Do You Insure Your Bikes?

ianwilliams
ianwilliams Posts: 257
edited June 2013 in Road general
I've got an opportunity to buy a really good second-hand bike from a friend for £400; 5 years old but not ridden much.

The 2013 equivalent is completely different but costs £3,000 - so Cyclesure insurance want £290/yr, which seems a lot (75% of the price I'm paying for the bike).

I would rather insure the bike for around £1,800 at a lower premium (which, given the 5 years' progress in R&D would probably be a more comparable bike if replaced anyway), but I am not sure this is possible and so am considering not insuring it at all (especially considering most rides will be door-to-door anyway).

My home insurance only does bikes up to £1,500, however, so I'm looking at a separate policy anyway by the looks of things.

So my question to you guys is do you insure your bikes, and why/why not?

Any advice you have on getting it insured at a reasonable price would be appreciated too :)

Thanks!

Comments

  • ad_snow
    ad_snow Posts: 469
    Mine isn't worth as much as yours (under £1k) but I insure it under my contents insurance policy as a declared item and it's covered UK wide. Can't remember how much it cost but not much, between £30-£50 I think.
  • ddraver
    ddraver Posts: 26,391
    I don't actually, but as I'm just about to get a very new shiny one, I might start looking in to it.....
    We're in danger of confusing passion with incompetence
    - @ddraver
  • ianwilliams
    ianwilliams Posts: 257
    ad_snow wrote:
    Mine isn't worth as much as yours (under £1k) but I insure it under my contents insurance policy as a declared item and it's covered UK wide. Can't remember how much it cost but not much, between £30-£50 I think.

    Hi Ad - my home insurance has two separate add-ons: declared items and bicycles. Their max limit for bicycles is £1,500, so I'm theoretically over that. I don't think therefore that I could add it as a declared item instead, could I?
  • CiB
    CiB Posts: 6,098
    I don't as the bike is either locked up at home, I'm on it or it's in the office with me, or it's parked securely at whatever house I happen to be visiting. Theft is unlikely, I've only written off one bike in my life (minor bend really but house ins covered it anyway) and the reality is that insurance is a bet - the insurer bets you a large amount of dosh that you'll need it replacing in the next 12 months. It doesn't take many years to recoup more than the value of the bike by not paying the premiums. It's down to your own acceptable level of risk and how much it would hurt you financially if it does need replacing.
  • nick1972
    nick1972 Posts: 144
    I insure mine but the 3rd party insurance is my main concern. It could cost a lot should you hit a vehicle or person while out riding.
  • ianwilliams
    ianwilliams Posts: 257
    Nick1972 wrote:
    I insure mine but the 3rd party insurance is my main concern. It could cost a lot should you hit a vehicle or person while out riding.

    I think I get liability insurance - the same thing, right? - through British Cycling.
  • lc1981
    lc1981 Posts: 820
    Are you able to insure the bike for more than you paid for it? When I took out bike-specific insurance, the maximum that the bike could be insured for was what I paid for it - so in your case, £400. Perhaps this varies by insurance company though.
  • spoonboye
    spoonboye Posts: 5
    If you are covered for liability through BC then you would be covering loss from another insurer. You can only insure for the actual loss, the max will be the lesser of market value or what you paid for it.

    You can insure it for however many £kkkk you want but you will pay high premiums and if it is stolen the insurer will only pay out market value anyway.
  • Pross
    Pross Posts: 40,531
    Nick1972 wrote:
    I insure mine but the 3rd party insurance is my main concern. It could cost a lot should you hit a vehicle or person while out riding.

    Free with British Cycling membership or CTC so it's dirt cheap.
  • nick1972
    nick1972 Posts: 144
    Pross wrote:
    Nick1972 wrote:
    I insure mine but the 3rd party insurance is my main concern. It could cost a lot should you hit a vehicle or person while out riding.

    Free with British Cycling membership or CTC so it's dirt cheap.

    I've a membership with British Cycling, didn't notice it includes liability insurance
  • Alexvs
    Alexvs Posts: 52
    I had both my bikes on my contents insurance as specified items and glad I did as they got stolen 2 weeks ago from inside my house while I was sleeping. I will always insure my bikes now regardless of value as I can't afford to replace them should anything happen like it did. I'm now getting a more expensive bike through the insurance as I have no need for 2 individual bikes and now looking at who to use for insurance as believe the maximum single value per item is £1500 with Esure who I'm with. Also they didn't cover any of my accessories which was annoying so doubt I'd add another bike while I'm still with them so looking to go with a cycling specific insurer but haven't decided which yet.
  • diy
    diy Posts: 6,473
    I self insure. The advantage is that if its stolen or damaged it gets replaced with something better, no questions asked.

    A lot of insurance policies are full of wriggle room and you might find your bike is not covered as well as you think.

    Only insure what you cannot afford to lose is my view.
  • cojones
    cojones Posts: 131
    Old dirty one, no. New shiny one, Yes. Can't risk riding new shiny one to Paris, old dirty one, Yes!