Bike insurance !!

Phil the builder
Phil the builder Posts: 2
edited January 2010 in Road beginners
Having just got my first road bike (been mountain biking for years) my wife has raised th issue of whether or not i should get bike insurance !! has anyone else looked into this and what were the results. cheers

Comments

  • Bobbinogs
    Bobbinogs Posts: 4,841
    Phil, it might be worth checking your household insurance first. I added my new bike onto mine FOC for this year (the policy had a standard £500 bike limit which didn't cover the value) and it will only add ~£10 next year. The only rules were that it had to be secured to something if left unattended away from the house. Left secured? I never let it out of my sight!
  • Bobbinogs wrote:
    Phil, it might be worth checking your household insurance first. I added my new bike onto mine FOC for this year (the policy had a standard £500 bike limit which didn't cover the value) and it will only add ~£10 next year. The only rules were that it had to be secured to something if left unattended away from the house. Left secured? I never let it out of my sight!
    What he said.
  • rake
    rake Posts: 3,204
    does it encompass road accidents? :shock:
  • Bobbinogs
    Bobbinogs Posts: 4,841
    No, my policy covers just theft (or fire/flood damage, etc., when at home).

    It's an interesting question though. Not sure where I would stand if I caused an accident? Any police officers part of the forum? I am guessing it would take a civil claim (through the small claims court) unless I offered my cash to fix someone's bonnet/windscreen voluntarily? Dread to think what liability I might end up with if some poor motorist "suffered whiplash, honest gov" or "stress" caused by watching me bounce off their opened door :shock:

    On another track, I figure that some of the more expensive bikes (say £2k+) might be worth covering for accidental damage (snapped frame, etc?). Does anyone cover that eventuality and what would be a reasonable cost effective threshold?
  • hopper1
    hopper1 Posts: 4,389
    M & S cover bikes to the value of £4000 (without having to disclose), including accidental damage.
    I think BC membership may provide you with liability insurance.
    Start with a budget, finish with a mortgage!
  • Im with Abbey and you just tell them the value of your bike, they add a couple of quid per year and thats it.

    I made a claim 2 days after the policy began as my bike got nicked, and they paid out immediately.. not even a question about lock type etc.
    exercise.png
  • ditto the comment about the Marks & Spencer insurance cover.

    I switched to them when I purchased my Lapierre Zesty 514 back in May. Any bike (or item for that matter) upto £4000 (theft, acidental damage inc. away from home)

    Not the cheapest but only a couple of quid more per month that what I was paying but excellent cover.

    I struggled to find any other usual insurers who'd cover a £2.5k bike on top of a regular household policy.
    ________________________________________
    Nothing is foolproof to a sufficiently talented fool...
    Current : Cipollini Bond & Jamis Renegade Elite
    Previously : Lapierre Zesty 514 / Boardman CX Team / Cube Agree GTC Pro / Specialized FSR XC Pro '07
  • oldwelshman
    oldwelshman Posts: 4,733
    Dazza993 wrote:
    ditto the comment about the Marks & Spencer insurance cover.

    I switched to them when I purchased my Lapierre Zesty 514 back in May. Any bike (or item for that matter) upto £4000 (theft, acidental damage inc. away from home)

    Not the cheapest but only a couple of quid more per month that what I was paying but excellent cover.

    I struggled to find any other usual insurers who'd cover a £2.5k bike on top of a regular household policy.

    Not the cheapest?
    I have 3 bikes covered up to £4k and two over £4k for extra £65 a year with my policy and following a bad crash had £2.8k of parts/clothes paid to me no question so good value I say.
  • Fifer
    Fifer Posts: 60
    Just taken out the Marks & Spencer insurance. Just a few quid more than what I was paying with Direct Line but still cheaper overall if I had taken out seperate bike insurance.

    Thanks for the tip :)
    Winter Bike: Specialized Allez Elite
    Summer Bike: Specialized Tarmac Pro SL
  • Ollieda
    Ollieda Posts: 1,010
    rake wrote:
    does it encompass road accidents? :shock:

    Membership to Cyclist Touring Club (CTC) http://www.ctc.org.uk/ give you £10 million third party liability, so if you cause a crash and the other person wants to sue you you are covered.
  • If you injured someone or something it would most likely be covered under your Public Liability cover you have. I work for an insurance co and that is what we do in that event.
  • Pross
    Pross Posts: 43,867
    Home contents insurance covers my bike (Eagle Star). BC, CTC or similar membership would give you 3rd party liability etc. and I think you can up the cover for personal injury too.
  • oldwelshman
    oldwelshman Posts: 4,733
    Mine is definatelty covered for riding.
    As metioned above got £2.8k for new frame, wheel, changers, front mech, top, shorts and Oakleys.
    Somehow my Garmin survived with a mere scratch :D
  • Bobbinogs
    Bobbinogs Posts: 4,841
    ...may be that they make Garmins out of the same stuff as the black boxes in airplanes for similar reasons :wink:
  • Anonymous
    Anonymous Posts: 79,665
    On another track, I figure that some of the more expensive bikes (say £2k+) might be worth covering for accidental damage (snapped frame, etc?). Does anyone cover that eventuality and what would be a reasonable cost effective threshold?

