Insurance requirements - realistic?

General cycling advice ( NOT technical ! )
Tinkerbell
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Insurance requirements - realistic?

Post by Tinkerbell »

Hi. First time posting here and only a member of CUK for about a year, so pardon my ignorance (I tried searching but don’t think this is covered).

I’m about to buy a new bike (first actually new bike in 40+ years) so looking in to insurance (previous clunkers covered on household), but the requirements seem a bit steep.

At my price range (ie over £1500) all the companies that have quoted require Gold standard locks and I will have to lock the bike to an immovable object even in my own garage. All the Gold standard locks seem to weigh well over a Kg (which makes them awkward to carry on a club ride / sportive) and it isn’t always clear if the anchor needs to be Gold standard as well, but I’m guessing so - so more expense.

What do people do about this? Is insurance worth it?

If you have insurance do you always carry a 1.5-2 Kg lock on a ride out?

Do you know of an insurance company which is more relaxed?

Thanks,

Robin
Dingdong
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Re: Insurance requirements - realistic?

Post by Dingdong »

Hmmmm.. How do insurance companies know which 'standard' of lock you have, once your bike has been stolen? Seems to me a fatuous, unwieldy requirement. What evidence do they actually require, for a claim?
PH
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Re: Insurance requirements - realistic?

Post by PH »

My insurer, TSB (Who are also the cheapest), don't specify a lock. I vary the lock depending on the ride - If I'm parking in town while I go shopping for an hour, I'll use my 1.2kg SS Gold D lock plus a 850g SS silver chain, that goes down a perceived risk scale till I'm using a 300g cable to delay someone jumping on and riding off.
I haven't had a theft claim, so I don't know if the question of appropriate locks would come up, the policy doesn't specify, though as with all insurance you are expected to take reasonable care. The onus would be on them to demonstrate you hadn't, but then they're the ones with the cheque book.
Is insurance worth it?
That's one you can only answer for yourself!
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TrevA
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Re: Insurance requirements - realistic?

Post by TrevA »

I have all of my bikes insured on my house insurance, but I never carry a lock on a club ride. The chances of your bike getting stolen at a rural cafe stop are really very small, though not unheard of. You can carry a small cafe lock or Ziplock/Hiplock which will deter the casual thief. I’d use a decent lock if leaving my bike in a higher risk area, but I’m more likely to be on my touring bike than my road bike in this situation, which has the capacity to carry such a lock. My big heavy locks are an Onguard Pitbull, which is Gold Standard and a Kryptonite Evolution.
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Tinkerbell
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Re: Insurance requirements - realistic?

Post by Tinkerbell »

Dingdong wrote: 6 Oct 2022, 4:26pm Hmmmm.. How do insurance companies know which 'standard' of lock you have, once your bike has been stolen? Seems to me a fatuous, unwieldy requirement. What evidence do they actually require, for a claim?
A couple of companies ask for evidence of purchase of a Gold Standard lock (receipt or timestamped photo of lock). Admittedly that’s not proof you used it on that occasion…
Tinkerbell
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Re: Insurance requirements - realistic?

Post by Tinkerbell »

TrevA wrote: 6 Oct 2022, 7:51pm I have all of my bikes insured on my house insurance, but I never carry a lock on a club ride. The chances of your bike getting stolen at a rural cafe stop are really very small, though not unheard of. You can carry a small cafe lock or Ziplock/Hiplock which will deter the casual thief. I’d use a decent lock if leaving my bike in a higher risk area, but I’m more likely to be on my touring bike than my road bike in this situation, which has the capacity to carry such a lock. My big heavy locks are an Onguard Pitbull, which is Gold Standard and a Kryptonite Evolution.
At the moment I only use a cafe lock on rides out - my bike is usually in sight most of the time. My household insurance only covers a bike while on the premises - not really an issue with an old thing like mine which would be cheap to replace (unlike the planned purchase).

I’ll have a look at Onguard - I don’t recall seeing the name - thanks
Tinkerbell
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Re: Insurance requirements - realistic?

