Road bike insurance recommendations

benws1

Due to pick up my first new road bike for 13 years on Monday. It's cost me £1k, so I'm looking at getting some insurance for it.

Does anyone have any recommendations for a good bike insurer? If I could get some third party etc. with it to, that could help.

Would joining British Cycling help, as that would cover the third party and accident side?

Thanks all.

Tjgoodhew

Best bet - speak to your home insurance provider.

I have all of the houses bikes insured via John Lewis contents insurance. Providers fully comp cover for theft, loss accidental damage etc.. and was a hell of a lot cheaper than any third party policy.

BC membership is always a good idea in addition for the liability and legal assistance

benws1

Thanks.

Home insurance is due to renewal soon, so I'll take a look.

I did do some trawling though and found a company that will cover all of my bikes on one policy. Company is called Bikmo. Premium wasn't cheap though. Around £180. They do do like for like replacement and don't take any depreciation into consideration though.

slowbike

depends what they're covering and how likely you think you'll need to claim.

I considered fully comp - but had stupid quotes that would've been the value of the bikes in just a few years - so not worth it.
I do have BC membership which covers 3rd party and the bikes are covered for theft from home under the house insurance.
Where I ride and leave my bikes are not generally "dodgy" - I think my greatest risk is a hit'n'run driver recking a bike ...

mr_eddy

Are you planning on actually leaving it outside etc ?

I would be very careful with home insurance (and even 3rd party insurance for that matter) as the clauses they stipulate in the T&C's are always very restrictive. Typically they will insist on the bike being locked with at least a Sold Secure silver lock moreover they will try and get out of paying any which way they can. Home insurance typically only covers bikes up to a few hundred quid.

Personally I just decided against insurance of my bikes simply because the grief I have had in past trying to get money out of insurance companies. I would suggest instead focusing on getting a few different Sold Secure silver or above locks (decent D Lock and decent chain lock - Like a motorbike chain).

If you are looking to insure just make sure the T&C's of the insurance don't have stupid clauses , I have had a bike insurer refuse to pay out because the bike was locked in a area that had a broken street light (Not even kidding). Also check that the insurer pays full market value at the price you purchased or at least like for like - I have also got a mate who had a 6 month old £1500 Cube nicked and the insurer would only offer 2nd hand resale value which they said was £400 so again just check every single word on the T&C's

Good Luck.

dannbodge

I have also been looking and was told to check Pedalcover

I'm probably going to go with Bikmo or Yellow jersey though.

slowbike

mr_eddy wrote:

I have also got a mate who had a 6 month old £1500 Cube nicked and the insurer would only offer 2nd hand resale value which they said was £400 so again just check every single word on the T&C's

Good Luck.

one major bugbear - and a reason why I hate insurance cos.

Quite simply - The value of my bike to me is worth more than I could get selling it.
I bought it new - it wasn't expensive (by many peoples standards). It has a lifetime frame warranty on it (Specialized) - so should the frame crack under normal use then I'd be expecting Specialized to replace it - even though it is now many thousand miles old ... It's quite probable that they'd replace it with the same level frame from their current range - nothing hugely fantastic - but a decent enough bike.

Now - should my original bike be damaged beyond repair by a 3rd party and I'm given s/h replacement cost for it then I'm not going to be able to replace like for like - as the warranty stops with the original owner - to regain the warranty I need a frame from Specialized - the cost of which is more than the s/h value of my current bike - but has the same value as my original bike had before it was damaged.

I understand the insurance companies "betterment" clause - I wouldn't expect to crash an alloy frame bike to be replaced with a carbon one (unless I paid the difference) - but they do seem to go for the "worsement" option rather too easily - they attribute no monetary value to frame warranty or even frame history - how can you judge the value of a S/H bike without knowing its history?

benws1

I've been doing my homework and Bikmo seem to have the best T's and C's. I have a house with a garage door that is the usual garage twist handle lock. I will not be leaving the expensive bike unattended when out as I don't stop anywhere on my rides. This may change though.

I looked at Pedalsure and Wiggle. However, their terms stipulate that all external doors (I guess this includes garage door) have to be 5 something deadlocks. Pretty much like our main house door. One of them (think it is Pedalsure) also state that you have to have the bike locked to an immovable object when in the house/garage.

Also, Bikmo do not consider depreciation in their policies. I have a 2004 Bianchi which is an alu frame, carbon fork and 105/Ultegra groupset. A modern example of an alu bike with carbon fork and 105 comes in at around £900. I asked Bikmo if they would pay out the for a modern equivalent, or the amount the Bianchi is probably now worth (maybe £100 - £200 at most). They said that if I insured the bike for £900, they would pay out for a £900 replacement.

As I said above, the premiums aren't cheap (circa £190 for me to insure my new £1500 Cube, my Raleigh Misceo hybrid and the Bianchi for £900). However, all three bikes could go on the same policy and they should pay out for equivalents providing I have paid the premium for that price.

Need to delve through my house insurance as I'm not sure on their terms.

Oh yes, Bikmo also provide liability and other insurances as part of the package. They are excess free and will pay out up to £250 for replacement clothing and up to £250 for replacement equipment. When I asked about proof of ownership for some stuff I haven't got receipts for, the chap told me to just sent in a picture If anything happens and this can be used as proof. You also get a member area and can upload pictures of your kit etc. too as a way of logging things.

