It's a bit dodgy doing that. If you deliberately insure an asset for less than its real value and then claim on it, the insurer may decide to reduce the payout on the claim in the same proportion. They will maintain the risk is related to the true value, and by under-insuring you are not paying the premium that reflects the actual risk.
I really can't understand why anyone bothers to insure bikes, tbh. For a stand alone policy you will likely pay 10% or even 12% of the insured value per year. Compare that to house buildings insurance where my premium is roughly 0.1% of the insured sum per year! Having an uninsured house burn down is a game-changer, losing one bike every few years is a relatively trivial event.
It makes more sense to minimise the risk by dismantling the bike into it's component parts if not used frequently and setting aside the money that would be used to buy insurance with. Remember, no insurance company sets up in business to lose money, a well run one that can price risk accurately is a very reliable source of profit. Statistically if you self-insure you will save money if you are vigilant about security and generally careful with your stuff..
They quoted me £500 a year, might have even been more!BIKMO+ - all of our bikes are insured via them and they cover kit, clothing etc. New for old in event of claim and no forcing you to use a particular supplier. Online - designed by cyclists for cyclists
All depends on value of your bike/s - our cost is quite high but we have 6 high value bikes insured - our house insurance would only cover up to £750 per bike - not much use of your bike is £2000 or higher. It also covers accessories,bike boxes, abroad worldwide, accidental damage, vandalism, cover if you get stuck out due to theft or accidental damage, legal cover AND personal accident. It is also excess free.They quoted me £500 a year, might have even been more!
All depends on value of your bike/s - our cost is quite high but we have 6 high value bikes insured - our house insurance would only cover up to £750 per bike - not much use of your bike is £2000 or higher. It also covers accessories,bike boxes, abroad worldwide, accidental damage, vandalism, cover if you get stuck out due to theft or accidental damage, legal cover AND personal accident. It is also excess free.
You pays your money and takes your choice. OP asked for recommendations - that was mineI get all of this covered on my Buildings and Contents policy which currently covers bikes to the value of £10,000.
Six high value bikes may well be worth more than £10k but I'd hazard a guess there are household policies which would be cheaper than bike specific insurance.
I'm paying £234 for house, contents and £10k on bikes.
I do, but finding a company with a decent price and bike cover is impossible, or at least a full time job.Surely you move company every year? If not you are likely to getting your pants pulled down.
And in my experience the cheapest on comparison sites try to claw money back in other ways.
Not at all. Hastings Direct. £234 for Buildings and Contents including named bikes to a total value of £10000.I do, but finding a company with a decent price and bike cover is impossible, or at least a full time job.