Insuring bike on home contents insurance

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.

Try Pedalcover, great service and excellent prices.

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.

Another vote for PedalCover. Great service.

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.

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.

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.

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.

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.

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

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.

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.

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.