Insurance against theft - overnight/more than 12 hours

General cycling advice ( NOT technical ! )
Oldjohnw
Posts: 5771
Joined: 16 Oct 2018, 4:23am
Location: Northumberland

Re: Insurance against theft - overnight/more than 12 hours

Postby Oldjohnw » 22 Dec 2020, 7:05am

It will take me 100 years of not paying insurance to save up the £3000 or so.
John

PH
Posts: 9787
Joined: 21 Jan 2007, 12:31am
Location: Derby
Contact:

Re: Insurance against theft - overnight/more than 12 hours

Postby PH » 22 Dec 2020, 9:37am

mumbojumbo wrote: never have indignoty of making a claim with all the bureaucracy etc that follows eg not using a lock with BSS 45638 standards in a month with an r!

I wish people would stick to some facts rather than just making up nonsense. The full version of my policy is available online, it makes no such stupid restrictions, it requires I do what anyone who wanted to protect their property would be doing anyway.

Oldjohnw
Posts: 5771
Joined: 16 Oct 2018, 4:23am
Location: Northumberland

Re: Insurance against theft - overnight/more than 12 hours

Postby Oldjohnw » 22 Dec 2020, 10:20am

PH wrote:
mumbojumbo wrote: never have indignoty of making a claim with all the bureaucracy etc that follows eg not using a lock with BSS 45638 standards in a month with an r!

I wish people would stick to some facts rather than just making up nonsense. The full version of my policy is available online, it makes no such stupid restrictions, it requires I do what anyone who wanted to protect their property would be doing anyway.


Ditto. Mine is straightforward, concise and clear. The conditions are modest and sensible and not at all onerous.
John

mumbojumbo
Posts: 775
Joined: 1 Aug 2018, 8:18pm

Re: Insurance against theft - overnight/more than 12 hours

Postby mumbojumbo » 23 Dec 2020, 7:22am

Why not post your companys details for those who feel compelled to insure.Is it all risks?

Oldjohnw
Posts: 5771
Joined: 16 Oct 2018, 4:23am
Location: Northumberland

Re: Insurance against theft - overnight/more than 12 hours

Postby Oldjohnw » 23 Dec 2020, 7:36am

mumbojumbo wrote:Why not post your companys details for those who feel compelled to insure.Is it all risks?


I already have. It is Admiral Platinum. All risks as already described. I am not recommending it and cannot possibly say how it will work out for others. I have a small cottage in a low crime area although some relatively valuable contents eg electric piano. I am just saying what I have. Others say their insurance costs thousands over the years. Mine doesn't.
John

tatanab
Posts: 4330
Joined: 8 Feb 2007, 12:37pm

Re: Insurance against theft - overnight/more than 12 hours

Postby tatanab » 23 Dec 2020, 9:34am

horizon wrote:
AndyK wrote:I looked at a quote and it came out as about £12 per month for a £1900 bike and a lot of cover (including public liability). That was for Cornwall but still only about £16.00 for Hackney. I don't think that is too bad if I've got it right.
I have found that specialist insurance costs approximately 10% of value per annum, your quote is close(ish) to that. The killer for me is the insistence on big heavy locks and immovable objects.

I use my house contents policy where they are listed as named valuables. I do not think it adds much to the cost of the policy, but on the other hand I really do not want to try making a claim.

PH
Posts: 9787
Joined: 21 Jan 2007, 12:31am
Location: Derby
Contact:

Re: Insurance against theft - overnight/more than 12 hours

Postby PH » 23 Dec 2020, 10:16am

tatanab wrote:I have found that specialist insurance costs approximately 10% of value per annum, your quote is close(ish) to that. The killer for me is the insistence on big heavy locks and immovable objects.

My TSB Pick and Protect policy, which is a stand alone policy not linked to my household insurance, is based on the cost of the most expensive bike and then all others in the household are covered. For me, in an urban mid risk area, having chosen a £200 excess, that works out at around 4% of the cost the bike it's based on, which is under 2% of the value of all the bikes currently covered.
The locking requirement is that it's "locked to an immovable object". When I first took out the policy, I tried to get them to specify what that meant, and what locks would be required, they wouldn't do so, the best I got was that the lock should be appropriate. Most of the time I use the lightest Sold Secure Gold lock I could find, and when on club runs or touring a SS Silver chain. I hope I never have to, but I'd argue that was appropriate and I have the record of them choosing not to define it. If not insured, I'd be locking my bikes at least as well, in some circumstances I'd probably not use my bike at all, which to me is the value of insurance.

AndyK
Posts: 970
Joined: 17 Aug 2007, 2:08pm

Re: Insurance against theft - overnight/more than 12 hours

Postby AndyK » 23 Dec 2020, 1:34pm

tatanab wrote:
horizon wrote:
AndyK wrote:I looked at a quote and it came out as about £12 per month for a £1900 bike and a lot of cover (including public liability). That was for Cornwall but still only about £16.00 for Hackney. I don't think that is too bad if I've got it right.
I have found that specialist insurance costs approximately 10% of value per annum, your quote is close(ish) to that. The killer for me is the insistence on big heavy locks and immovable objects.

