Bike insurance?

Mustang Sally

I've just bought a new bike worth £2,000. My last bike just went onto house insurance that my parents have, but this bike is worth a tad more. Couple of questions...

Bike specific cover or under the house insurance?

Any companies people would recommend I get a quote from?

Thanks

cooldad

Ask the insurers

cavegiant

UK insurance is a complicated mess that is remarkably biased towards the consumer, but you have to be VERY clear on what you ask for, spell it out for them, everything, even if they do not ask.

If covered under your house insurance you will only be covered for theft, with separate you will be covered for accidental damage.

Key things to remember is get it insured for the replacement value, not what you paid for it.
eg, if you bought it in the sale, insure it for non-sale price.

Tell them what your bike is, a full components list. send them this list and a photo (even if they don't ask for it.

Ask what conditions are set, where your bike can be stored, what locks you require. What happens if your bike is stolen (do they cash pay out, or designate?)

I am trained in insurance law, so trust me, this advice is more important than you realise.
Do not under any circumstances be vague.
If they say your bike is covered for something, even verbally, it does not matter what their policy wording says, you ARE covered.

Insurance law will protect you if are clear, it will fuck you otherwise.


regarding insurers, avoid E&L, dodgy as they come (from both direct experience and working as a broker).

theshabster

Does anyone use Cycle Guard?

cavegiant

They are one of the big players in the market.
Not used them, but they seem ok.

There is nothing wrong with the cover on a household policy, as long as you only need theft.

The Acidental damage cover on a bike policy is mostly useless as well due to the excess (one company has a franchise so no excess, worth looking out for).
So think of the things you have broken on your bike, take off the excess and work out how much you would get.
Only really worth it for frame/forks or for a total loss (like when my bike rack fell of my car).

Everything will be covered, if you ask for it at time of inception. With respect Jack was probably vague, and got screwed because of it.

theshabster

Theft and accidental damage from bike racks are the two most important areas I require cover for - Just got to find a half decent insurer whom will cover both for a reasonable premium...

yoohoo999

cavegiant wrote:

I am trained in insurance law, so trust me

If they say your bike is covered for something, even verbally, it does not matter what their policy wording says, you ARE covered.

I'm a practising lawyer, so trust me, verbal agreements aren't worth the paper they are written on :?

Everything you have agreed should be clearly documented in writing (email is fine).

If you try to claim 10 months down the line and they refuse to pay out on the basis that your bike wasn't stored in accordance with the terms of the policy, and you can only reply "but, but, but....you told me on the phone that it WOULD be covered!", you're just begging to enter a costly and lengthy period of litigation, arguing over who said what on a telephone conversation 10 months ago.

Much better to have an email/letter to forward to them saying "here you go, here is exactly where you told me that my current storage facilities meets your policy requirements".

Insurance terms are actually quite easy to read, but are by their very nature quite vague in places. Ask for clarifications by email. Keep those emails.

cooldad

+1 slimy legal eagle potato

cavegiant

yoohoo999 wrote:

cavegiant wrote:

I am trained in insurance law, so trust me

If they say your bike is covered for something, even verbally, it does not matter what their policy wording says, you ARE covered.

I'm a practising lawyer, so trust me, verbal agreements aren't worth the paper they are written on :?

Everything you have agreed should be clearly documented in writing (email is fine).

If you try to claim 10 months down the line and they refuse to pay out on the basis that your bike wasn't stored in accordance with the terms of the policy, and you can only reply "but, but, but....you told me on the phone that it WOULD be covered!", you're just begging to enter a costly and lengthy period of litigation, arguing over who said what on a telephone conversation 10 months ago.

Much better to have an email/letter to forward to them saying "here you go, here is exactly where you told me that my current storage facilities meets your policy requirements".

Insurance terms are actually quite easy to read, but are by their very nature quite vague in places. Ask for clarifications by email. Keep those emails.

I am not aware of any insurer who does not record their calls, but you have a very valid point. After most of the important calls I sum up the key bits in the e-mail and get them to confirm receipt.

So you are covered if it is spoken, but it is FAR simpler if you get it all in writing.

My point above was that if their verbal pitch differs from the policy document, the verbal agreement stands.

p.s. Lawyer dude, I happily defer to your authority on legal matters, but don't assume I have not fought legal battles and put what I have said in to practice frequently.
Best one was for someone did not specifically ask for insurance, never paid a premium, but I got the insurer to pay out over £100k.

Briggo

cavegiant wrote:

Best one was for someone did not specifically ask for insurance, never paid a premium, but I got the insurer to pay out over £100k.

Christ you talk some crap.

Youre trying to say that someone never asked/tried to buy a policy, never paid a premium yet the insurer paid out? Ok.

naefearjustbeer

We had an argument with our house insurance regarding a lost GPS unit whilst out hill walking. They tried to back out of paying but we asked them to go to the recording of the telephone call made on the exact date and time and gave the advisers name that assured us the such things were covered for loss out side of the home. They couldnt find the recording as it had been archived but after 2 weeks of my wife phoning them every day to press for the status of our claim and had they found the recording yet they finally sent us a cheque. Sometime you just have to harass them until they do what they said they would do.

So my advice is record and write a note of all the specifics you want covered take copies of letters emails etc so you can fully back up any claims should they arise. Take not of names for future reference and never give up when you are in the right.

yoohoo999

cavegiant wrote:

My point above was that if their verbal pitch differs from the policy document, the verbal agreement stands.

Not actually true. Contract Law 101. The very essence of many contractual disputes focusses on WHAT actually constituted the contract. Two or more parties with sometimes very different views on what the contract is and when it was formed. Once you have deduced that, the rest is pretty easy, but it's working out what the contract terms actually are that can prove to be the most difficult aspect.

When you simply sign an agreement, there is little doubt as to what you have agreed. However, when you throw in additional/varied terms by way of emails, telephone conversations or face to face meetings, the "contract" becomes a very slippery little beast.

The key is clarity. If you can demonstrate the the terms that you agreed to with no ambiguity, then life is easy. Therefore, that's why I would STRONGLY advise you have any clarifications/amendments/additions in writing, and do not rely solely on telephone conversations.

p.s. Lawyer dude, I happily defer to your authority on legal matters, but don't assume I have not fought legal battles and put what I have said in to practice frequently.

Don't worry mate, I'm not having a dig at your ability to do your job. I haven't seen the inside of a courtroom in years, if I ever was to see a courtroom it would mean that I had really screwed up on something. We spend many years constructing deals to avoid litigation, since litigation is a hit or miss affair and is in any event, generally bad for business and costly.

I specialise in major infrastructure projects (things like the Olympics, High Speed Rail, Forth Replacement Crossing, Dubai Metro etc etc), so I do have a fair bit of experience in contractual negotiations The golden rule is to ensure you have EVERYTHING you have agreed completely documented. It has to be bullet proof, because any room for escape will leave your client in the poo poo and you without a job.

Write it down