Should I insure my bike?

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PBlakeney
Posts: 9316
Joined: Sun Oct 06, 2013 22:37 pm

Re: Should I insure my bike?

Postby PBlakeney » Mon Sep 25, 2017 08:35 am

Webboo wrote:
PBlakeney wrote:
Pilot Pete wrote:
PBlakeney wrote:Consider changing your insurer.
if I had one I might... :wink:

Your choice but I have full house contents insurance (including all bikes) worldwide with all bells & whistles and no stupid restrictions or rules for £302.

With which company.

Pedalcover.
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.

Webboo
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Joined: Fri Feb 05, 2016 13:43 pm

Re: Should I insure my bike?

Postby Webboo » Mon Sep 25, 2017 10:25 am

Thanks I will try them when mines up for renewal.

mental3ed
Posts: 1
Joined: Wed Oct 02, 2019 00:43 am

Re: Should I insure my bike?

Postby mental3ed » Thu Oct 03, 2019 12:13 pm

ben@31 wrote:
oxoman wrote:After looking at insuring mine ( https://versicherdich.de/e-scooter-versicherung/) and the lads bikes I came to the conclusion that I'd rely on the house insurance as named items and always securely locked when not in use. British cycling covers me for liability. I was disgusted by the fact that I can insure a nearly new car fully comp for alot less than the bikes and I can do a lot more damage in a car. Makes you wonder how they come up with such high costs.


Probably because the price of insurance is calculated by the probability of a claim and the replacement cost. Bikes are harder to secure against theft and get stolen more frequently. I'm guessing its also easier to write off a bike in an accident than it is to write off a car.


Most insurances are a ripoff :shock:

handful
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Re: Should I insure my bike?

Postby handful » Thu Oct 03, 2019 18:22 pm

PBlakeney wrote:
Webboo wrote:
PBlakeney wrote:
Pilot Pete wrote:
PBlakeney wrote:Consider changing your insurer.
if I had one I might... :wink:

Your choice but I have full house contents insurance (including all bikes) worldwide with all bells & whistles and no stupid restrictions or rules for £302.

With which company.

Pedalcover.


I've only had cover with standard contents insurance before this year with bikes of modes value, £1k-1.8k but after adding to the stable with a new Ti bike with Sram Red eTap this takes my total bike value to over £10k now so I have now got Pedalcover as well. Very professional throughout the quote/purchase process, can't vouch for any claims experiences yet thankfully.
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BigMat
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Re: Should I insure my bike?

Postby BigMat » Thu Oct 10, 2019 11:18 am

I have my (more expensive) bikes named under my home contents insurance. Policy extended to cover items away from the home and accidental damage. Recently bike got trashed in a RTA, insurers initially said it wasn't covered as I would need a stand alone bicycle insurance policy for that, but when I asked them to point to the clause in my policy that actually said that, they couldn't! They have now agreed to cover the cost of its replacement. Just need to get a LBS to confirm its replacement value and they'll be paying up.

Dannbodge
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Re: Should I insure my bike?

Postby Dannbodge » Fri Oct 11, 2019 18:58 pm

Imo Yes.
I pay around £25pm for insurance on my £4.6m Tarmac and £1k Allez, along with all the personal, accessories and upgrades cover that my policy provides.

For me it's a no brainer

Webboo
Posts: 2029
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Re: Should I insure my bike?

Postby Webboo » Fri Oct 11, 2019 19:57 pm

Dannbodge wrote:Imo Yes.
I pay around £25pm for insurance on my £4.6m Tarmac and £1k Allez, along with all the personal, accessories and upgrades cover that my policy provides.

For me it's a no brainer

You have a bike worth 4.6 million. That’s some bike I would guess.

Daniel B
Posts: 8526
Joined: Wed Mar 08, 2006 12:43 pm

Re: Should I insure my bike?

Postby Daniel B » Fri Oct 11, 2019 22:16 pm

Webboo wrote:
Dannbodge wrote:Imo Yes.
I pay around £25pm for insurance on my £4.6m Tarmac and £1k Allez, along with all the personal, accessories and upgrades cover that my policy provides.

