Insurance

[danphoto]

What do people do about insurance? I've just rung our home contents people and the thought of three bikes in a shed having a replacement cost of more than £500 seems to have baffled them - hopefully temporarily

Given the security measures we have at home anyhow, we're not particularly concerned about theft here. Come to that, we're not really bothered much about theft when we're out on the bikes, so unless our insurers come back to us a lot lower than I'm anticipating, we'd be happy to go forth uninsured - except for one aspect.

The only bit that's a complete unknown to me is public liability e.g. if I was to freak out one day and cause some damage or worse still injure some innocent person going about their lawful.

So - what do you people do who know what you're doing?

 

[montage]

Join British Cycling

Or CtC

 

[Dave Davenport]

Got all ours seperatly listed on our home contents via Northern Rock.

 

[bonj2]

I personally think that if you can afford to insure yourself, then it is better value.
The insurance company will make an assessment based on what they perceive the risk to be, this will be calculated using statistical averages. However, you don't want your bikes to be nicked so you take a lot of precations to make sure they are not, precautions over and above what the insurance company recognise as risk-reducing factors, and thus could use to give you discounted premium.
So therefore if you are even vaguely precious about your bike(s), then your own evaluation of the risk of them being nicked is likely to be a lot lower than the insurance company's. This isn't even counting the mark up they have to make.
The claims process may also be far from perfect in any number of ways.
Basically, then, you should only get insurance if the prospect of getting your bike nicked isn't bad enough to you to take any more precautions than the insurance company specify, and if you trust their claims process.

 

[swee'pea99]

Are you in the habit of freaking out? Unless you are a paid up loony tunes, it does rather look like insurance you just don't need.

 

[Landslide]

The only bit that's a complete unknown to me is public liability e.g. if I was to freak out one day and cause some damage or worse still injure some innocent person going about their lawful.

You may well already have some form of 3rd party liability cover through your home/contents insurance. Failing that, membership of either British Cycling or CTC will provide cover.

 

[dtp]

You may well already have some form of 3rd party liability cover through your home/contents insurance. Failing that, membership of either British Cycling or CTC will provide cover.

+1

 

[danphoto]

Thanks guys. Just had a call from our friendly home contents insurers who say that unless we want more than £1 million third-party cover we already have it as part of our contents!

Also, we can insure the bikes for full replacement value for an additional premium of around £90, and all we have to do is ensure that when we're not riding them, they're secured to the shed or to an immoveable object with - wait for it - "a lock of the D-shackle type"

And no, I don't have to use our 1980's Halfords special D-lock as well as the New York Wossname if I can provide proof to the underwriters that the latter is at least as strong as the former.

Obviously the underwriters haven't seen the vids on You Tube ...

 

[dtp]

Obviously the underwriters haven't seen the vids on You Tube ...

Nope i don't think they have.

I, ahem, work in insurance and overheard our property chap saying to the underwriter that a mountain bike was similar to a pedal cycle the other day. I pointed out that by that method of logic a mondeo was similar to a car...

Then again we do specialise in horses and they're not so good on bikes...

 

[Downward]

I pay £3.95 per month

 

[arallsopp]

Don't forget to check whether the insurer will issue a cheque, or arrange credit through a "preferred" supplier. With the latter, the insurer is normally taking advantage of bulk discounts, whilst you're suffering service from a company that would otherwise be long sunk. "Preferred" is normally anything but.