Edited to add - haven't looked at Yellow Jersey yet.

webboo

Having found my house hold insurance ( morethan) only covered bikes up to £1500. Rather than getting extra specific bike insurance I just found another household insurer that would cover higher value bikes.
So I went with Santander which cost £400 plus but covers any number of bikes up to £5000. Need to be in a locked building or locked to an immovable object, no style of lock specified. Also covered for crash damage.
House is insured as well.

pst88

Does anyone know how insurance companies treat modified bikes in regards to valuation? I initial bought my bike for £720 in 2010 (when the VAT was 15%) and have since spent hundreds on upgraded parts. An equivalent bike at today's prices would probably cost >£1500. Do I specify the value as what I think is the cost to replace with an equivalent bike? If I do have to claim will then then argue over the value and want receipts for every part? Who defines what is equivalent?

andcp

benws1 wrote:

Home insurance is due to renewal soon, so I'll take a look.

Have a look at Pedalcover - https://pedalcover.co.uk/
Excellent to deal with and they saved us a wedge of cash. Fortunately I haven't had to claim, but my understanding (from other forums) is they act quickly and fairly. Highly recommended (I have no connection other than being a satisfied customer).

benws1

Andcp wrote:

benws1 wrote:

Home insurance is due to renewal soon, so I'll take a look.

Have a look at Pedalcover - https://pedalcover.co.uk/
Excellent to deal with and they saved us a wedge of cash. Fortunately I haven't had to claim, but my understanding (from other forums) is they act quickly and fairly. Highly recommended (I have no connection other than being a satisfied customer).

I have looked at them.

Unfortunately, my garage door doesn't meet their 'at home security' terms.

supermurph09

Pedalcover

andcp

benws1 wrote:

I have looked at them.

Unfortunately, my garage door doesn't meet their 'at home security' terms.

Neither did our window locks - well, they wouldn't as we have 1930's metal framed windows with no locks... so I called them and they said 'no problem' - give them a call, it may be worth it.

rolf_f

mr_eddy wrote:

Are you planning on actually leaving it outside etc ?

I would be very careful with home insurance (and even 3rd party insurance for that matter) as the clauses they stipulate in the T&C's are always very restrictive. Typically they will insist on the bike being locked with at least a Sold Secure silver lock moreover they will try and get out of paying any which way they can. Home insurance typically only covers bikes up to a few hundred quid.

I think those clauses and problems more typically apply to the bike insurance policies more than home insurance which usually just require them to be in a locked building. There have been folk on here stung by bike specific insurers failing to pay up as well - not generally a problem with the home insurance policies.

I think mine are covered to £3500 each or such like. Good enough and no extra charge on the policy.

rolf_f

Andcp wrote:

benws1 wrote:

I have looked at them.

Unfortunately, my garage door doesn't meet their 'at home security' terms.

Neither did our window locks - well, they wouldn't as we have 1930's metal framed windows with no locks... so I called them and they said 'no problem' - give them a call, it may be worth it.

Cool sounding windows. Mine are 1930s timber frame with leaded and stained glass. Even if I did put locks on them they wouldn't be hard to get through!

thomasmorris

I have Barclays house insurance. Covers the bikes full value on the premises, and up to £1,000 our and about. No stipulation on locks, other that it must be locked when left unattended.

I never need to leave the bike for long outside, so I just judge the risk as and when I nip in to a cafe / shop. £1,000 mitigates some of the risk but i'd probably be out of pocket if one did get knicked.

Barclays covers crash damage too, but unless I wrote a frame off, the excess would probably prohibit a claim. For third party liability I have BC membership.

I've had two bikes stolen, both claimed through previous household contents insurers with no issue. Never any query over lock standards. For upgraded parts they accepted photos and my online wiggle / chain reaction order history.

andcp

Rolf F wrote:

Cool sounding windows.

oh they're cool alright - wind comes howling in through glass which has been cracked by the different rate of expansion to the frames.... Finding an appropriate replacement is not easy either. Oh well.

rolf_f

Andcp wrote:

Rolf F wrote:

Cool sounding windows.

oh they're cool alright - wind comes howling in through glass which has been cracked by the different rate of expansion to the frames.... Finding an appropriate replacement is not easy either. Oh well.

Just look after them - they'll last longer than anything you replace them with! In my case, I have about 70 to 140 separate panes of glass in each window all held in place by 80 year old lead and putty. I have open fires and warped doors that of the living room being right next to the front door. If I hold a lighter up infront of the living room door shut and the weather conditions are right the lighter will be blown out immediately!

As long as I'm here, so are my windows!

benws1

Rolf F wrote:

Andcp wrote:

Rolf F wrote:

Cool sounding windows.

oh they're cool alright - wind comes howling in through glass which has been cracked by the different rate of expansion to the frames.... Finding an appropriate replacement is not easy either. Oh well.

Just look after them - they'll last longer than anything you replace them with! In my case, I have about 70 to 140 separate panes of glass in each window all held in place by 80 year old lead and putty. I have open fires and warped doors that of the living room being right next to the front door. If I hold a lighter up infront of the living room door shut and the weather conditions are right the lighter will be blown out immediately!

As long as I'm here, so are my windows!

My house was built in 1937. It has plastic windows and doors though. We still get draughts and it isn't at all efficient with the heating. I love it though and things like warped doors and creaky floorboards are all part of the appeal.

I'll give Pedalsure a ring and see what they say.