Cycle insurance - is it worth it?

General cycling advice ( NOT technical ! )
Technoblurb
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Cycle insurance - is it worth it?

Postby Technoblurb » 22 Jul 2020, 7:36am

During lockdown and post children we have rediscovered cycling again, however the cost of bikes has also increased dramatically over the last 30 odd years. So onto the question, we have now purchased three bikes, Inexpensive tourer for me, Pashley Trike and an eye wateringly expensive (my wife’s) E-bike. I would like to get them insured, is extending the house insurance the way to go or using a bespoke bike insurance package. If it is the latter, has anybody had good experiences with particular companies or bad when the worst has happened.

PH
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Re: Cycle insurance - is it worth it?

Postby PH » 22 Jul 2020, 9:07am

I was about to recommend TSB's stand alone cycle insurance, but they don't cover E-Bikes, a fact that's buried quite deep in the literature. When we've had this topic before, it seemed most of the household based policies excluded them.
EDIT - Typo
Last edited by PH on 22 Jul 2020, 9:17am, edited 1 time in total.

Oldjohnw
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Re: Cycle insurance - is it worth it?

Postby Oldjohnw » 22 Jul 2020, 9:12am

Ebike insurance was an easy and inexpensive add on to my domestic insurance policy with Admiral. I already have legal protection and public liability with my insurer and am a paid up member of CUK.

There are many stories on these pages of people who would have benefited from various insurance products and a similar number who claim that they wouldn't dream of getting insurance.
John

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Vantage
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Re: Cycle insurance - is it worth it?

Postby Vantage » 22 Jul 2020, 9:21am

I've stand alone bike insurance as I don't have household contents insurance.
From what I hear, it's expensive compared to getting your household contents extended to include bikes.
The biggest problem besides the expense is the lock requirements.
Your household will likely state that any old lock will cover it but specialist bike insurance companies state a bare minimum standard of lock. The standard required is often dependent on the value of the bike and as such, the more secure the lock, the pricier the cost of the lock and the heavier it gets to cart around.
On the other hand, many of these policies can include 3rd party cover, breakdown cover and even personal cover in the event of injury whilst in competition if you're into that sort of thing or it can be added for an extra fee.
You might also look into if your cover is affected as the bike ages, depreciation and so on.
Bill


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Oldjohnw
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Re: Cycle insurance - is it worth it?

Postby Oldjohnw » 22 Jul 2020, 9:49am

Vantage wrote:I've stand alone bike insurance as I don't have household contents insurance.
From what I hear, it's expensive compared to getting your household contents extended to include bikes.
The biggest problem besides the expense is the lock requirements.
Your household will likely state that any old lock will cover it but specialist bike insurance companies state a bare minimum standard of lock. The standard required is often dependent on the value of the bike and as such, the more secure the lock, the pricier the cost of the lock and the heavier it gets to cart around.
On the other hand, many of these policies can include 3rd party cover, breakdown cover and even personal cover in the event of injury whilst in competition if you're into that sort of thing or it can be added for an extra fee.
You might also look into if your cover is affected as the bike ages, depreciation and so on.


It must depend on insurance company as certainly not my experience. It cost me about £20extra for £3000 cover. I also have to have sold Gold bike lock, even when in locked shed.
John

Rilkal47
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Re: Cycle insurance - is it worth it?

Postby Rilkal47 » 22 Jul 2020, 9:22pm

I would say it’s worth it. Unless the financial hit of replacing your whole bike or major part is of no consequence.

Just be careful many policies require a lock of a certain standard and have strict requirements on what constitutes a secure building.

Best policy for the ebike would be to treat it like an expensive regular bike and never leave it chained up while you’re out and never out of arms reach at a cafe.

If you must chain it up and leave it the best form of defence I have found is to park your bike near a more expensive one with a worse lock :D

LittleGreyCat
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Re: Cycle insurance - is it worth it?

Postby LittleGreyCat » 23 Jul 2020, 2:23pm

I insured my bike for the trip abroad last year for accidental damage etc. and theft. Recovery included.
I realised that about £2k's worth of bike (when I added in all the extra bits) would be more of a loss than I could comfortably accept.
House Insurance didn't give the same cover for traveling, but took that out on an annual basis again because the bike was (for me) too valuable to be uninsured.

I had to buy a gold standard bike lock, and I also got a tracking device for inside the frame although I can't recall if it came with the lock or was an insurance requirement.
It is a pain finding something 'solid' to lock the bike to for coffee stops but I suppose that is good security awareness.

House insurance is with LV.

st599_uk
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Re: Cycle insurance - is it worth it?

Postby st599_uk » 23 Jul 2020, 2:46pm

I use ETA as it includes breakdown cover, which I find reassuring.
https://www.eta.co.uk/
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Rmr25
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Location: Nottinghamshire

Re: Cycle insurance - is it worth it?

