the_muffin_man

I have mine with halifax on my home insurance. My initial policy didn't include bikes ( Trek 1.5 and Bianchi 928 mono q) so I've had them added on as extra items. My household contents insurance plus both bikes comes to only £28 a month. I looked at specific bike insurers and the price was quite high compared to this. It also gives me personal liability up to £50,000 and full accidental cover for my bikes.

Mark73

Again I think this varies by company, but I did quite a bit of research into this after buying my first proper road bike.

I ended up insuring mine with a specialist company as my Halifax Contents Insurance didn't cover me for accidental damage, which if you're spending £2k on a bike is definitely worth it
I ended up insuring mine with a company called Butterworth Insurance (brilliant customer service and a very thorough policy for £120) they have a new for old policy, your premium goes down (unlike all the other insurers I spoke to) for every year you don't claim and its covered extensively when I have the bike in/on the car or whilst traveling and staying in other locations.

Just my two penneth.

fungus_the_muffin_man

Mark73 wrote:

Again I think this varies by company, but I did quite a bit of research into this after buying my first proper road bike.

I ended up insuring mine with a specialist company as my Halifax Contents Insurance didn't cover me for accidental damage, which if you're spending £2k on a bike is definitely worth it
I ended up insuring mine with a company called Butterworth Insurance (brilliant customer service and a very thorough policy for £120) they have a new for old policy, your premium goes down (unlike all the other insurers I spoke to) for every year you don't claim and its covered extensively when I have the bike in/on the car or whilst traveling and staying in other locations.

Just my two penneth.

Now thats weird because when I spoke to them ( Halifax) last week to sort out the insurance on the bikes I specifically asked if my bikes would be covered If I was to have an accidental incident. They categorically ensured me that I would be. It was because of that reason that I gave them the go ahead to place my bikes onto my policy.

Penn

I used Evans bike insurance, as I am not a home owner, full cover for £40, on a bike worth £250, so not bad imo.

P.S thats including accedental damage as well as third party.

Mark73

Fungus The Muffin Man wrote:

Mark73 wrote:

Again I think this varies by company, but I did quite a bit of research into this after buying my first proper road bike.

I ended up insuring mine with a specialist company as my Halifax Contents Insurance didn't cover me for accidental damage, which if you're spending £2k on a bike is definitely worth it
I ended up insuring mine with a company called Butterworth Insurance (brilliant customer service and a very thorough policy for £120) they have a new for old policy, your premium goes down (unlike all the other insurers I spoke to) for every year you don't claim and its covered extensively when I have the bike in/on the car or whilst traveling and staying in other locations.

Just my two penneth.

Now thats weird because when I spoke to them ( Halifax) last week to sort out the insurance on the bikes I specifically asked if my bikes would be covered If I was to have an accidental incident. They categorically ensured me that I would be. It was because of that reason that I gave them the go ahead to place my bikes onto my policy.

Hi Fungus The Muffin Man. Yeah I've gotta say I was a bit confused when I read your post. Maybe you have a more comprehensive policy than me, or perhaps I just spoke to wrong people, but 2/3 people at Halifax said that it did not cover accidental damage!

I have a strong suspicion that when they say it covers "accidental damage" they mean they would pay out if a ladder fell on your bike whilst being stored in the shed for example, but they would not pay out if you were to fall of it and wreck it whilst riding. (whether it was your fault or not). I think there might be some misunderstanding about the definition of the term "accidental damage". For me I really wanted to make sure that my bike was covered if I fell off or if I had any kind of accident.

Just to be safe it might be worth double checking with them as it would be a nightmare if you thought you were covered for something that they later refused to pay out on. I may be wrong here. According to my girlfriend I usually am. But it might be worth checking. Let me know how you get on.

cheers