Insurance

[Simba1off]

Hi
Seeing that I'll be getting a new bike in a few weeks, my first for years! I would like some advice on insurance and what I need to be asking for?
I would like a new for old policy if the bike is stolen,or if God forbid I damaged a car or involved in an accident or injured a pedestrian. What can I expect from an insurance company?
Mark

 

[taxing]

If you have contents insurance check that to see if you're covered before you go with a specialist company, as they're often quite expensive. I am under mine for two bikes worth up to £500 if they're nicked while locked to an immovable object, which is good enough for me, and I'm also covered for third party too. If you're not automatically covered you can sometimes pay a bit extra to have it covered.

 

[tmcd35]

I'd happily recommend Evans Cycles Insurance. I bought a new bike last year and it was stolen the same day I got it. Literally while I was sitting online filling in the insurance paper work some pikey *$%#* was removing the bike from my shed. Evans paid out 100%, no excess on the claim

 

[CopperBrompton]

As Taxing says, adding it to your household contents policy is usually the best value. I have £3100's worth of bikes on mine, and the additional premium is half the cost of a bike-specific policy, and that's with a company with whom I've had an excellent claims experience.

For third-party cover, the best value I've found is British Cycling Everyday Cycling membership for £20/year.

 

[rosscbrown]

I've just signed up with E&L cover as I don't have a home policy (because I've got nothing worth stealing/replacing). I've used E&L for professional photography equipment and found them to be very good. However they won't insure me at two addresses. My home and second home (I'm not an MP, honest!) which is a bit of a pain. I called them and asked if they would and they said no. I'm a bit disappointed about this as surely if I disclose everything to them, they in return should assess the whole risk and make me an offer.

So my policy allows me to keep my bike overnight at an address other than my home but as I have two homes I'm worried that this will be used as a loop-hole to get get out of paying any claim.

Can anyone suggest a company that will allow me to declare two 'home' addresses.

 

[crumpetman]

Does anyone else live at the other home? If so you could just say you were visiting them.

 

[CopperBrompton]

I've just signed up with E&L cover

Use your 14-day cooling-off period to cancel the policy: they have the worst claims reputation of any company around. For example:
http://www.myfinances.co.uk/insurance/companies/e-l-insurance-$485339.htm

 

[benguin]

Well, I have to say I had to claim with E+L after a recent crash and they were very good indeed: friendly and super fast.

benjamin

 

[jayonabike]

E&L are sh1t. I had a nightmare getting them to pay out a £1500 claim, they tried every trick in the book not to pay out, but i won in the end. Cancel the policy and go elsewhere.

 

[CopperBrompton]

Well, I have to say I had to claim with E+L after a recent crash and they were very good indeed: friendly and super fast.

You actually got the money? If so, buy a lottery ticket immediately!

 

[slowmotion]

The insurance industry is populated entirely by a bunch of ragged spivs who will duck and dive endlessly. They are not very pleasant people. A few years ago, my van disappeared from outside my front door. It was never found. The insurance company made an inital offer of 25% of the market value. We batted back and forth for a few weeks, and I eventually settled at 80% of its worth.

Was this insurance company some dodgy bunch of underwriters in a fly-blown office in Essex? No, it was The Prudential.

It is a very, very sleazy industry. Please read all the small print

Bastards all...

Edit: Stand easy, rant over!

 

[benguin]

To be honest, I am not a big fan of insurance companies at all (especially after our house was flooded two winters ago after a pipe broke), so I wasn't looking forward to dealing with this bike claim. Everything went very smoothly. Crashed, broke the bike and gave them a ring immediately. Spoke to a really nice girl who explained what I had to do (get a report from a shop and a couple of quotes for replacement, Internet-quotes accepted if you live too far from two shops selling your brand (our case) alongside a couple of photos.) The form to fill in was concise. I only put a paragraph of, what, 75 words to explain what happened. I expected a long long wait, to be honest but they were unbelievably quick: I sent everything needed within four days, telling them we were going to be away from the country for 10 days (they took note and contacted us via email, first to check one thing: I crashed 4 days after contracting the policy! Enough to make them dubious, then to let me know that a cheque for £2,000 was in the post). Came back, the cheque was there and new bike was in less than three weeks after accident and would have been with us more quickly had we been in the country. Plus our premium didn't even go up so...

Now I also understand that insurances are a bit of a case by case story. For us, it worked and for the exact opposite reasons I would never, for instance, insure anything with Aviva...

benjamin