Insurance - help needed

barrybridges

I have a 2010 Wilier Izoard which I've spent a fair amount on upgrading over the past few years - with the result that I'd quite like to insure it as it's worth a fair bit.

Touch wood, we live in quite a safe area, but nevertheless I'd be gutted if someone were to break in and nick it.

On that basis, I'm a bit surprised (maybe unjustifiably so) by the cost of insurance and wondered if anyone could point me in the direction of a good insurer?

I don't race it and it's locked away after every ride, so I don't need any cover away-from-home, but even the cheapest quote I can find is working out at £210 per year. That's not much less than my car insurance.

Our home insurance (buildings) is due for renewal shortly and I'm happy to put the bike on there as a specified item (and in doing so take out buildings + contents and cancel my existing contents, but it's turning a £300 quote into a £600 quote each time. Based on the value, our current insurer wants to charge £657 annually (compared to £296 without the bike).

Maybe I'm just naive about these things, but £200 - £300 to insure a bike that stays in a locked-garage each year seems really expensive, to the point where I'm thinking twice about insuring it sadly. I know £20 - £25 a month doesn't seem like much, but it's half the price of my monthly gym membership and over the lifetime value of the bike adds another grand on!

I read previously that M&S were a good insurer for buildings/contents as they automatically cover you for bikes up to £4000, but they've now stopped doing it. It seems that as soon as you add a specified bike, the cover rockets up.

Could anyone make any recommendations?

Separately, I do feel that the high prices are utterly exorbitant. I understand that lots of bikes get nicked, but the point is surely that most thefts occur in the low to mid-range of the market? Most club cyclists don't take their best carbon bikes down the shops and lock them to a lamp-post - and most thieves surely operate on a 'pot luck' policy when they break into somewhere? On that basis, if you have an expensive bike, chances are you're lower risk than if you've got a £100 Carrera from Halfords?

danlikesbikes

barrybridges wrote:

I have a 2010 Wilier Izoard which I've spent a fair amount on upgrading over the past few years - with the result that I'd quite like to insure it as it's worth a fair bit.

Touch wood, we live in quite a safe area, but nevertheless I'd be gutted if someone were to break in and nick it.

On that basis, I'm a bit surprised (maybe unjustifiably so) by the cost of insurance and wondered if anyone could point me in the direction of a good insurer?

I don't race it and it's locked away after every ride, so I don't need any cover away-from-home, but even the cheapest quote I can find is working out at £210 per year. That's not much less than my car insurance.

Our home insurance (buildings) is due for renewal shortly and I'm happy to put the bike on there as a specified item (and in doing so take out buildings + contents and cancel my existing contents, but it's turning a £300 quote into a £600 quote each time. Based on the value, our current insurer wants to charge £657 annually (compared to £296 without the bike).

Maybe I'm just naive about these things, but £200 - £300 to insure a bike that stays in a locked-garage each year seems really expensive, to the point where I'm thinking twice about insuring it sadly. I know £20 - £25 a month doesn't seem like much, but it's half the price of my monthly gym membership and over the lifetime value of the bike adds another grand on!

I read previously that M&S were a good insurer for buildings/contents as they automatically cover you for bikes up to £4000, but they've now stopped doing it. It seems that as soon as you add a specified bike, the cover rockets up.

Could anyone make any recommendations?

Separately, I do feel that the high prices are utterly exorbitant. I understand that lots of bikes get nicked, but the point is surely that most thefts occur in the low to mid-range of the market? Most club cyclists don't take their best carbon bikes down the shops and lock them to a lamp-post - and most thieves surely operate on a 'pot luck' policy when they break into somewhere? On that basis, if you have an expensive bike, chances are you're lower risk than if you've got a £100 Carrera from Halfords?

In terms of cost you might find a specialist policy the best way to go, personally I use the British Cycling one and its good cover/value made sense to me though there are quite a few other policies out there.

Regards the claims costs, think you will find that there are an increasing number of targeted thefts with people either being followed home or spotted with an expensive bike and then having their property broken into. Just do a search on BR alone and you will see that it is becoming more and more common, or that should be is sadly becoming more and more common.