Total Cycle Assist

General cycling advice ( NOT technical ! )
Michael R
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Total Cycle Assist

Postby Michael R » 14 Nov 2011, 10:46am

Does anyone know about Total Cycle Assist offering insurance for £24?

byegad
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Re: Total Cycle Assist

Postby byegad » 14 Nov 2011, 3:14pm

Seems to good to be true. My last quote for cover on my three trikes was around £850! :roll:

I didn't go ahead with it but there were a load of clauses re locks, and storage and I needed to have the trikes valued too!
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tatanab
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Re: Total Cycle Assist

Postby tatanab » 14 Nov 2011, 3:56pm

Website says "So if your bike is less than 3 years old you’re eligible for this comprehensive cover – even if it happens outside of the UK". Not impressed. I keep machines in very good condition decades longer than that.

I did not proceed to get a quote, but I know that other companies charge about 10% or more of the value as an annual premium. One I looked at wanted £500 to cover a machine of £3500 in value and as byegad says there were so many clauses that you'd have to lock it to your left ankle with a gold standard lock and never leave it except inside a fully secured fortress with armed guards.

stewartpratt
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Re: Total Cycle Assist

Postby stewartpratt » 14 Nov 2011, 4:05pm

byegad wrote:Seems to good to be true. My last quote for cover on my three trikes was around £850!


The £24 is to cover you in RTIs. And then I think only in RTIs which aren't your fault. Their site and their wording isn't massively clear, to be honest.

The cover for theft etc is separate and a lot more expensive.

AlbionLass
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Re: Total Cycle Assist

Postby AlbionLass » 14 Nov 2011, 4:50pm

I've struggled getting insurance for my audax bike, the house insurance wouldn't cover any bike worth more than £1000 and they don't understand that the bike can't just be replaced by one of their suppliers in case of a claim as it was built from the frame up by myself so you're basically insuring a frame and a big list of components. I need to look further into specialist policies.

reohn2
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Re: Total Cycle Assist

Postby reohn2 » 14 Nov 2011, 5:01pm

You don't need any household insurance,you need M&S household insurance :)
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tatanab
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Re: Total Cycle Assist

Postby tatanab » 14 Nov 2011, 5:07pm

Mine have been on my household contents as named valuables for many years. My broker has me set up with an AXA policy. I do not know what the extra cost is, but my combined contents and building insurance is less than £400 a year. What it would be like if I had to claim I do not know. There are many threads here about using household contents policies.

The Mechanic
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Re: Total Cycle Assist

Postby The Mechanic » 14 Nov 2011, 5:12pm

+1 for M&S. Up to £4000 per bike (or anything else for that matter)
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byegad
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Re: Total Cycle Assist

Postby byegad » 17 Nov 2011, 8:53am

tatanab wrote:Mine have been on my household contents as named valuables for many years. My broker has me set up with an AXA policy. I do not know what the extra cost is, but my combined contents and building insurance is less than £400 a year. What it would be like if I had to claim I do not know. There are many threads here about using household contents policies.


Mine were so covered on my household policy for many years, but they changed the rules last renewal and refused to cover my recumbent trikes by applying an upper value limit and requiring a valuation of each trike. As it was a new for old policy I offered to send them the price list plus photos and prices of added components. They immediately got very cagey about any form of cover on 'exotic' machines.
"I thought of that while riding my bike." -Albert Einstein, on the Theory of Relativity

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snibgo
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Re: Total Cycle Assist

Postby snibgo » 17 Nov 2011, 6:06pm

byegad wrote:They immediately got very cagey about any form of cover on 'exotic' machines.

Insurance companies don't like covering risks when they don't know what the risk is.

When I tried to insure my first computer, which I was carrying around between various places, 1979 iirc, I couldn't find any insurance to cover it. Brokers gave me blank looks as if I had just popped in from Mars.

brophytom
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Re: Total Cycle Assist

Postby brophytom » 18 Nov 2011, 9:37am

I've added my bikes to my household insurance (Aviva). It costs me £19 annually on top of my normal premium. That insures any number of bikes up to a maximum value of £1,000 for each bike. You can increase the value but obviously the premium will increase.

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horizon
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Re: Total Cycle Assist

Postby horizon » 18 Nov 2011, 10:22am

(I always like to pop this in on these insurance threads but have so far found no support for my argument. :evil: but I still stand by it.)

Bike insurance doesn't actually exist. What you are offered is actually a sinking fund. Cycle insurance works by paying to the insurance company about 10% of the bike's value per year. The equivalent house insurance would be about £20,000 per year. This is because the house insurance covers a very unlikely but catastrophic event - you cannot insure against something that is likely to happen. With bike insurance you are paying (someone else) the replacement value of the bike over its life. While we can argue over the detailed figures, that is IMV what is happening in principle. The conclusion of course is that cycle insurance is valueless - the money should be put into an interest bearing account and accumulated, not given to an insurance company. Of course, you may have multiple losses but the protection demanded by the insurance companies (good locks etc) makes this unlikely.

PS I'm open to argument over the situation where several bikes are covered under the same insurance or the bike is covered as part of other items as it is under household insurance.)
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Nettled Shin
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Re: Total Cycle Assist

Postby Nettled Shin » 18 Nov 2011, 11:06am

horizon wrote:the money should be put into an interest bearing account and accumulated, not given to an insurance company.

I agree. It would be a peculiar business if an insurance company didn't make money out of its customers, so it makes financial sense to insure yourself (as in take the risk on yourself, and don't take out insurance), if you can afford to buy a replacement bike.

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horizon
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Re: Total Cycle Assist

Postby horizon » 18 Nov 2011, 11:17am

The Mechanic wrote:+1 for M&S. Up to £4000 per bike (or anything else for that matter)


It may be worth checking that that limit applies for bikes stolen away from home. IIRC different limits and conditions apply on my Halifax policy to personal effects lost outside of the premises.
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irc
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Re: Total Cycle Assist

Postby irc » 18 Nov 2011, 11:24am

Nettled Shin wrote:
horizon wrote:the money should be put into an interest bearing account and accumulated, not given to an insurance company.

I agree. It would be a peculiar business if an insurance company didn't make money out of its customers, so it makes financial sense to insure yourself (as in take the risk on yourself, and don't take out insurance), if you can afford to buy a replacement bike.


Me too. With a combination of secure workplace bike parking and a garage where the up and over door is blocked off and the other door is has a higher level of security than many house doors my risk of theft is low enough I'll take it myself. So far no bike thefts over 30+ years regular cycling.

The other consideration is that claiming on insurance for a stolen bike may mean higher premiums the next time you renew standard household insurance as your risk profile will change. I insure my car and my house. Everything else I'll take the risk but minimise it where I can.
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