Postby Rmr25 » 24 Jul 2020, 2:51am

st599_uk wrote:I use ETA as it includes breakdown cover, which I find reassuring.
https://www.eta.co.uk/

ETA for me as well, monthly rolling contract

mumbojumbo
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Re: Cycle insurance - is it worth it?

Postby mumbojumbo » 24 Jul 2020, 6:10am

All insurance policies are a form of saving,from which companies make money.I prefer to accumulate the monies not spent on insurance to fund replacement.Most policies are full of disclaimers and if compensated,you will face higher premiums.My view is be careful,be lucky and do not leave your bike in a vulnerable location.I had one bike stolen over a very long time,stolen when left unlocked in an emergency.

Technoblurb
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Joined: 14 Jul 2020, 11:29am

Re: Cycle insurance - is it worth it?

Postby Technoblurb » 24 Jul 2020, 6:55am

PH wrote:I was about to recommend TSB's stand alone cycle insurance, but they don't cover E-Bikes, a fact that's buried quite deep in the literature. When we've had this topic before, it seemed most of the household based policies excluded them.
EDIT - Typo



That’s a top tip thanks, I was actually looking at the TSB as a possibility, but will now go elsewhere.

Technoblurb
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Joined: 14 Jul 2020, 11:29am

Re: Cycle insurance - is it worth it?

Postby Technoblurb » 24 Jul 2020, 7:04am

Oldjohnw wrote:Ebike insurance was an easy and inexpensive add on to my domestic insurance policy with Admiral. I already have legal protection and public liability with my insurer and am a paid up member of CUK.

There are many stories on these pages of people who would have benefited from various insurance products and a similar number who claim that they wouldn't dream of getting insurance.


Our house is covered by Admiral so I may check them out and see how much it adds to the yearly bill. Thanks for replying and hello to a fellow Northumbrian :D .

Technoblurb
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Joined: 14 Jul 2020, 11:29am

Re: Cycle insurance - is it worth it?

Postby Technoblurb » 24 Jul 2020, 7:11am

Vantage wrote:I've stand alone bike insurance as I don't have household contents insurance.
From what I hear, it's expensive compared to getting your household contents extended to include bikes.
The biggest problem besides the expense is the lock requirements.
Your household will likely state that any old lock will cover it but specialist bike insurance companies state a bare minimum standard of lock. The standard required is often dependent on the value of the bike and as such, the more secure the lock, the pricier the cost of the lock and the heavier it gets to cart around.
On the other hand, many of these policies can include 3rd party cover, breakdown cover and even personal cover in the event of injury whilst in competition if you're into that sort of thing or it can be added for an extra fee.
You might also look into if your cover is affected as the bike ages, depreciation and so on.


My wife purchased a monster kryptonite lock with the E-Bike, I think she need the motor for that alone. :wink: If it’s not too impertinent who did you use in the end?

Technoblurb
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Joined: 14 Jul 2020, 11:29am

Re: Cycle insurance - is it worth it?

Postby Technoblurb » 24 Jul 2020, 7:14am

Oldjohnw wrote:
Vantage wrote:I've stand alone bike insurance as I don't have household contents insurance.
From what I hear, it's expensive compared to getting your household contents extended to include bikes.
The biggest problem besides the expense is the lock requirements.
Your household will likely state that any old lock will cover it but specialist bike insurance companies state a bare minimum standard of lock. The standard required is often dependent on the value of the bike and as such, the more secure the lock, the pricier the cost of the lock and the heavier it gets to cart around.
On the other hand, many of these policies can include 3rd party cover, breakdown cover and even personal cover in the event of injury whilst in competition if you're into that sort of thing or it can be added for an extra fee.
You might also look into if your cover is affected as the bike ages, depreciation and so on.


It must depend on insurance company as certainly not my experience. It cost me about £20extra for £3000 cover. I also have to have sold Gold bike lock, even when in locked shed.


I have just checked the wording on our house insurance and they have a similar requirement for locks.

Oldjohnw
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Joined: 16 Oct 2018, 4:23am
Location: Northumberland

Re: Cycle insurance - is it worth it?

Postby Oldjohnw » 24 Jul 2020, 7:31am

Technoblurb wrote:
Oldjohnw wrote:Ebike insurance was an easy and inexpensive add on to my domestic insurance policy with Admiral. I already have legal protection and public liability with my insurer and am a paid up member of CUK.

There are many stories on these pages of people who would have benefited from various insurance products and a similar number who claim that they wouldn't dream of getting insurance.


Our house is covered by Admiral so I may check them out and see how much it adds to the yearly bill. Thanks for replying and hello to a fellow Northumbrian :D .



Most of Northumberland is low crime so that might well affect costs. Always good to hear from someone from the furthest north and best county.
John