For me it's a no brainer

You have a bike worth 4.6 million. That’s some bike I would guess.



lol, that made me chuckle :lol:

Fwiw, I'm with pedal cover as well - from memory about £350, some 50% more than normal house insurance, so approx £10 a month premium - have any of you guys given them a list of your bikes, and values etc?
They never asked me for anything, but I wondered if it might be prudent / useful.
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Slowmart
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Re: Should I insure my bike?

Postby Slowmart » Fri Oct 11, 2019 22:21 pm

A few years ago I came across competitors information for a customer. This was specifically a insurance company who insured North Korean ships which was against international sanctions at the time.

The sum for the premium. £5 million per annum. During the period of insurance the policy paid out £10k in claims.

The price of breaking sanctions? In excess of the profit made

There’s a reason why Warren Buffet who has substantial involvement in supplying insurance is one of the richest men globally.

It’s a legal license to print money
And God created the bicycle, so that man could use it as a means for work and to help him negotiate life's complicated journey.

Dannbodge
Posts: 814
Joined: Fri Jul 15, 2016 10:42 am

Re: Should I insure my bike?

Postby Dannbodge » Sun Oct 13, 2019 19:08 pm

Webboo wrote:
Dannbodge wrote:Imo Yes.
I pay around £25pm for insurance on my £4.6m Tarmac and £1k Allez, along with all the personal, accessories and upgrades cover that my policy provides.

For me it's a no brainer

You have a bike worth 4.6 million. That’s some bike I would guess.


Whoops. That's meant to be k not m

Pilot Pete
Posts: 1760
Joined: Sun Feb 28, 2010 15:33 pm

Re: Should I insure my bike?

Postby Pilot Pete » Mon Oct 14, 2019 08:00 am

Daniel B wrote:
Webboo wrote:
Dannbodge wrote:Imo Yes.
I pay around £25pm for insurance on my £4.6m Tarmac and £1k Allez, along with all the personal, accessories and upgrades cover that my policy provides.

For me it's a no brainer

You have a bike worth 4.6 million. That’s some bike I would guess.



lol, that made me chuckle :lol:

Fwiw, I'm with pedal cover as well - from memory about £350, some 50% more than normal house insurance, so approx £10 a month premium - have any of you guys given them a list of your bikes, and values etc?
They never asked me for anything, but I wondered if it might be prudent / useful.


I would certainly give them a call to clarify the requirements - I have two expensive bikes listed individually (I’m talking £10k each) and a total of £24k worth of bikes. They were not interested in listing individually the several cheaper ones which added into the total, so I guess there will be some threshold value at which they will want them listed specifically.

PP

joey54321
Posts: 1210
Joined: Sat Dec 12, 2009 22:00 pm

Re: Should I insure my bike?

Postby joey54321 » Mon Oct 14, 2019 10:40 am

handful wrote:
PBlakeney wrote:
Webboo wrote:
PBlakeney wrote:
Pilot Pete wrote:
PBlakeney wrote:Consider changing your insurer.
if I had one I might... :wink:

Your choice but I have full house contents insurance (including all bikes) worldwide with all bells & whistles and no stupid restrictions or rules for £302.

With which company.

Pedalcover.


I've only had cover with standard contents insurance before this year with bikes of modes value, £1k-1.8k but after adding to the stable with a new Ti bike with Sram Red eTap this takes my total bike value to over £10k now so I have now got Pedalcover as well. Very professional throughout the quote/purchase process, can't vouch for any claims experiences yet thankfully.


I can. They're bad. Axa (the underwriter) refused to pay out on a very reasonable claim and they didn't want to know, didn't give a shoot and didn't at all live up to the 'designed for cyclists' part of their website.

The claim was that we had multiple bikes (which should have all been covered) locked up together and to a post, when they got stolen they were considered as locked to a bike (rather than locked to a post) which is moveable, therefore not locked up to an immovable object, therefore not covered. I would have more sympathy for PedalCover if they gave any shits about us during the claim process, but they just didn't want to know. Currently, the case is with the ombudsman.


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