Insuring bike on home contents insurance

rumbataz

My home insurance will be coming up for renewal in a few weeks time. Has anyone got their bike(s) insured on their home contents insurance?

If so, was there a big jump in the premium? Were the terms and conditions acceptable? Did it cover accidental damage?

I'll be shopping around but just need a heads-up on whether it is doable or not. Quotes for getting separate specific bike insurance for my road bike costs at least as much as my entire home buildings and contents insurance.

pblakeney

I have my bike on my contents but I don't know the additional premium and it isn't up for renewal till March.
But when the time comes I'll be asking for a price with and without cover for my good bike. Decision time then.

StillGoing

rumbataz wrote:

My home insurance will be coming up for renewal in a few weeks time. Has anyone got their bike(s) insured on their home contents insurance?

If so, was there a big jump in the premium? Were the terms and conditions acceptable? Did it cover accidental damage?

I'll be shopping around but just need a heads-up on whether it is doable or not. Quotes for getting separate specific bike insurance for my road bike costs at least as much as my entire home buildings and contents insurance.

Yes.
No.
Yes.
Yes.

supermurph09

Try Pedalcover, great service and excellent prices.

rumbataz

philthy3 wrote:

rumbataz wrote:

My home insurance will be coming up for renewal in a few weeks time. Has anyone got their bike(s) insured on their home contents insurance?

If so, was there a big jump in the premium? Were the terms and conditions acceptable? Did it cover accidental damage?

I'll be shopping around but just need a heads-up on whether it is doable or not. Quotes for getting separate specific bike insurance for my road bike costs at least as much as my entire home buildings and contents insurance.

Yes.
No.
Yes.
Yes.

Thanks for the heads up!

fuel2000

I've got my 2 bikes added to my home insurance, 2 bikes with a 5k value, additional premium, was around £160, covers accidental damage and new for old. M and S are the insurers. I had to make a claim last year due to being knocked off by a van. They settled my claim within 15 minutes, and then pursued the company to reclaim the money back so my premiums and NCB weren't affected. Highly recommended.

N0bodyOfTheGoat

M&S used to be the insurers to use for decent bikes, with comprehensive cover home and away, we used them when my bikes and my better half's bike were all new.

Guernsey Donkey

Another vote for PedalCover. Great service.

pastryboy

I used to but the security requirements weren't workable so now I don't bother.

Oh and M&S are not insurers - companies like that simply brand policies which are actually provided by underwriters. That means the policies can differ each year.

pblakeney

pastryboy wrote:

I used to but the security requirements weren't workable so now I don't bother.

Oh and M&S are not insurers - companies like that simply brand policies which are actually provided by underwriters. That means the policies can differ each year.

Try looking around. My current restriction is that it has to be locked to an immovable object or within a locked structure.
Nothing more specific than that.

my_grandadʹs_bike

I got my bike covered for the princely sum of £4 extra (value £1000) with Home Protect recently. Bizarrely there were no conditions regarding locking it up at as well. However given my excess is £350 and I'd lose NCD I'd probably only look to claim if stolen as a job lot with a major house burgalry.

As a further aside if you've had historical house subsidence Home Protect only ask back as far as 25 years so they are a good place to start getting reasonable buildings insurance if your subsidence is very historical - well someone might find this information useful. Saving me about £600 a year on my previous insurer anyway.

pastryboy

pblakeney wrote:

pastryboy wrote:

I used to but the security requirements weren't workable so now I don't bother.

Oh and M&S are not insurers - companies like that simply brand policies which are actually provided by underwriters. That means the policies can differ each year.

Try looking around. My current restriction is that it has to be locked to an immovable object or within a locked structure.
Nothing more specific than that.

Mine was an immovable object inside a locked structure. Too much hassle for me against what I perceive to be a pretty low risk bearing in mind location of my bikes and their relatively low value.

bendertherobot

I'm with the AA. They cover all my bikes whilst away from the house as long as locked, with no lock specified. And all my bikes in the house/garage. All they ask is that I identify the main one if over £1500.

rumbataz

My main aim for insuring my bikes is that if I'm mugged whilst riding and someone steals them off me (this happened to me when I was a child and it still brings back unpleasant memories), or if I'm involved in an accident and they cannot be repaired.

norvernrob

I changed to Hastings Direct as my old insurers (Legal&General) quoted me £400 to cover my £6k Foil.

With Hastings Direct it's a named item under personal possessions, for which there is a £15k limit on my policy. Valuables such as jewellery come under 'valuables' which has a seperate limit. My other bikes are insured up to £1k each without being named. It covers theft from home, from an outbuilding, from the car or if locked up anywhere with a 'suitable lock' (their wording - I wouldn't use anything other than a gold secure rated one to make sure), and accidental damage.

The extra was £20 per year. I renewed a couple of months ago and the total for the year was just under £250 - that's buildings, contents, accidental damage, and a premier policy that includes legal cover etc.

anjasola

AA for me last year (renewal due end of Feb)
£5000 max per bike worldwide cover including theft, from memory surcharge was applied for worldwide cover.
Last year the AA were by far the best option for me.

redvision

Another vote for the AA home insurance for bike cover.

g00se

Another recommendation for pedalcover. The broker has basically renegotiated something similar the original M&S Home insurance scheme (before they limited bike value) with the same underwriters (AXA). But he's got better terms and limits.

Like the old M&S cover, there's no rules about ground anchors in outside buildings. And no stipulations about SoldSecure levels for locks. I think it's about £10k per bike, up to £25k total bikes - if they're to be un-named. Comes with worldwide cover and other event bits and pieces.