Post by Tinkerbell »

PH wrote: 6 Oct 2022, 4:42pm My insurer, TSB (Who are also the cheapest), don't specify a lock. I vary the lock depending on the ride - If I'm parking in town while I go shopping for an hour, I'll use my 1.2kg SS Gold D lock plus a 850g SS silver chain, that goes down a perceived risk scale till I'm using a 300g cable to delay someone jumping on and riding off.
I haven't had a theft claim, so I don't know if the question of appropriate locks would come up, the policy doesn't specify, though as with all insurance you are expected to take reasonable care. The onus would be on them to demonstrate you hadn't, but then they're the ones with the cheque book.
Is insurance worth it?
That's one you can only answer for yourself!
Thanks - I didn’t know TSB did cycle specific insurance, so I’ll have a look. Normally I’d agree re risk levels, so hopefully I can find a flexible insurer who also does.
PH
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Re: Insurance requirements - realistic?

Post by PH »

Tinkerbell wrote: 6 Oct 2022, 9:25pm Thanks - I didn’t know TSB did cycle specific insurance, so I’ll have a look.
I have it bookmarked
https://www.tsb.co.uk/insurance/sports- ... insurance/
oldtimer99
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Re: Insurance requirements - realistic?

Post by oldtimer99 »

I'm with Barclays. £49 a year. Insure the most expensive, and all other bikes are covered.
This cover appeared in a previous post here...which is where I got it from.
oldtimer99
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Re: Insurance requirements - realistic?

Post by oldtimer99 »

Just did a quick check

http://barclays.co.uk/insurance/home-insurance

And £40.92 was my renewal premium
Insured 1@3000 and got the other two free
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honesty
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Re: Insurance requirements - realistic?

Post by honesty »

My home insurance covers any bike I own up to the value of 5k per bike, and requires either it to be in a secure location (locked shed for example) or secured to an immovable object. Lock or object requirements are not specified. So it’s worth shopping round with house insurance to see what’s available as well.
Tinkerbell
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Re: Insurance requirements - realistic?

Post by Tinkerbell »

Thanks PH and Oldtimer99 :-)

The TSB quote is surprisingly cheaper and no mention of specific locks, etc. I will give Barclays a bash as well, but they will be hard pushed to beat TSB.

It doesn’t include public liability, but CUK membership covers that anyway - I can’t see a downside
Tinkerbell
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Re: Insurance requirements - realistic?

Post by Tinkerbell »

honesty wrote: 6 Oct 2022, 11:29pm My home insurance covers any bike I own up to the value of 5k per bike, and requires either it to be in a secure location (locked shed for example) or secured to an immovable object. Lock or object requirements are not specified. So it’s worth shopping round with house insurance to see what’s available as well.
My current household doesn’t include away from the house, but the TSB and Barclays options above seem to fill the gap. I will bear in mind when renewing (or re-spec’ing) my household insurance.
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honesty
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Re: Insurance requirements - realistic?

Post by honesty »

Tinkerbell wrote: 6 Oct 2022, 11:35pm
honesty wrote: 6 Oct 2022, 11:29pm My home insurance covers any bike I own up to the value of 5k per bike, and requires either it to be in a secure location (locked shed for example) or secured to an immovable object. Lock or object requirements are not specified. So it’s worth shopping round with house insurance to see what’s available as well.
My current household doesn’t include away from the house, but the TSB and Barclays options above seem to fill the gap. I will bear in mind when renewing (or re-spec’ing) my household insurance.
It’s worth checking. We have worldwide cover with ours, so you definitely can get good cover out there.
Tinkerbell
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Re: Insurance requirements - realistic?

Post by Tinkerbell »

Many thanks to everyone for your comments, but particularly to PH and Oldtimer99 :-)

Both TSB and Barclays offer very competitive quotes around the £30 mark (only £3 different) and both offer essentially the same cover:
  • Theft / damage (if locked - no specific lock) - worldwide
    Public liability
    Hire cost
    Any bike I own (up to max of most expensive)
Neither offer personal accident or race cover, but I’m not going to race and have other cover for injury

Barclays only has a £50 excess, so even better.
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