    I have my bike insured with Evans Cycles which is actually Cycleguard, it is covered for accidental damage, public liability and even roadside recovery (more than 5 miles from home ran out of tubes they will send out a taxi to you :D )

    It costs me £16 per month though which is dearer than my car insurance, on the plus side I claimed after crashing my mountain bike into a road side tree and had a cheque within a week for the bike and all fitted goods that were damaged. I then got the new mountain bike and 5 weeks later got hit by a 4x4 on a roundabout, another new bike. Now I have a carbon road bike so insurance for me is a must with all these numptys on the road. All in all can't recommend them enough.

    Edit: They have changed the policy a little--Please note that punctures and flat tyres are not covered by the roadside recovery option.
  • jgsi
    jgsi Posts: 5,062
    I have my bike insured with Evans Cycles which is actually Cycleguard, it is covered for accidental damage, public liability and even roadside recovery (more than 5 miles from home ran out of tubes they will send out a taxi to you :D )

    It costs me £16 per month though which is dearer than my car insurance, on the plus side I claimed after crashing my mountain bike into a road side tree and had a cheque within a week for the bike and all fitted goods that were damaged. I then got the new mountain bike and 5 weeks later got hit by a 4x4 on a roundabout, another new bike. Now I have a carbon road bike so insurance for me is a must with all these numptys on the road. All in all can't recommend them enough.

    There is possibly just a hint in above as to why your insurance charges are SO high.
    However, I would possibly say that a premium for less than 200 per annum, you are getting good service.
    Will there be a sting in the tail for you next renewal?
    :wink:
  • Rang Barclays, who my household insurance is through, when I picked up my new Ltd Ed Team Carbon and they've added it to my policy at no extra cost for the rest of this years policy - 'til April, and thereafter it's £30 extra a year. That also covers accidental damage away from home.
    Limited Edition Boardman Team Carbon No. 448
    Boardman MTB Team
  • Rang Barclays, who my household insurance is through, when I picked up my new Ltd Ed Team Carbon and they've added it to my policy at no extra cost for the rest of this years policy - 'til April, and thereafter it's £30 extra a year. That also covers accidental damage away from home.

    They only cover up to £1500, so for me not a goer. Said this to the Barclays insurance fella and he laughed incredulously and said if my bikes were worth so much maybe I should get bike insurance...... :roll:

    Needless to say I did and they'll be losing my contents insurance business next year too.
  • Lonzy
    Lonzy Posts: 26
    I pay Butterworth 80 quid a year for a grand bike - figure I'll probably break it or lose it in the next 12 years! And they don't depreciate the value of the bike, so if it happens to go missing in a few years I can get some nice new bike bling :)
  • Anonymous
    Anonymous Posts: 79,665
    JGSI wrote:
    There is possibly just a hint in above as to why your insurance charges are SO high.
    However, I would possibly say that a premium for less than 200 per annum, you are getting good service.
    Will there be a sting in the tail for you next renewal?
    :wink:

    I have actually just had my renewal through in mid December, only a £7 increase to the year before, so just the usaul inflation rise rather than being penalised. Don't think it is a high charge per annum either, very happy with it. My brother has insurance similar through I love my bike, and there new for old policy is not as good imo as they decide what bike you will get to replace your damaged one rather than getting a cheque and deciding for your self.
  • jgsi
    jgsi Posts: 5,062
    JGSI wrote:
    There is possibly just a hint in above as to why your insurance charges are SO high.
    However, I would possibly say that a premium for less than 200 per annum, you are getting good service.
    Will there be a sting in the tail for you next renewal?
    :wink:

    I have actually just had my renewal through in mid December, only a £7 increase to the year before, so just the usaul inflation rise rather than being penalised. Don't think it is a high charge per annum either, very happy with it. My brother has insurance similar through I love my bike, and there new for old policy is not as good imo as they decide what bike you will get to replace your damaged one rather than getting a cheque and deciding for your self.

    That is fair enough.. a own fault write off fully recompensed cant be sniffed at... you do seem to have hit upon a very engaging insurance company
    I do wonder though if they are going to be so accommodating funding such 'accidents' on a one a year basis ......
    My BC insurance will not cover write offs caused by my own cokk ups.. but covers in the event of me being involved in incident caused by others as well as 3rd party.. and hence a lot , lot cheaper
    POSTIT note to self .... avoid ramming into trees

    The M&S AXA home policy covers up to £4 undeclared.. however again .. I really dont want to ever have to claim on it.
  • Anonymous
    Anonymous Posts: 79,665
    I wasn't very clear about my claims, neither of the 2 claims were my fault, although I got the cheques from my insurance company I think the drivers that caused my crashes insurance companys would have paid for my new bikes. No idea how it works tbh.

    My crash into a tree was caused because a German tourist was coming up a mountain on the wrong side of the road. I had no where to go travelling 36mph according to my 705 I chose a hedge rather than his car although I didnt notice the tree behind it :D

    My roundabout crash was me going round a roundabout and the 4x4 just thought he would nip in front of me, he left it to late and i went starsky and hutch style over his bonnet. He said to the police he didnt see me, the policmean looked me up and down and gave the driver a "really?" look. I was looking like a glowstick that day so he would have seen me no probs