Recommend insurance policy for +6k bikes.

nicube

Hi, I'm in the process of purchasing a road bike around the 6k mark and wondered which insurance companies folks are using for bikes of this sort of value?
My household insurance covers bikes upto 2k which is fine for my Cubes but I'm going to order a LOOK Aerolight, I'm happy its secure enough at home under lock and key but getting it nicked or damaged when out would be a headache.

Some quick quotes online are in excess of £500pa, I don't pay that for two cars :shock: :shock:

Thanks in advance

devhads

Some quick quotes online are in excess of £500pa, I don't pay that for two cars :shock: :shock:

I'd imagine that's because the insurers figure that a bike is easier to steal than a car and also could be written off in a fairly minor crash.

How much are your cars worth? You could be satisfying Rule #25 with the bike "The bikes on top of your car should be worth more than your car". It certainly would with my two vehicles

vinnymarsden

I spoke to someone else about this recently…speak to your home insurers about making it a named item.
I did it with my £4000 bike…covered in/away from home for full value for about an extra tenner a month on the policy…pays to be with a decent company i think


Hope it helps.
Cheers

Vinny

nicube

Thanks Vinny, we are with M&S with their premium policy, hoping I can do what you suggest, will try giving them a buz over the weekend cheers

cswitch

I'm with M&S and have some rather expensive bikes insured. However, a word of warning, when i phoned them up to ask them how much it would add to my policy they gave me a quote but said I had to take the additional premium or cancel the policy (it had been recently renewed) as they offer an 'all or nothing' policy. Now I'm not sure if that is in their small print or whether this was just heavy sales tactics. I went with it anyway as it seemed competitive (maybe slightly more) but the cover is excellent and I know from experience they pay out.

jazgill

Try Chubb home insurance, will cover bikes etc. at home and away. Also, very efficient in dealing with claims in a timely manner etc. and don't fob you off with replacements; they will pay out in cash if you need to make a claim.

norvernrob

If your home insurance won't cover them it's worth getting a quote from Hastings Direct. I pay £200 per year for their premier policy which covers buildings, contents, accidental damage and my named Foil with a £6k replacement value. Bikes under £1k are covered automatically under the 'personal possessions' section.

Silly Old Hector

John Lewis cover up to £5k per bike.

Manc33

I'd be looking at one that has been known from past history to keep its word and pay out if need be.

I read a few horror stories where the insurance is dirt cheap but they pretty much have never paid a penny out, ever, to anyone.

Make sure to get your microscope out and read the fine print.

vinnymarsden

I also have the M&S premium top of their range policy, and didn't experience any hard sell, I was simply given the option of paying the extra premium, added to my existing direct debit, and as i said, it really was competitive and FULL cover home/away up to whatever you specified the value of the bike..I am RATHEr envious of you getting the new Look machine…lets have some pics if you get it..they look awesome!!

Cheers

Vinny

norvernrob

Manc33 wrote:

I'd be looking at one that has been known from past history to keep its word and pay out if need be.

I read a few horror stories where the insurance is dirt cheap but they pretty much have never paid a penny out, ever, to anyone.

Make sure to get your microscope out and read the fine print.

Definitely. Mine is covered if in the house or locked in an outbuilding, left in the car, or locked away from home with a 'suitable' lock - it never gets left anyway but I have a gold secure lock if ever needed.

It's worth phoning any potential insurers up and asking questions, as the wording can be difficult to exactly interpret sometimes. Also when I asked about my Foil, they asked what I paid for it and I said £3k - but the replacement value is £6k (half price previous years model) and they said it has to be insured for the full replacement value or it wouldn't be insured at all.

nicube

VinnyMarsden wrote:

I also have the M&S premium top of their range policy, and didn't experience any hard sell, I was simply given the option of paying the extra premium, added to my existing direct debit, and as i said, it really was competitive and FULL cover home/away up to whatever you specified the value of the bike..I am RATHEr envious of you getting the new Look machine…lets have some pics if you get it..they look awesome!!

Cheers

Vinny

Thanks Guys, cheers Vinny, gonna ring them up tomorrow

Placed my order for the Aerolight this afternoon, can't wait

nicube

Rang M&S, really quite surprised! 5 months left on our policy, only £62 for cover at home and away

Stipulations were when it's away from the home and left it must be fastened to a permenant structure or vehicle, well it won't be leaving my side

vinnymarsden

I said they were good didn't I…
I never understand these "specialist" companies who peddle (no pun intended) their super extra cover…but it is all underwritten by about 4 companies who all have same guidelines anyway… I think M&S is u/written by Allianz….
Glad you got it sorted..you MUST show the bike when you get it!! Is it imminent??

nicube

VinnyMarsden wrote:

I said they were good didn't I…
I never understand these "specialist" companies who peddle (no pun intended) their super extra cover…but it is all underwritten by about 4 companies who all have same guidelines anyway… I think M&S is u/written by Allianz….
Glad you got it sorted..you MUST show the bike when you get it!! Is it imminent??

Oh I will

Should have it by the end of March Vinny

They're on a 90 day lead from the factory but Epic cycles already have some pre ordered, happy days