MTB insurance questions

Clockworkmark31

Hi everyone,

Having had my Specialized Rockhopper stolen last Friday and learning from mistakes, cable type lock and no insurance.

I have now purchased a kryptonite gold lock and wanting to get insurance for my remaining bike.

Questions I have about insurance are;

Who seems to be the best?
And if I take insurance now I have to enter the value of the bike, but what about planned upgrades? This will be more than the value of the bike now.

I have been considering protect my bubble, but can't find information on a few companies about if you upgrade.

And last question, do they pay a percentage or the full value?

Thanks in advance

ilovedirt

A lot of people seemed to recommend M&S home insurance, so I went with them, as I needed it anyway. I'm paying about £30 PCM for both the bikes in my signature. Anything under £1000 doesn't need to be declared, anything over £1000 does. If the value changes, you need to ring them and they will change your policy, this can change your premiums, though not by much. Not sure how other insurers differ. Generally, they will pay full whack of whatever you say it's insured for, though you need to have receipts etc. to prove that that's what it's worth if it does get stolen, otherwise you're looking at insurance fraud, and them not paying out. You'll want to take a good look at the policy so you know when is it/isn't insured. For instance, mine isn't insured when it's in/on the car, and I had to pay a little extra for it to be insured in places other than my own home.

Clockworkmark31

Thanks, not sure at the moment if I should get contents insurance or just insurance for the bike.

Do all insurance companies work the same, ie, if I insure the bike as standard (standard value) then upgrade bits just call them and ask them to change the policy?

Sorry if these seem like stupid questions but I am new to this, thinking it would never happen to me.

ilovedirt

Without having an in-depth knowledge, I couldn't tell you, but presumably yes.

I had insurance with Endsleigh before, and they didn't require much specific information about the bike. Presumably they leave that until the point where you need to make a claim, then they will ask you to prove what parts were on the bike etc.

I assume it's the same as car insurance though (or any other insurance for that matter) - for it to be valid, you need to ring them and let them know of any changes which may affect the policy - so value of the item, change of address etc.

I recently rang up M&S as I've bought new bikes recently and therefore needed to change my policy, was quick and easy. Also, if I recall, it's costing me about the same as my bike only policy on Endsleigh did before.

Sorry to hear about your bike by the way.

Clockworkmark31

Thanks,

think you have answered all my questions.

Never had to claim for insurance before or taken out specialist insurance - so have never been sure of the ins and outs.

Think I now need to decide on just bike or contents insurance.

Having just had the bike stole, it is still raw.

So now want to take preventive measures and have something that would cove me. Eg, wanting to upgrade this bike but I am slightly reluctant.

ilovedirt

I've had a few friends had bikes stolen. So long as you have proof of purchase for the bike and any upgraded parts, they will usually cover it.

CitizenLee

I built my Mega from a mix of parts bought new and second hand. How would I go about insuring that for its replacement value as I obviously wouldn't have receipts for it all?

The Rookie

Detailed photos to prove you had it all......

CitizenLee

The Rookie wrote:

Detailed photos to prove you had it all......

My build thread then

I'll need to see what the T&CD are anyway when I renew.

The Northern Monkey

CitizenLee wrote:

I built my Mega from a mix of parts bought new and second hand. How would I go about insuring that for its replacement value as I obviously wouldn't have receipts for it all?

sometimes need to get a valuation from a bike shop as proof.

Briggo

CitizenLee wrote:

I built my Mega from a mix of parts bought new and second hand. How would I go about insuring that for its replacement value as I obviously wouldn't have receipts for it all?

Asked your current insurer or potential?

CitizenLee

Will call Aviva tomorrow. With Lloyd's at the moment.

shidevil

I'm with Aviva and they won't cover above £2,500

CitizenLee

ShiDevil wrote:

I'm with Aviva and they won't cover above £2,500

Good to know, thanks. I will investigate further when I get a chance to ring a few companies.

I need one that is fine with bike being stored in a lockable basement too, without the need to buy specific branded locks etc.

njee20

Not all companies will pay new for old, plenty will discount for 'wear and tear', which can be very significant, so check the policy docs.

Many also limit cover in out buildings (ie sheds and garages), so read anything very carefully before accepting.

M&S are good, but quite a bit more expensive than they used to be. Direct Line Select is meant to be good. John Lewis, Green Bee and NFU have often come out favourably too.

As for proof of value/ownership you may need to get a valuation certificate, some will want receipts, some will accept what you say. Ask them.

Standalone insurance is nearly always a massive rip off though, I'd definitely go down the home insurance route.

CitizenLee

njee20 wrote:

Not all companies will pay new for old, plenty will discount for 'wear and tear', which can be very significant, so check the policy docs.