Also, in my experience, AXA are a decent lot to deal with.

charlie_potatoes

Norwich Union for me. From memory I pay about £10 extra and it even covers me when I take a bike abroad.

rumbataz

A bit of a result, and thanks to everyone who helped out here.

I spoke to my home insurance provider this morning and my budget hybrid bike was already covered as a named item. I added my new road bike onto the insurance policy as a named item. They wanted the exact make and model and frame/serial number, which I provided them with.

The annual cost of adding the new bike onto the policy was just under £24. It's covered for theft or accidental damage away from home, which is basically just what I wanted. That's a hell of a lot cheaper than specific bike insurance quotes that I've seen over the last week or so.

redbikejohn

I'm with direct line. They cover my bike foc as long as it's below 1500 quid. Paid out no problem when my defy was stolen at work.

MattyKHZ

I insured 3 bikes worth 3k each last year with Co-op and it hardly affected premium. My wife's 4.5k engagement ring is usually the thing that pushes premiums up.

They increased the premium a lot this year so seemed to offer great deal to lure you then not want to retain you. Moved to ensure this year and cannot comment how great they are until I have to claim but no issues with the number of bikes and values given.

Will have to remember to try AA and Hastings next year but usually cashback sites dictate which one I use based on cashback offers given. Some want you to phone through for bikes over a certain amount.

UpTheWall

Responding to both OP and subsequent comments:
John Lewis is great for home contents and covers pricey bikes for a good fee - £260. No extra fee for the bikes. It even covers bikes left in parked cars

For out-on-the-road cover, I recommend British Cycling membership. I'm currently using their legal cover to take down a f*%cker that hit me with his wing mirror at >60mph.

ianlash

Do people get quotes for the RRP of their bikes or the price they actually paid? The RRP for mine is £4500, but I only paid £3000. I got it cheap because it is a 2015 bike.

Thanks,
Ian

pblakeney

ianlash wrote:

Do people get quotes for the RRP of their bikes or the price they actually paid? The RRP for mine is £4500, but I only paid £3000. I got it cheap because it is a 2015 bike.

Thanks,
Ian

Replacement, new for old. Keep evidence of bike and components. I think photos will suffice.
For example, my "good" bike cost £2k but I have upgraded parts and prices have risen. Replacement price, £3800.

nigelbbriggs

Be careful with the AA - I had a policy with them because it was cheaper to insure my bike - when it was stolen from within the house (c£6k) they reduced their payout for wear and tear - this was ridiculous since it was pristine! And my bike shop wrote a letter to say so too, which influenced them to reduce by 15% instead of 25%!!! Still not happy, I have now gone back to my previous insurer with my new bike - NFU - no quibble, no reductions etc.. But it is more expensive, but cheaper than I have found on specific cycle policies.

g00se

I was looking at NFU but didn't go with them as there wasn't a new-for-old option. Value was to be assessed at a claim. So check to make sure the policy wording hasn't changed.

bobmahal

The AA are just brokers. I had been a loyal customer of the AA for many years but had a complete and utter nightmare with them and the underwriter allianze when I had to make a £1200 claim for 2 bikes about 5 years ago. The bikes were expensive but 5-7 years old. The underwriter took 10% off the value of each bike for each year old they were (if more than 2 years old) and took little account for upgrades. They also were very funny about forcing me to take one of the limited choice of rubbish bikes offered from their supplier. I really had to dig my heals in to get cash from them instead which they reduced as well. I Would never ever use them again. I have heard from 2 mates who have used and claimed with M&S and have heard nothin but praise so would seriously consider them. I know I will. Alternatively I had to make a claim this year following a theft of 2 high end mountain bikes. I am insured with admiral and they were truly superb. They use wheelies as their supplier (who have excellent selection of bikes) and gave me a budget equivalent to the brand new price of both bikes equivalent bikes (which were both 5 years old). They were totally flexible about whether I wanted part or all cash value (-17%), or upgrade (with 17% discount on the surcharge). The whole process was painless and very quick. The cheapest insurer might be good at renewal time but it was a real false economy if u ever have to claim.

UpTheWall

nigelbbriggs wrote:

Be careful with the AA - I had a policy with them because it was cheaper to insure my bike - when it was stolen from within the house (c£6k) they reduced their payout for wear and tear - this was ridiculous since it was pristine! And my bike shop wrote a letter to say so too, which influenced them to reduce by 15% instead of 25%!!! Still not happy, I have now gone back to my previous insurer with my new bike - NFU - no quibble, no reductions etc.. But it is more expensive, but cheaper than I have found on specific cycle policies.

Insurance companies are generally scumbags but you can negotiate.

If they're not giving you what it takes to replace the bike get legal on their asses. I did in the past and a few will backed up threats got me a proper replacement.

g00se

bobmahal wrote:

I have heard from 2 mates who have used and claimed with M&S and have heard nothin but praise so would seriously consider them. I know I will.

M&S are underwritten by AXA - so you can consider others that use them too. I made a claim on M&S and it was very quick and painless.

Currently, M&S house insurance is great for bikes but gets expensive for bikes if you have to name them (didn't use to be that way). I know I've recommended them before on this thread, but pedalcover are a broker for AXA with a similar policy to M&S but with much higher limits before you have to name bikes.

norvernrob

ianlash wrote:

Do people get quotes for the RRP of their bikes or the price they actually paid? The RRP for mine is £4500, but I only paid £3000. I got it cheap because it is a 2015 bike.

Thanks,
Ian

My insurers told me it has to be insured for the replacement cost, not what you paid for it. My Foil had to be insured for £6K.