Insurance?

lm_trek

My home insurer has decided even though technically im a share holder thanks to the bail out, that they no longer insure bikes over £500 so my new shiney Camber isn't insured, neither are any of my bike except the road one, which tbh i won't be too gutted if that went missing.

Ive contacted M&S for a quote and the quote is double what i normally pay. Anyone use the specific cycle insurances?? and are they any good when claimed??

My camber is securely locked to another bike in a cupboard with 2 gold rated locks so chances of it being stolen are slim, but its when out and about i want to make sure ive got cover, would hate to lose it on a trip to scotland or a welsh day trip.

leaflite

Halifax home insurance. Cheap, new for old cover on bikes and iirc no value limits. No lock requirements either.
Last time I priced up bike specific insurance, every company I found was 2-3x more expensive

bails87

More than were good for me.

Anonymous

lm_trek wrote:

Ive contacted M&S for a quote and the quote is double what i normally pay.

And they have a limit per bike now too. £1k I think for new customers?

Anyone use the specific cycle insurances??

Nope. I just beef up the insurance I've got and pay the extra if need be. It might not cover everything, but it will pay up something, but in the main just use a load of common sense when securing the bike, reducing its visibility when transporting in/out and to/from the house, and keeping it in contact or in sight when out with it.

2 gold rated locks so chances of it being stolen are slim

Gold rated are fairly easy with the right tools. More so if you give them a nice quiet environment to work on it like a shed or garage . All gold does is keep the insurance company happy and that's all you can do really.

but its when out and about i want to make sure ive got cover, would hate to lose it on a trip to scotland or a welsh day trip.

As said, don't let it out of your sight. Very unlikely to go missing then. Also the classics like on a bike rack unattended while you go pay for petrol, go into the service station etc.

Note - if it's on or in the car the house insurance may not pay up. Check the car insurance for cover.

Dedicated - You can do, but weigh up how much the bike is worth, how old it is, and how often in your life do you think you'll ever get an expensive bike nicked? Cost of insurance vs just saving the money and paying up for a replacement if the worst happens. Which to be fair whilst we see it a lot, it's still fairly unlikely if you're careful. If you can never afford to replace it though, then maybe insurance but then could you really afford the thing in the first place?

Hmm, seem to be typing the same stuff each week. FAQ on insurance?

lm_trek

Its a brand new camber expert, at home i have a gas cupboard, bricks ethier side and just a door which has a lock, it holds 2 bikes perfectly, its a tight fit to get them in and out, when locked its impossible to get them out. 3rd floor flat with security entrance so its no easy steal.

I could afford to replace it in 4 months pay tbh, and my other bikes are older, giant xtc ex 2007, and my Orange p7 while in pieces at the moment isn't insured and my road bike well thats only £400 a giant rapid.

The above insurance companies won't touch new quotes on the expensive bike.

mrmonkfinger

deadkenny wrote:

Cost of insurance vs just saving the money and paying up for a replacement if the worst happens. Which to be fair whilst we see it a lot, it's still fairly unlikely if you're careful.

This. Being careful with storage is worth more than insurance IMO.

A reasonably beefy lock will keep the chancers with a pair of side cutter pliers away. If someone serious really wants your bike, they will get it whatever locks you use, they'll just wait until you're out and go at the locks with a grinder or 30" bolt croppers.

njee20

The above insurance companies won't touch new quotes on the expensive bike.

Yes they will, but you'll have to declare them, which will push the premium up. More Than certainly will quote you though, and weren't all that much more than M&S last time I checked (£12k of bikes).

leaflite

Adding bikes to my halifax policy upped the premium by about £80/year covering £~8k of bikes. As far as im aware they are still doing new quotes. The cheapest bike specific quote I found was about £500/year for this.
Halifax and hiscox were iirc the only home insurance companies that I could find that did new for old on bikes-many others factor in depreciation etc.