Insurance requirements - realistic?

General cycling advice ( NOT technical ! )
PH
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Joined: 21 Jan 2007, 12:31am
Location: Derby
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Re: Insurance requirements - realistic?

Post by PH »

EDIT - Typing at the same time!
That looks a bargain, I know I said the answer to value was a personal one, but that seems to be about 50 years cover equals the cost of replacing a £1,500 bike. That's a lot of peace of mind for the price IMO.
Tinkerbell wrote: 6 Oct 2022, 11:32pm 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.
Please do let us know how the Barclays quote compares to TSB, I'd be interested though having had good service from TSB when I made an accident claim I'm likely to stick with them unless it's a big difference. I haven't read through the Barclays policy, but from a quick glance, it looks so similar to the TSB I wouldn't be surprised if it was the same product with different branding.
Also when playing with the quotations, it's worth adjusting the excess to see what it does to the premium. I found £250 was the sweet spot, it went up considerably for £200, but didn't come down substantially till it was £500, other people have had different results, so worth checking.
It doesn’t include public liability, but CUK membership covers that anyway - I can’t see a downside
The TSB does include PL, I expect the Barclays does as well. In the unlikely event of a claim, having two policies can slightly complicate things, but the insurance companies have procedures to deal with it - I think I have four sets of cover!
Tinkerbell
Posts: 62
Joined: 6 Oct 2022, 1:38pm

Re: Insurance requirements - realistic?

Post by Tinkerbell »

PH wrote: 7 Oct 2022, 9:36am EDIT - Typing at the same time!
That looks a bargain, I know I said the answer to value was a personal one, but that seems to be about 50 years cover equals the cost of replacing a £1,500 bike. That's a lot of peace of mind for the price IMO.
Tinkerbell wrote: 6 Oct 2022, 11:32pm 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.
Please do let us know how the Barclays quote compares to TSB, I'd be interested though having had good service from TSB when I made an accident claim I'm likely to stick with them unless it's a big difference. I haven't read through the Barclays policy, but from a quick glance, it looks so similar to the TSB I wouldn't be surprised if it was the same product with different branding.
Also when playing with the quotations, it's worth adjusting the excess to see what it does to the premium. I found £250 was the sweet spot, it went up considerably for £200, but didn't come down substantially till it was £500, other people have had different results, so worth checking.
Barclays marginally more expensive, but £50 excess, so arguably better value - I think you could be right about same product in a different wrapper.
It doesn’t include public liability, but CUK membership covers that anyway - I can’t see a downside
The TSB does include PL, I expect the Barclays does as well. In the unlikely event of a claim, having two policies can slightly complicate things, but the insurance companies have procedures to deal with it - I think I have four sets of cover!
Sorry - I missed that first time. You are right - both have PL
Psamathe
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Joined: 10 Jan 2014, 8:56pm

Re: Insurance requirements - realistic?

Post by Psamathe »

I've added my bike(s) to my house policy for a small additional premium. I don't have to tell them how many bikes I've got as they are all covered and they only need details of the most expensive. The only security requirement is that they must be locked when unattended (and they count indoors or in locked garage/shed as being locked.

Ian
PH
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Joined: 21 Jan 2007, 12:31am
Location: Derby
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Re: Insurance requirements - realistic?

Post by PH »

Just a small point on bikes added to household policies - I consider, for my circumstances and usage, a bike claim to be considerably more likely than a house contents one. I prefer to keep them separate as I wouldn't want a bike claim to effect my household premium.
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