Insuring an uninsurable, irreplaceable bike

The fact it is custom or unique makes no difference to an insurer. They are only really going to want to know the value of the bike, with regards what you actually paid for it.

What you would need is an insurer that allows you to declare the full price paid and also factor in any upgrades you made which may have added to the original cost, important when you have a custom bike with no real set rrp, unlike a factory spec bike.

Pedal Cover offer dedicated bike insurance and seem a bit cheaper than some of the other's around.

the best way is to use a company such as Chubb for your home insurance. You can add specific high value items, subject to conditions for an agreed value.

they aren’t the cheapest but if you are unfortunate to make a claim, their customer services are top drawer. Highly recommended.

Pedal cover are just a broker for other main stream insurers. Their was someone who posted on here I think who was taking them to the ombudsman. They had their bikes stolen, they were locked to someone else’s bike which was locked to an solid fixed object. As their bikes were not locked to the fixed object the insurer refused to pay out.

I wouldn’t use them.

Given what you say then you an only insure it for what you paid for it. Alternatively you could try to get a valuation for the bike from a recognised independent authority (maybe very difficult). I'd guess that's how you would insure a unique piece of jewellery which is valued at more than the weight of gold and carats.

The indisputable fact is that insurance companies can only be judged on how they handle claims.

Before that it is all promises, after that it is too late. Pay close attention to reviews from claimants.

You can pass you lock through theirs so either one can unlock it, in fact I seem to remember there being a sticker that you could get to say you were happy for others to do that when I first started riding motorbikes in London.

Ah, I see. But you wouldn't do that with a bicycle, you would lock it to the other frame.

I find that it can sometimes be very difficult to find things to lock your bike to, locking to another bike is often the only option at a cafe stop if your'e part of a group.

Things are often even worse at shopping centres. The only official bike parking provision (if they bother to have any at all) is often hidden away and the last place you would want to leave your bike, so you are left trying to find a convenient lamp-post.

That simply doesn't work. Bike "A" unlocks and leaves. Bike "B" is now locked to fresh air.

"Read the terms and conditions of the insurance policy....... I'll bet good money it mentions the bike being locked to something solid and immovable with a lock and chain which meets certain security standards."

Mine doesn't. Any that do are prohibitive as I wouldn't carry such a heavy lock. Thanks for the money. 😉

Pedalsure......

Cycleplan video - https://www.youtube.com/watch?v=NYbk9XtrXK8&t=97s&ab_channel=RipeInsurance

I doubt the Ombudsman will side with the claimant ;-)

That was 2 chosen, partially, at random. I'd expect the vast majority o insurance companies to have those conditions and any that don't will also resist paying out unless you can show "reasonable" precautions against theft. Good luck if you every have to make a claim.

I don't understand why people expect to be covered if they don't take sensible and reasonable precautions. Your car insurance won't cover contents if you leave the door unlocked or the window open. Your house insurance won't cover you if you go out and leave the door unlocked or if there is no evidence of forced entry. Why should bike insurance be any different?

"What an insurer thinks is "reasonable" and what I think are "reasonable" are much further apart when it comes to bikes than homes."

Which is why insurers have comprehensive policies which explicitly state what is required and when you buy that policy you accept those terms. An immovable object and an approved lock are easily understood and not open to interpretation.

Implicit terms in contracts lead to problems, arguments and legal costs. Been there and have the t-shirt.

Me too. My bikes are insured in the garage but as soon as one leaves the house I self insure. Away from my home area I lock it with a cafe lock, Mallorca I use a cafe lock but on a long tour I have a heavy duty cable and Silver quality ABUS padlock.

If you have a one-of-a-kind irreplaceable bike, then why the hell are you riding it?

The chances of an accident happening that will destroy the bike are far greater than it being stolen.

You should ask your insurance agent/company about an add-on to homeowners or renters insurance, known as an endorsement, floater, or rider, all 3 of those words are the same thing just depends on what your insurance company calls it, but that will allow you to schedule that particular piece of personal property separate from your regular personal property under an all-risk category. But to do that you will need to get an appraisal from a bicycle shop, get several appraisals, and submit the highest appraisal.

Keep in mind, that all insurance companies will want to know that your bike is locked up at home, and while you're on the road and stop somewhere, and they might have a list of required locks, so you will need to ask what kind of lock do they expect you to have; and they want the bike when at home to be behind locked doors as well, like in a locked garage or inside the house. You'll need to find out all the particulars about insuring your bike because insurance companies will use any excuse not to pay a claim, so make sure you understand what your duties are to secure that bike while at home, riding it, or traveling with it.

There's a genesis volare di2 on ebay for £1150.

How much more valuable would yours be?