Insurance pitfalls

[Rupie]

Just bought a new bike for £2000, I think I need to insure it seperatly. What do I need to look out for when enquiring with companies and what should be the SENSIBLE minimum ?

I store it at home in the garage, transport it on the top of the car and do Sportives.

Thanks

 

[vickster]

You need to insure it for its value. Certainly, when fixing limits for contents insurance, it is obligatory to cover the full amount, if under insured, as i was told, you may not get anything paid out at all

Home insurance is usually the best and cheapest place for bike insurance

If doing events, join CTC or British cycling for their 3rd party liability cover and legal cover. Check which level of cover you'll need for sportives

 

[TonyEnjoyD]

Also, Garages are still notoriously easy to break into.
Your insurance company may require the bike to gear gold level chained to a wall or floor anchor.

 

[theloafer]

I have 3 bikes all are under home insurance but as (extended contents) total bike cost £5400 =£6.78 per month

 

[Tanis8472]

I know its slightly old, but i have just renewed our home insurance without bike cover.
If you make a claim for stolen bikes, you will loose your no-claims bonus, which can be a substantial amount of money.
It cost me £70 less to insure the house this way. That £70 will buy a policy for the bike seperately and not affect the home ins.

 

[Brommyboy]

Separate bicycle insurance will usually cost 10% of the replacement price. It is far less costly to insure as part of home contents but there are two provisos: often the limit is well below your value, and, if you do claim, expect the next years' premium to jump or even double!

 

[sidevalve]

One thing - READ the policy and make sure EXACTLY where the bikes are covered. Just because they are covered at home may not mean they are covered 'in transit' or at a sporting event. Insurance companies are not charities they are there to make money and if they can get out of paying they will do so.

 

[glasgowcyclist]

I know its slightly old, but i have just renewed our home insurance without bike cover.
If you make a claim for stolen bikes, you will loose your no-claims bonus, which can be a substantial amount of money.
It cost me £70 less to insure the house this way. That £70 will buy a policy for the bike seperately and not affect the home ins.

Surely it could still affect your home contents policy at renewal? Unless you plan on not disclosing it if your bikes are nicked from the house, garage or shed...

GC

 

[citybabe]

One thing - READ the policy and make sure EXACTLY where the bikes are covered. Just because they are covered at home may not mean they are covered 'in transit' or at a sporting event. Insurance companies are not charities they are there to make money and if they can get out of paying they will do so.

This^^^^^^

We had our bikes stolen in town and when I tried to claim my insurers said I was only covered at home and that I needed another policy if I wanted to take them out of the garden.

It was a very costly mistake

 

[lpretro1]

Try Velosure

 

[stephec]

if you do claim, expect the next years' premium to jump or even double!

From my experience with Norwich Union this is very true.

It seemed like they were trying to recoup the full costs of the claim in about three years.

 

[theloafer]

I have 3 bikes all are under home insurance but as (extended contents)

just phoned my bank TSB, as needed to change one of the bikes...sold my boardman (months ago) and replaced with a tricross,and just to check that they are insured for what I understood them to be .. mine are covered worldwide ...as long as there locked to a secure post in a public place .. bikes cost £5150 =£6.15