Bike Insurance Advice

brucie45

I am looking into getting my bike insured. I just haven't got a clue what to look for.

My bike is locked up in a shed, with two padlocks. The shad has no windows and and has an alarm, I also have a security light in the back garden. While there isnt much more I can do to protect my bike I feel that insurance, should the worst happen, be the final thing I need to get sorted.

Does anyone had any advice on specific insurance for my circumstances. I have looked at a few specialists and have seen that alot of policies require the bike to be indoors at the insured property ie. not a shed.

There must be others in my situation. Thanks for your help

Tom Barton

House insurance should cover it. Only catch can be the value of your ride.

For example: My bike is over 3K and therefore must be stored in a house where the doors have modern 5 point locks on - not insured in a shed despite my explaining things like ground anchors and locks and alarms etc.

More than will insure a bike upto 5k (or a couple of less expensive bikes upto 5k) and the standard policy covers bikes under 1k. For me - works out at about 7-10 pounds extra a month on my policy so its much cheaper than proper bike insurance but you are not covered for competing and I need to check what my cover is for abroad..

Also- if your current house insurance cant cover your bike (say because its more expensive than what they cover - Barclays who I was with before would only cover upto 2k) you can cancel your policy without penalty as the reason is because they can't provide you with cover!

jairaj

Getting the bike insured as part of your home contents insurance is usually the best way. Bike specific insurance can end up costing more.

You need to check the small print on what value they will cover. What type to replacement they will provide etc ..

M&S used to be then best with regards to bikes but their policy has changed now. Not sure if there is a clear best now? You'll have to search round a read the small print.

brucie45

Thanks for the advice guys. Just to confirm, contents insurance should cover my bike in the shed? I would estimate that my bike with the extra kit would be worth around £2300.

brucie45

I think I have found the answer I was looking for. This is from ETA insurance. I am just obtaining a quotation.

Storing your bike in a shed/garage/outbuilding
If you normally store your bike in a shed, the external doors of the shed itself must be locked; i.e. theft would have to be occasioned through violent entry. We do not require a specific type of lock – just one that we could reasonably expect to act as a deterrent and that would need brute force or tools to overcome.
If these conditions are met, we do not require you to lock your bike to an immovable object once inside the shed. However, it must not be visible from outside. If your shed has a window or similar meaning your bike could be seen from outside, your bicycle must be concealed from view. This could entail covering the windows up or shrouding your bicycle with a blanket or similar. Still unsure? Get in touch with us or see the policy wording for full conditions.

jairaj

brucie45 wrote:

Just to confirm, contents insurance should cover my bike in the shed?

You need to check your policy. Each provider's policy is different and may have different requirements.

Tom Barton

Yep - every policy will be subtly different. I'd double check what value of bike they are happy to insure (and indeed if they are happy for it to be in the shed at that price).

For example - my policy will not insure my bike in a shed - it must be in the house. But my wife's £400 bike is fine in the shed as far as the insurance company are concerned.

brucie45

Thanks for the replies chaps, some good advice.

Sorted it for £10pcm and 5% exess. Thats based on £2k worth of bike and kit in a locked shed