Insurance...

ollyridesfirst

I've been cycling now for about 2 years and am starting to get some expensive bits and bobs for the old steed.....i'm just wondering if anyone has any ideas about insurance for it?

It's a carbon frame so i'd want to be covered for accidental damage etc as well as theft. Are there any insurers i should stay clear of? Is it worth joining British Cycling or something similar to get discounts?

Thanks in advance...

MountainMonster

If you have home insurance, check with them and see what your possibilities are! Some home insurances cover bike theft, but some don't, and even a lucky few cover accidental damage to the bike.

But remember with insurance and bikes, it may often be much cheaper to just replace the parts the parts that break on the bike as long as the total is not too high. Having to pay deductions and increased premiums for a claim for only a few small parts is not worth it!

coombsfh

I did some insurance rootling on here the other morning and a lot of people seem to endorse M&S home insurance so long as your bike is under £4k.

Peddle Up!

coombsfh wrote:

I did some insurance rootling on here the other morning and a lot of people seem to endorse M&S home insurance so long as your bike is under £4k.

Yep!

frazerbrown

Co-op cover your bike (up to £2500) away from home for no extra cost on premium, for theft and accidental damage.

sungod

coombsfh wrote:

I did some insurance rootling on here the other morning and a lot of people seem to endorse M&S home insurance so long as your bike is under £4k.

under/over 4k with m&s is all fine, you simply have to declare if it's over 4k, they still happily insure it at a good overall rate

Barrzy257

Which insurer would people say is best, if I dont have home insurance? (still live with parents who are unwilling to add to policy!)

Xommul

Ive been looking at insurance today,

There are a few
Evans
Cycle Sure
E and L

I think ETA are very good, competitive price for the cover you get.

Im looking at a 2k insurance value and its coming up at 150 - 160 /yr

You get leisure/sportive/UK/EU/personal liability insurance etc

Has anyone else found any otherss?

mattward1979

Specific bike insurance seems to be a false economy as most household plans will cover the bike at home and away..

We are with Santander, and when my Spesh was stolen, they paid up within a week or so, and it was a part of the contents cover, with a small charge to add it to the policy... certainly not in the realms of £100's!!

Monty Dog

Taking out a separate policy is extremely expensive - premiums about 10% of the value of the bike. Add the bike to your home contents whilst offering to pay the difference in premium, which is usually about £100.

rdt

For many people, self-insuring may be more effective in the long run...

Insurance is really for situations that, if they occur, mean you are potentially financially hosed. Such as your house burning down, or you being sued for £2.3 million in some horrendous car accident lifetime disability claim, or getting medical bills for £50k after requiring surgery and extended medical treatment while holidaying in the US, etc.

Generally speaking, if you have sufficient cash savings to allow you to deal with the cashflow issue of damage/theft, the premiums saved over your cycling lifetime by self-insuring should leave you well ahead financially. If you're careful with your stuff, and careful about security, such that you're a lower risk profile than most others, then this should be even more the case.

If you do need to insure, using a household policy may be the best bet, although if you claim you'll likely be paying higher premiums in the future, so it's no free lunch.

holker

Don't CTC (cycling tourists club) do insurance? I'd have thought checking that out would be best starting point.

ollyridesfirst

rdt...

that's all well and good, but i honestly don't think i could get the cash together to replace a bike that has cost me a little under £2k to put together. It only takes a slip and a crash to total a carbon frame, and that alone was £850!

I have seen E & L before....might check the others and also look at my home contents insurance! Think i'm with either RBS or Halifax.....anyone know if they cover you for bikes of this value?

pinnaclered

I was was recommended by a friend to register with british cycling, then go through their insurer, by a friend who was knocked off his bike and paralysed form the neck down.
British cycling have handled everything to do with the accident for him, lawyers, hospitals, insurance etc. it has been a godsend to him and his family they haven't had to think about anything other than getting through his terrible accident without it i don't think his family would have known where to start.

Previously i only got bike insurance to protect my bike and get a new one if i needed to make a claim, i didn't really think about what would happen if i broke my arm, leg or something worse.

I registered with them the day after, pay £26.00 for year to be a BC member and £200.00 insurance a year for £1500 of bike, After what happened to my friend who has been cycling for about 30 years i realised that it could happen to anyone.

passout

I had bike insurance as part of my first direct home insurance. It cost a bit but I broke a carbon bike (long story) and got a cheque to buy the equivalent bike - a few hundred pounds more than I originally paid for the bike a couple of years before. I had to provide evidence that the bike was well and truly dead & a quote for fixing & replacement - my LBS did that. I was easy & really helped me out. My preiums did go up but I've changed insurer now & it's now no more expensive. Check to see if covered when commuting & what sort of lock you requre.