Insurance and your bike

[newislander]

What do you do? ( i mean do you buy it for your bike or worry about that)

I had my bike stolen in france recently. I had travel insurance and thought i might get something for my bike. I went ahead and bought a new one and made my trip.

On returning home, i found out that depreciation affects how much you get paid. So now i expect to get almost nothing. My bike was five years old, not very expensive to start with ($500). And i don't have a receipt for it anyway. I spend some more on it to improve it for touring $65 bottom bracket, bike computer $50 odd, $10 bottle racks, $75pannier rack, including just having bought new tyres 54 euros, new grips $15,and got the back cassette changed 38 euros. I haven't kept any of those receipts either. Im going to claim my puncture kit - pump, guage, spare tube and kit - $50 and classic ortlieb rear panniers, though empty, I can't even remember what they cost two years ago - $80 i think. a bike lock $25.

I suppose depreciation renders the bike itself worth nothing at all if its got a projected life of only five years anyway. All the gear is still fine and shouldn't be subjected to much depreciation except the panniers which though unclean are in good condition. This would all total - less than $500.

There's a $200 excess.

So its looking grim isn't it. I'd be surprised if they gave me $300.

I'm going over all this because it may be worth knowing this and thinking about it in advance before you go on a trip. And someone might have some ideas that i could use to improve things for myself.

A picture of you and your bike might convince them that you owned the model in the picture if you don't have a receipt handy. I have an old picture but would prefer to claim for a newer bike of course. With the internet these days, if they wanted to cross check any images you give them it wouldn't be hard to find out if you are making a false claim.

[Vantage]

not much use to you now, but maybe worth a look in future.
http://www.londoncyclist.co.uk/bicycle-insurance/

[binka]

I bought a home contents insurance policy from co-op and specified for it to cover my bike away from the home.

As far as I can see it doesn't specify about it been locked whereas most bike policies will insist on proof you used a gold standard lock....not always practical if touring.

Bike is covered as new for old.

[loafer]

have all 3 of mine through house insurance added as extended contents (specified articles) from my bank
total value £5239...cost £6.66 a month new for old and world wide cover mainly or my touring bike

[andymiller]

Household contents is probably the way, but when you buy insurance you really really really need to read the policy summary. Look for:

- is there an exclusion for cycle touring
- is there a limit on the number of days in any one trip
- how much is the excess?
- is it new for old?
- what's the limit? (It can be very low)
- what sort of lock do I have to use?

[newislander]

I don't bother with house insurance. And i didn't even buy my travel insurance. It was given me automatically with my ticket that i bought on my credit card. I would never have bothered to insure my bike anyway. I just wondered if anyone had any advice about how to maximise my return on the insurance i have got given the current situation.

Incidentally i did find my receipt and then almost immediately lost it. I guess it will turn up again.