I use my house contents policy where they are listed as named valuables. I do not think it adds much to the cost of the policy, but on the other hand I really do not want to try making a claim.

Not that it matters much, but I never said that!

tatanab
Posts: 4330
Joined: 8 Feb 2007, 12:37pm

Re: Insurance against theft - overnight/more than 12 hours

Postby tatanab » 23 Dec 2020, 1:41pm

AndyK wrote:Not that it matters much, but I never said that!
Oh dear, I apologise. Inaccurate trimming of a "quote". My fault.

User avatar
horizon
Posts: 10369
Joined: 9 Jan 2007, 11:24am
Location: Cornwall

Re: Insurance against theft - overnight/more than 12 hours

Postby horizon » 23 Dec 2020, 1:53pm

tatanab wrote: The killer for me is the insistence on big heavy locks and immovable objects.



I get the impression that BITD bikes were considered cheap old things and not really significant in insurance terms. Then we had the cycling boom(s) and suddenly there were lots of bikes, they were valuable and not well secured. The insurers got cold feet. Then, phase three, good locks came on the market, people were getting wiser to theft, insurance is cheaper due to digitalisation and, hey presto, we now have reasonable insurance.

The insurers know that a properly secured bike is unlikely to be stolen and if it is (as some inevitably will be), the premiums cover the losses. For the cyclist it means carrying a good lock, finding a lampost and popping the lock on. I think it's a fair deal.
When the pestilence strikes from the East, go far and breathe the cold air deeply. Ignore the sage, stay not indoors. Ho Ri Zon 12th Century Chinese philosopher

Oldjohnw
Posts: 5771
Joined: 16 Oct 2018, 4:23am
Location: Northumberland

Re: Insurance against theft - overnight/more than 12 hours

Postby Oldjohnw » 23 Dec 2020, 2:12pm

horizon wrote:
tatanab wrote: The killer for me is the insistence on big heavy locks and immovable objects.



I get the impression that BITD bikes were considered cheap old things and not really significant in insurance terms. Then we had the cycling boom(s) and suddenly there were lots of bikes, they were valuable and not well secured. The insurers got cold feet. Then, phase three, good locks came on the market, people were getting wiser to theft, insurance is cheaper due to digitalisation and, hey presto, we now have reasonable insurance.

The insurers know that a properly secured bike is unlikely to be stolen and if it is (as some inevitably will be), the premiums cover the losses. For the cyclist it means carrying a good lock, finding a lampost and popping the lock on. I think it's a fair deal.


Totally agree. The conditions are hardly onerous and fairly minimal.
John

Mike Sales
Posts: 5372
Joined: 7 Mar 2009, 3:31pm

Re: Insurance against theft - overnight/more than 12 hours

Postby Mike Sales » 25 Dec 2020, 5:42pm

PH wrote:The only thing putting you on the right side of the profit & loss account is luck


Insurance companies usually make a profit. That is, premiums bring in more than payouts, on average.(Plus a margin for profit.)
If I am right that I am more careful than the average customer, then, on average, I will come out ahead. If I have sufficient funds to meet any losses, then I am prepared to ride my luck.

helenh
Posts: 7
Joined: 19 Dec 2020, 6:34pm

Re: Insurance against theft - overnight/more than 12 hours

Postby helenh » 27 Dec 2020, 4:02pm

AndyK wrote:Bikmo cycle insurance policy covers both "theft from your home" and "theft away from your home" provided that "the cycle is secured through the frame by an approved lock to an immovable object". No mention of time limits. For a bike valued at more than £250, they define an "approved lock" as one that's rated Sold Secure Gold. They also provide a definition of "immovable object" near the start.
https://bikmo.com/documents/uk-ride-policy-wording/


Thanks for responding with an actual policy suggestion! FWIW, I found a time limit under 'abandonment' ([we will not cover theft...] "When a cycle is left in a location which is not your home for more than 24 consecutive hours") - from the policies I've looked at I think this is basically a sly way of putting in a time limit on any theft not carried out via forced entry (i.e. taking the bike off the street). But 24 hours is definitely better than 12 hours! Thanks again!

User avatar
horizon
Posts: 10369
Joined: 9 Jan 2007, 11:24am
Location: Cornwall

Re: Insurance against theft - overnight/more than 12 hours

Postby horizon » 27 Dec 2020, 4:42pm

helenh wrote:Thanks for responding with an actual policy suggestion!

And thanks from me to all the others posters for contributing to an interesting and informative discussion. Hopefully the OP didn't waste too much time reading your posts!
Thanks again!

And from me as well to you all!
When the pestilence strikes from the East, go far and breathe the cold air deeply. Ignore the sage, stay not indoors. Ho Ri Zon 12th Century Chinese philosopher

Cyril Haearn
Posts: 14917
Joined: 30 Nov 2013, 11:26am
Location: Railway Cuttings East, Leafy Suburbia

Re: Insurance against theft - overnight/more than 12 hours

Postby Cyril Haearn » 27 Dec 2020, 4:45pm

Could you really not store the cycle inside the dwelling, per suggestions above?
Entertainer, juvenile, curmudgeon, PoB, 30120
Cycling-of course, but it is far better on a Gillott
We love safety cameras, we hate bullies