Insurance
South Tyne Rider
Posts: 76
Hello guys
Nightmare struck the other night - I had my bike locked up and some low life scumbag nicked all of my removable objects. Thankfully my lock done a good job and I've got 90% of a bike left but the feeling of sheer bitterness and frustration will take a while to subside.
First thing - I'm not insured so I'm going to have to take the hit on the accessories which come up to about £300 roughly.
My bike is worth about £1300 when I bought it 18 months ago but I was talked out of getting insurance and was told to get a good lock instead as insurance wasn't worth it. Well, after Wednesday's near miss, and the fact that the police said insurance covers me in case of accidents too, I'm going to get some. So basically - where do I start looking? And how much should I expect to pay for it? Any recommendations?
Nightmare struck the other night - I had my bike locked up and some low life scumbag nicked all of my removable objects. Thankfully my lock done a good job and I've got 90% of a bike left but the feeling of sheer bitterness and frustration will take a while to subside.
First thing - I'm not insured so I'm going to have to take the hit on the accessories which come up to about £300 roughly.
My bike is worth about £1300 when I bought it 18 months ago but I was talked out of getting insurance and was told to get a good lock instead as insurance wasn't worth it. Well, after Wednesday's near miss, and the fact that the police said insurance covers me in case of accidents too, I'm going to get some. So basically - where do I start looking? And how much should I expect to pay for it? Any recommendations?
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Comments
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Have you searched the forums? I ask as insurance is regularly discussed.0
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Have you searched the forums? I ask as insurance is regularly discussed.
No, I couldn't see a relevant forum. Which one mate?0 -
I will be referring to this thread when my house insurance is due for renewal.
viewtopic.php?f=40013&t=13031434&hilit=insurance
From my research it is cheaper to add them to house insurance than cycle specific insurance.The above may be fact, or fiction, I may be serious, I may be jesting.
I am not sure. You have no chance.Veronese68 wrote:PB is the most sensible person on here.0 -
I know what you mean but it's never likely to get nicked from the house (touch wood) as most days I'm at work and it's locked up outside my workplaceI will be referring to this thread when my house insurance is due for renewal.
viewtopic.php?f=40013&t=13031434&hilit=insurance
From my research it is cheaper to add them to house insurance than cycle specific insurance.0 -
If you add it to your home insurance most policies will cover it when locked up away from home. Mine also covers me for accidents a third party liability.0
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As Alex says, my house contents insurance covers my bikes World wide.[url=http://www.bikeradar.com/forums/viewtopic.php?p=19751209#p19751209]South Tyne Rider[/url] wrote:
I know what you mean but it's never likely to get nicked from the house (touch wood) as most days I'm at work and it's locked up outside my workplaceI will be referring to this thread when my house insurance is due for renewal.
viewtopic.php?f=40013&t=13031434&hilit=insurance
From my research it is cheaper to add them to house insurance than cycle specific insurance.
Just check the options.The above may be fact, or fiction, I may be serious, I may be jesting.
I am not sure. You have no chance.Veronese68 wrote:PB is the most sensible person on here.0 -
The AA came out best when I checked worldwide cover included.0
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We use NFU for our house insurance and this covers the bikes worldwide tooWilier Izoard XP0
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[url=http://www.bikeradar.com/forums/viewtopic.php?p=19750841#p19750841]South Tyne Rider[/url] wrote:I was talked out of getting insurance and was told to get a good lock instead as insurance wasn't worth it.
Who told you that? The lock salesman?
Don't forget there will be an excess.
I think ours (I only have bike insurance because its part of contents insurance) is £250, so would not be much help in the situation you described.
Stand alone bike insurance is about 10% of the cost of the bike I think, so you would have paid £195 in premiums up to the point you needed it.
Add to that the excess and the lock salesman would appear to be correct.
What were the 'removable objects'?
Could you have removed them, or made more of an effort to make them un removable?
Work out what you would have paid in premiums/excess and go out and buy nice new kit that is better and newer than what was taken.
Have a think about whether the lock salesman was correct before rushing out and insuring anything
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What exactly did they take to rack up a £300 bill?!
IMO insurance against bike theft or damage just isn't worth it, the premiums and excess are usually very high compared to your potential losses/payout. Just keep your bike in sight or very well locked-up somewhere safe; for occasions when you can't do those, buy a beater-bike.
On the other hand, third-party liability insurance is definitely worth it IMO. The chance of having to make a claim is likely smaller, but the premiums are usually low, the excess on a claim is little or nothing and your potential liability is vastly greater than if you just had your bike stolen. It's a different ball game obviously, but worth considering.0 -
Oh yes, Good call BM, I meant to mention third party insurance.
Get that for sure.0 -
Add the bikes as named specified items to the house contents insurance with a decent insurer and you'll be covered for all risks away from home. Speak with the insurer first to make sure they offer proper cover!
From personal experience Prudential have been excellent even if not the cheapest, but you'll only know if the premium is value for money when you have to claim.0