Many also limit cover in out buildings (ie sheds and garages), so read anything very carefully before accepting.

M&S are good, but quite a bit more expensive than they used to be. Direct Line Select is meant to be good. John Lewis, Green Bee and NFU have often come out favourably too.

As for proof of value/ownership you may need to get a valuation certificate, some will want receipts, some will accept what you say. Ask them.

Standalone insurance is nearly always a massive rip off though, I'd definitely go down the home insurance route.

Thanks mate. Out of interest who do you use?

Clockworkmark31

Hi,

Well got the insurance sorted. Got a few quotes and went with cycle guard. Not the cheapest but it ticks the boxes.

Also, if I upgrade parts, just call them and they amend the value on a pro rata basis. Also for parts I have to give them the none discounted cost, ie, if I get some forks on sale they insure them at the none discounted cost so bonus.

njee20

CitizenLee wrote:

njee20 wrote:

Not all companies will pay new for old, plenty will discount for 'wear and tear', which can be very significant, so check the policy docs.

Many also limit cover in out buildings (ie sheds and garages), so read anything very carefully before accepting.

M&S are good, but quite a bit more expensive than they used to be. Direct Line Select is meant to be good. John Lewis, Green Bee and NFU have often come out favourably too.

As for proof of value/ownership you may need to get a valuation certificate, some will want receipts, some will accept what you say. Ask them.

Standalone insurance is nearly always a massive rip off though, I'd definitely go down the home insurance route.

Thanks mate. Out of interest who do you use?

I use M&S, but I've got one of their older policies which have better terms - if you take out a new policy you don't get the same. I check around every year and haven't found anyone better yet! The AA are the other one people often recommend, but I'm less sure about them - their policy docs say it's not new for old and they limit cover in outbuildings (to about £3k IIRC), but people seem to say that's not the case if you phone. I'm unconvinced!

sofaboy73

depends what your looking for.

if you keep your bike in the house many insurer will consider it 'contents' so you don't have to declare it as a named item or have a specialist policy. i know direct line do and they cover up to £15,000 for any one item of contents. they coughed up £5k when i got burgled a couple of years ago with no problems at all.

you don't have any cover when it's out of the house, but then i'm always on it or it's not left unattended

njee20

I'd never assume that, irrespective of where it is kept, plenty of (in fact I'd go as far as saying virtually all) insurers will specifically exclude bikes above a certain value.

I'm surprised Direct Line take that tack.

papertech202

Clockworkmark31 wrote:

Hi,

Well got the insurance sorted. Got a few quotes and went with cycle guard. Not the cheapest but it ticks the boxes.

Also, if I upgrade parts, just call them and they amend the value on a pro rata basis. Also for parts I have to give them the none discounted cost, ie, if I get some forks on sale they insure them at the none discounted cost so bonus.

Just make sure you comply with all their security requirements i.e. all your locks etc meet their spec or they will try to wriggle out of settlement.

sofaboy73

njee20 wrote:

I'd never assume that, irrespective of where it is kept, plenty of (in fact I'd go as far as saying virtually all) insurers will specifically exclude bikes above a certain value.

I'm surprised Direct Line take that tack.

if it's kept in the house and only covered when in the house it will often be treated as contents as the same risk profile as any other content of value you have, rather than the usual higher risk of a bike - ie being kept in out buildings, stolen off the street, nicked form cars etc.

but your right, if you want to insure it if kept in garages / sheds or for when it's away from home, all insurers i've come across put a cap on the value

njee20

I understand exactly what you said, that's a massive assumption, and I'd never ever assume that. I'm not saying Direct Line don't do as you say, but it's not the norm, and I'd suggest everyone checks before blindly assuming that keeping their three £6,000 bikes in the house will mean they're covered under standard policies! They obviously won't be subject to out building contents limits and what not, but they're still the same high value item.

chrisw333

I know the OP has found something now, but would just add info on my experience with M&S home insurance. As others have said, bikes up to £1,000 were covered as standard and you can 'name' bikes above this level.

I had a Bike Stolen, it was in a locked shed. That was enough for M&S to cover (they didn't even need to be locked up in the shed) it and at the time they said it would also be covered if locked outside away from home - eg to a roofrack.

The bike was insured for £1,500. M&S put the claim through Wheelies. I had bought it second hand (therefore no receipts but I had plenty of photos - don't think they asked for them). They insured new for old. It was a Whyte 905, but as it was not standard spec Wheelies treated it as custom. They asked me details of the spec and were satisfied that it was worth well over the £1,500 it was insured for. I was offered the cash or £1,800 to spend on their site.

In in all the service and cover were excellent. As Njee says you need to check the latest policy wording and satisfy yourself, mine was a couple of years ago now, but my experience at the time was very good.