Cycle Insurance - any good ones?

General cycling advice ( NOT technical ! )
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Xilter
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Location: Guildford

Cycle insurance

Postby Xilter » 30 Oct 2018, 5:45pm

So I’ve been looking. I’m not worried about it being stolen. I don’t leave it anywhere that isn’t secured. But what if I crash and ruin it.

Why is it SOO expensive. My motorcycle is worth twice as much as the push bike. parked on the street with no anti theft device and I can insure it for £85 a year. Yet for an unmotorised vehicle stored in a brick building over night and kept locked up inside a locked bike shack inside a secure compound at work for £205.

Any suggestions where to look?
My poor poor bottom

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meic
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Re: Cycle insurance

Postby meic » 30 Oct 2018, 5:51pm

Self-insurance.
ie save the money and take really good care not to have your bike stolen.

Insurers dont run a charity, they have to make a profit. If the risk is high, the premiums must be too.
Yma o Hyd

softlips
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Re: Cycle insurance

Postby softlips » 30 Oct 2018, 6:25pm

Stick it on your household policy for a fraction of the cost. Mine covers new for old etc. Only thing not covered is compition use.

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Xilter
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Re: Cycle insurance

Postby Xilter » 30 Oct 2018, 6:33pm

softlips wrote:Stick it on your household policy for a fraction of the cost. Mine covers new for old etc. Only thing not covered is compition use.


Thanks for the suggestion. I will have to enquire.
My poor poor bottom

brynpoeth
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Re: Cycle insurance

Postby brynpoeth » 30 Oct 2018, 6:37pm

Many household insurances cover bikes and other things as standard
Read the small print carefully :wink:
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PH
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Re: Cycle insurance

Postby PH » 30 Oct 2018, 8:09pm

If you don't want to add them to your home insurance (Some have limitations that might not suite you) the TSB do a stand alone policy that looks good value. It's based on the value of your most expensive bike and the rest are then covered, so it's value will vary depending on your bike collection.
https://www.tsb.co.uk/home-insurance/bicycle-insurance/

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Xilter
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Re: Cycle insurance

Postby Xilter » 30 Oct 2018, 9:00pm

PH wrote:If you don't want to add them to your home insurance (Some have limitations that might not suite you) the TSB do a stand alone policy that looks good value. It's based on the value of your most expensive bike and the rest are then covered, so it's value will vary depending on your bike collection.
https://www.tsb.co.uk/home-insurance/bicycle-insurance/



Excellent suggestion. Ran the details through and it came back with a quote of £3.18/mo. Much more acceptable. I need to get ahold of my home contents documents and have a read. It could turn out I’m covered already. Or just need to call them and add a tweak. Although. Dealings with car insurance companies. Said “tweaks” always carry a £30 administrative charge. So starting a separate coverage would prove less costly.
My poor poor bottom

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mjr
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Re: Cycle insurance

Postby mjr » 30 Oct 2018, 10:19pm

Xilter wrote:So I’ve been looking. I’m not worried about it being stolen. I don’t leave it anywhere that isn’t secured. But what if I crash and ruin it.

Do many bike insurances cover rider error?
MJR, mostly pedalling 3-speed roadsters. KL+West Norfolk BUG incl social easy rides http://www.klwnbug.co.uk
All the above is CC-By-SA and no other implied copyright license to Cycle magazine.

Grandad
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Re: Cycle insurance

Postby Grandad » 31 Oct 2018, 12:12am

Do many bike insurances cover rider error?


If the error results in the insured bike being damaged then yes.

However I suspect that the thought is if the rider error causes injury or damage to someone else. This is covered by Public Liability, also known as Third Party, insurance and is not usually part of policies that cover the bike. It is included in the CUK or BC memberships. Many household policies include a section giving this cover for non motoring accidents caused by members of the insured household.

lankysnapper
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Re: Cycle insurance

Postby lankysnapper » 31 Oct 2018, 10:54pm

I've just been looking at this. My house and contents insurance excluded bikes but I could add them for an extra premium but with an excess of £250 per bike and a maximum claim of £500 per bike! So my £1000 bike (not a massive amount for a reasonable machine) if stolen, would be recompensed at £250, and only if I could prove I had used a "Sold Secure" lock of the required standard, had all the original purchase documents and had attached the bike to an immovable object. Ok, I should probably look at a different policy and will on renewal, but I have gone to a specialist insurer for now as I've bought a new shed and put three bikes outside my house for the first time ever. Funny, I commute every day and use my bike for shopping trips and regularly abandon it outside pubs with nowt but an old D lock (attached to aforesaid immovable object tho') and never worried. Why do I feel so insecure leaving my bikes outside in a shed? Might add it's an Asguard steel job so I probably shouldn't worry at all...
Check the small print on House and Contents policies though!

De Sisti
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Re: Cycle insurance

Postby De Sisti » 1 Nov 2018, 9:00am

I went through a broker (A-Plan Insurnace) who used AXA. Single item cover up to £12,000. No need
to itemise the bike, as it'll be covered up to that level.

CliveyT
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Re: Cycle insurance

Postby CliveyT » 1 Nov 2018, 9:13am

PH wrote:If you don't want to add them to your home insurance (Some have limitations that might not suite you) the TSB do a stand alone policy that looks good value. It's based on the value of your most expensive bike and the rest are then covered, so it's value will vary depending on your bike collection.
https://www.tsb.co.uk/home-insurance/bicycle-insurance/

Bad news if you have a bamboo bike. You're not covered for " wet or dry rot" :lol:

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meic
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Re: Cycle insurance

Postby meic » 1 Nov 2018, 9:16am

Why is it SOO expensive

Looking at the Cycling UK provided insurance cover it insures so much more than just your bike.
One of the many extra areas of cover is your teeth, you could easily need a payout in the tens of thousands after a crash.
Yma o Hyd

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mjr
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Re: Cycle insurance

Postby mjr » 1 Nov 2018, 9:32am

De Sisti wrote:I went through a broker (A-Plan Insurnace) who used AXA. Single item cover up to £12,000. No need
to itemise the bike, as it'll be covered up to that level.

What do you need to prove the value of the bike if lost or damaged?
MJR, mostly pedalling 3-speed roadsters. KL+West Norfolk BUG incl social easy rides http://www.klwnbug.co.uk
All the above is CC-By-SA and no other implied copyright license to Cycle magazine.

NetworkMan
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Re: Cycle insurance

Postby NetworkMan » 1 Nov 2018, 3:32pm

meic wrote:Self-insurance.
ie save the money and take really good care not to have your bike stolen.

Insurers dont run a charity, they have to make a profit. If the risk is high, the premiums must be too.

+1
If you can stand the loss don't pay for insurance, bank the money you'd have spent. Over the years I've accumulated enough money to buy zillions of sets of contact lenses, several bicycles, several washing machines, gas boilers etc. etc. You are paying for the insurance company to make money and also for people who are less careful than you are. It might just be worth it if you are far less careful than average but then they'll just load your premium after the first claim anyway!