insurance for bike

pieman99

Hello all, just wondering if anyone has got any ideas for insuring your bike with. i've got home insurance, but it dosent cover for anything happening out and about or if it gets stolen when away from home. Also, the bike, 12 gear raleigh racer, at least 10 years old, is kept in a shed, dont have room to keep a bike indoors!
would appreciate any help, thanks!

sungod

switch your contents insurance to m&s

choose the option for cover away from home

i did this, m&s cover was way better than my previous contents insurance, plus it added cover for bikes, laptops, other stuff worldwide, premium cost was about the same

current insurer should give you a rebate on premium for any unused months

Peddle Up!

^^
+1

pieman99

Thanks for the replies, i was just wondering if any of the online places like cycleguard or even doing it through britishcycling would be worthwhile?

legin

check the small print i used to sell insurance most insurance companys will only cover bikes up to £300 you would have to name the bike as a specific item and have a valuation for it.

sungod

pieman99 wrote:

Thanks for the replies, i was just wondering if any of the online places like cycleguard or even doing it through britishcycling would be worthwhile?

cycle-specific insurance is usually insanely expensive

the m&s policy covers individual items up to 4000 pounds, above that you need to declare them, policy terms are excellent, without the stupid/complex exclusions i've seen in some others

gavbarron

As said, don't use independent cycle insurance, typically they want at least 10% of the value of your bike so ends up being more to insure than your car!

Phone your home insurance company and see if they can add it to your policy as an individual item. Bikes are usually covered on home policies but only for a few hundred quid.
Any increase in premium will still be cheaper than a standalone insurance policy for the bike

nferrar

For a bike with that low a value I'd just put £10-20 a month into a bank account

gavbarron

That's fine as long as nothing happens before you've built up a decent amount in the account.

On the plus side though, get a decent amount saved and it's an excuse to go shopping for shiney bike goodness

jus71n

I've just moved to M&S, plus cover away from home.
Price about the same as I was paying with More than!
Plus M&S don't charge interest for paying monthly.

Result

chiark

Must look at M&S then... We're with Royal & Sun Alliance and it's cost me 60 quid to add two bikes on there (both valued at a grand)

Anonymous

As a renter in London, I wander the best way to insure just a bike? My parents live in Hampshire, so is it worth getting them to change to M&S and add my bike as an away item, even though it wont be there?

The only way I think I can insure it is through Evans on their scheme, as all other 'tenants' insurance costs a fortune, which I am not quite willing to fork out yet!

gregster10217

+1 for M&S home insurance. Switched about 18 months ago for Barclays, (both building and contents) saved about £60 on the yearly premium, got my bike included on the policy for no extra, and got £50 vouchers as I went through one of those comparison sites which had an offer on at the time.
Had to claim once since I've had the policy, for accidental damage to our lounge carpet and they dealt with the claim extremely quickly and efficiently.