A question about bike insurance

Stu 74

I have a Marin Wolf Ridge and, apart from the frame and wheels, over the last 18 months I have replaced all other components with ones which are preferred by myself (and in most cases more expensive).

As well as being financially valuable the bike is also valuable to me because it is custom built as I like it.

If I were to insure the bike and then it got stolen, do I get the value of the bike to rebuild another one or would I get a replacement Wolf Ridge meaning that all the effort customizing the bike would be lost?

Cheers

Stu

Anonymous

If it's just for theft, the house insurance will usually cover it. Some might prefer you to specify the bike, others just cover it generally (make sure the cover is enough). For cover away from home, check the "away from home" cover. Might be a little extra if you have to increase the cover. I have my bike, skis, laptop, etc covered under this.

Though if it's nicked from your car, it's probably the car insurance that deals with this, but I do wonder if you'd be covered at all with the bike on a rack.

You'll need to prove it's securely locked and that may mean using approved locks, when at home or away.

As for the value, being custom might be an issue with a standard insurance, though I'd either get an independent valuation or keep all the receipts for the custom parts. Doubt you'd get any money for your time and effort though

If you break the bike however, that's another matter. That's where proper bike and accident insurance may be required.

loltoride

I would check with your insurance company who will be able to confirm what you need to do although I am sure specialist insurance will cover or get your bike valued by LBS and keep that with your files.

Briggo

Stu 74 wrote:

I have a Marin Wolf Ridge and, apart from the frame and wheels, over the last 18 months I have replaced all other components with ones which are preferred by myself (and in most cases more expensive).

As well as being financially valuable the bike is also valuable to me because it is custom built as I like it.

If I were to insure the bike and then it got stolen, do I get the value of the bike to rebuild another one or would I get a replacement Wolf Ridge meaning that all the effort customizing the bike would be lost?

Cheers

Stu

The only person that can answer this is the insurance companys themselves...

Try ringing/emailing them

Stu 74

Yes I can call my current insurance company but I'm moving house and taking out a new insurance policy which I am yet to choose. Is anyone aware of any insurers that will give you cash if your bike is nicked (so I could do another custom build) as opposed to a replacement bike. I'm not even sure that some insurance companies will give you a like for like replacement. e.g, They could replace my wolf ridge with say a Specialized Stumpjumper of the same value.

Cheers

Stu

Anonymous

It might be up to negotiation and the amount as to whether they'll give you cash or you can get the bike you want.

Remember there's depreciation involved usually especially with an item that suffers wear and tear. They'll give you the current value and that won't buy a like for like replacement unless you can convince them to let you buy a second hand one of identical spec for what the depreciated value is.

If they replace it with another that's brand new but not what you want, you could just flog it immediately.

But best to ring around the insurers. If you're buying a new house, ask the potential insurers what they do for bikes. Else try the dedicated bike ones, but I'm not convinced they are worth the money. Maybe if you get accidental insurance with it though (including damage whilst riding which is technically your own fault).

clwydian_rider92

Surely you must get the value of the upgraded kit that youve put on. This would probably put the insurance up if you had solo bike insurance as it would be more prone to get stolen. Persumably its like a car, put more bling on, youve got to tell the insurers and the price goes up.

Best checking out with insurers and get clarification letter.

KT1973

As the guys have mentioned- I checked with my company and it's only valued to a max of £1500 if it gets nicked from mky house and a grand if it's away from the house :shock:

Squarepants

Different Insurers have different terms and conditions which effects how/what you get paid out in the event of a claim. As the lads have said (very learned they are too) theres no hard and fast rules. The Insurance Company I work for will cover the bike for theft in your home and the boundaries, and up to £1000 if it were left in the open, garden (assuming reasonable car had been taken and no negligence was found on your part) this payout is subject to wear and tear (an amount will be reduced for the bike having been used) this is largely down to the Insurers discression.

It is the Insurers option whether they will a) pay for the cost of replacing the item from a supplier b) replace the item themselves ie send the bike to you plus all the parts you put on it or c) send you a cheque for market value. As for getting all your bits that you put on yourself the Insurers will work on proof (pictures and receipts) plus the principle of utmost good faith. They will believe you when you say what the bike had on it when it was taken. The two things mentioned here work well if both are present.

A specific condition of the Insurance we (my company offer) is that the bike will be insured as standard whilst in the home and the boundaries. You would need to extend the policy to cover it away from the home. This would be for 'all risks' ie accidental damage/loss workwide. However items of sports equipment are excluded whilst in use. If its to be covered for theft whilst away from the home another condition is that it need to be secured in a locked building or to a permanently fixed structure through the frame or back wheel. If the bike is worth over £1500 it needs to be specified (detailed on the policy) Company policy restricts me from telling you who I work for. How helpful that is :roll:

tomos

I got a cutom build so have insured it as frame up rebuild in case of theft ...
The company ETA are fine with that ... Great cycle insurance company to deal with
Of course you have to insure it for the correct amount

tomos

I got a cutom build so have insured it as frame up rebuild in case of theft ...
The company ETA are fine with that ... Great cycle insurance company to deal with
Of course you have to insure it for the correct amount