Bike Insurance

[bricksmasher]

Hi guys

after getting my trek stolen, I am hoping to buy a new bike later today

Its worth a fair bit more, and I could do with some peace of mind if this on does get stolen too, I have 3 decent looks, wich I know is a criteria for insurance companies, but theft / cost wise, what do they cover normally? Also are they going to require some proof of purchase? As I am buying second hand, not sure how I can do this

Thanks in advance
Mark

 

[vickster]

Phone your contents insurance provider and ask them for 'away from home' cover. I expect it will be cheaper than a bike specific insurer. Cost me £20 to cover both my bikes this way for the next month when the renwal is due. I'll see what the renewal looks like and then shop around. M&S seem good in this respect (and £45 quidco cashback too )

They never asked me about locks, I assume as long as it is locked up!

 

[bricksmasher]

Phone your contents insurance provider and ask them for 'away from home' cover. I expect it will be cheaper than a bike specific insurer. Cost me £20 to cover both my bikes this way for the next month when the renwal is due. I'll see what the renewal looks like and then shop around. M&S seem good in this respect (and £45 quidco cashback too )

They never asked me about locks, I assume as long as it is locked up!

Thanks for that

I a guessing when you put the amount it states for Value, you are supposed to enter what you paid? Or is this what its worth to replace, I suppose it doesnt matter too much as the more its worth, the more you pay but hopefully the more you sdhould get back

 

[Jezston]

Best to call your insurer and have a chat with them about it - different insurers have different policies so there isn't really 'the' answer to your question. I had some problem insuring my current bike as it is a custom build rather than a known make/model and some insurers didn't want to touch it - especially as I live in a shared property and some insurers REALLY hate that. Direct Line who I've gone with however seemed fine with it. Some insurers have strict rules about what type of lock you use, some don't seem to care. Best to speak to them to find out exactly where they stand.

 

[subaqua]

Best to call your insurer and have a chat with them about it - different insurers have different policies so there isn't really 'the' answer to your question. I had some problem insuring my current bike as it is a custom build rather than a known make/model and some insurers didn't want to touch it - especially as I live in a shared property and some insurers REALLY hate that. Direct Line who I've gone with however seemed fine with it. Some insurers have strict rules about what type of lock you use, some don't seem to care. Best to speak to them to find out exactly where they stand.

Halifax wanted more than the cost of CTC membership plus what CTC insurers were quoting to add on to the existing home insurance.

 

[sabian92]

If you want proper bike insurance (as in you want to be insured by a bike insurer) then it's not always really expensive (although that does obviously depend on the value of the thing you are insuring), but definitely shop around. You'd be surprised how cheap it is. My bike is worth nearly 400 quid - costs me 30 quid a year to insure through ETA.

 

[chris-s]

We've just changed our home insurance which was up for renewal at the end of the month to M&S, their unlimited contents policy covers ANY item up to a value of £4000 which includes bikes, accessories, camping gear etc with no specific locking/security requirements all as standard, home and away.

So many of the cycle specific insurers and other companies are pretty stringent about the type of lock, value of bike, where you can leave it etc etc that their terms and conditions just read like get out clauses. Of course you need to be sensible, but you want it to be practical too.

Chris

 

[Oxo]

Adding a cycle to your home insurance can seen a cheap alternative, but if you have to make a claim watch out for a big jump in your premium. Also watch out for the excess you might have to pay, two items stolen at the same time can result in paying the excess for both items.

 

[billy1561]

Just covered my Synapse with churchill (home contents) for £3 month with £100 excess cos it's over £1000 inc equipment. Interestingly it's NOT covered when in use

 

[Holdsworth]

I have just covered my two bikes (worth £600 in all) with my mum's Nationwide home and contents insurance, it costs an extra £3 a month on top of the old premium. It covers for keeping in the shed and also importantly away from home. The only requirements are for the shed to be maintained and locked and for the bike itself to be locked, no specification so I assume my Kryptonite Evo mini lock (sold secure silver) should suffice.

I think I might get some 3rd party liability insurance to complement the bike cover just in case, BC is only £12 a year.