Bike insurance

kingstonian

Who do you use? Am picking up a bike tomorrow and want to be covered straight away, primarily because if I don't sort it out now I will forget and never get around to it.

Will check if it is covered under my household insurance, but if it isn't for any reason what policies would you suggest?

sirmol

Most house insurances will have an option to either add it to the policy for a small fee OR it will already be on there up to a certain price - i think mine states as long as one bike isn't worth more than 5k

Mart74

I added a 4k bike to my house insurance for £120 a year .
The premiums were over £300 for cycle only insurance

kingstonian

Thanks to both posters. Will call our house insurance firm tomorrow. Do they only cover it from theft within the house?

And does anyone have a recommendation of a cycle only insurance policy?

norvernrob

Forget dedicated cycle insurance, the cheapest quote I got for my bike was £400. My house insurance only covered bikes up to £2k so I switched to another company that gave £10k of cover for bikes and the total policy is under £200 inc buildings and contents. You can compare prices and put in specific items (the exact bike(s)) on MoneySupermarket.

DavidJB

I use dedicated bike insurance but thats only because I race it and have crash cover...other wise I'd just do it on the house insurance!

kingstonian

ok, thanks everyone. Call to the house insurance firm coming up then !!!!!

alex222

Kingstonian wrote:

Thanks to both posters. Will call our house insurance firm tomorrow. Do they only cover it from theft within the house?

And does anyone have a recommendation of a cycle only insurance policy?

My policy with L&G covers pretty much everything bar racing. So theft, accidents, third party liability.

dabber

Just had my house insurance renewal come through. Last year the bike cover was up to £2K for a single bike. This was enough to cover my Wilier. This year the cover for bikes is reduced to £1K.... not enough.
A phone call to the insurer and they will charge me around an additional £105 to get back to the £2K cover.

Time to shop around. Although the basic house insurance price is about the same as last year, they have effectively put the price up by £105 to keep the same cover for house/contents and bike.

StillGoing

Alex222 wrote:

Kingstonian wrote:

Thanks to both posters. Will call our house insurance firm tomorrow. Do they only cover it from theft within the house?

And does anyone have a recommendation of a cycle only insurance policy?

My policy with L&G covers pretty much everything bar racing. So theft, accidents, third party liability.

Yep mine too with More Than.

ic.

I have insurance with CycleGuard through British Cycling. I highly recommend them, they've been great with my 3, yes 3, claims.

I pay about £20 a month I think

drlodge

IC. wrote:

I have insurance with CycleGuard through British Cycling. I highly recommend them, they've been great with my 3, yes 3, claims.

I pay about £20 a month I think

That's £240 a year...quite a lot. What's the value of your bikes covered under this policy?

ic.

About £3k now.

drlodge

That's 8% per year of the value of the bikes, in 12.5 years you'd pay out the value of the bikes. Hence this is why most people don't have bike specific insurance, its simply not worth it IMO.

ic.

Yes, but as I mentioned I'm very happy with it. I had to make 3 claims in all and 3 times my bike has been replaced quickly and without fuss. 2 thefts and 1 accidental damage. It's one bike, not multiple.

Perhaps the same would be true if I included it on my home insurance, but my personal experience is with this company and it is a positive one. I feel I get value for money and I'm certainly not the only person who uses them and is happy about it

drlodge

Well if its been stolen twice I would say you're better off with insurance...or just take better care of it

My bikes are either in my flat or under my bum, no chance of them being stolen really, so the risk is miniscule and my household insurance covers them while they're in the house anyway (Direct Line and they confirmed there's no problem even thought the Rourke is worth £5k).

ic.

You say take better care of it....

http://www.bikeradar.com/forums/viewtopic.php?f=40013&t=12898610&hilit=shed+roof.

drlodge

IC. wrote:

You say take better care of it....

http://www.bikeradar.com/forums/viewtopic.php?f=40013&t=12898610&hilit=shed+roof.

Ah that was YOUR shed, I remeber this thread well. Unbelieveable. Clearly you didn't have multiple ground anchors and motor cycle chains locking the bikes to them :roll:

If I ever have to put my Rourke in a shed rather than in the house, you can be sure I'd spend a LOT of money to prevent that kind of thing happening to me! There are some very horrible people in this world that just need to be put down.

ic.

drlodge wrote:

Clearly you didn't have multiple ground anchors and motor cycle chains locking the bikes to them :roll:.

I do now

kingstonian

My bikes live in the house, no way risking them in a shed.

StillGoing

My house insurance policy covers the bikes outside the property for theft and accidental damage at a fraction of the cost of cycle specific insurance. It's also old for new rather than market value. Also included is public liability. Both bikes had to be specified on the policy due to their value.

Pepperoni Man

Household insurance for me

I've got an Asgard bike store which hopefully will put off any nasty people and I never leave my bike out of my sight when I'm out and about on it