Bicycle Insurance

vickster

Legendary Member
Car insurance is a legal requirement isn't it, I know posting a bond is how a big organisation might 'insure' vehicles but isn't that 'self-insurance'?
3rd party is, not sure about fire & theft
 

Alex321

Über Member
Location
South Wales
I do insure my cars, but the difference is my car insurance annual premium is only a small percentage of the value of the cars whereas bike insurance can easily be more than a tenth of the insured sum. Bike insurance is simply very poor value for money, and the amounts covered are relatively trivial compared to a car or property.
Car insurance can also easily be more than a tenth of the price of the car if you normally buy 2nd hand. Particularly if you haven't got much no claims bonus.
 

SkipdiverJohn

Deplorable Brexiteer
Location
London
Car insurance can also easily be more than a tenth of the price of the car if you normally buy 2nd hand. Particularly if you haven't got much no claims bonus.
True, but that depends on what you're insuring and how high risk a driver you are. My car insurance costs peanuts so fully comp is a no-brainer whereas I'd warrant a visit to the funny farm if I shelled out on expensive bike insurance, when I can simply sidestep the risk and take a beater bike down to the shops and leave my best quality bikes securely under lock and key at home where they are out of sight.
 

alex_cycles

Active Member
Location
Oxfordshire
I don't really understand why people get so dramatic about bike insurance. If you have Home Contents stick the bikes on this. It is complicated or expensive. I'm paying +/- £30pa extra for £10,000 cover on bikes.

It's not an issue
Except it will only cover you for theft either from your premises after forcible break-in or if left unattended while locked with a specified level of lock to a specified level of immovable object. In practice, on club rides, nobody locks their bikes at a cafe, and if they do, it won't be using a heavy-duty compliant lock, so that insurance would be worthless and a waste of £30. (Mind you, the same can be said of pretty much all other bike insurance policies :laugh:). My main reason for having bike insurance is in case I write off my pride and joy. Would be awful to not afford to replace it.
 

SkipdiverJohn

Deplorable Brexiteer
Location
London
. My main reason for having bike insurance is in case I write off my pride and joy. Would be awful to not afford to replace it.
Many riders will go decades or even a whole cycling lifetime without ever totalling a bike in a crash. Insurance can be a lucrative business for those prticipants who know how to accurately price risk. Profit margins of 20% or more are not uncommon, so if you are paying a 10% of insured value annual premium, realistically you might only ever call in a claim after say 12 years. You might get a new bike out of it, but remember in the meantime you've paid for 1.2 new bikes plus lost out on the investment returns you could have made by putting the insurance premium money to work for yourself instead.
 

Alex321

Über Member
Location
South Wales
Except it will only cover you for theft either from your premises after forcible break-in or if left unattended while locked with a specified level of lock to a specified level of immovable object. In practice, on club rides, nobody locks their bikes at a cafe, and if they do, it won't be using a heavy-duty compliant lock, so that insurance would be worthless and a waste of £30. (Mind you, the same can be said of pretty much all other bike insurance policies :laugh:). My main reason for having bike insurance is in case I write off my pride and joy. Would be awful to not afford to replace it.
My household insurance policy doesn't specify the level of lock required (unlike every specialist bicycle insurance policy I looked at). It just says it must be "securely locked to an immovable object".

This is the relevant text:
If your schedule shows you have cover for pedal cycles they won’t be covered for theft unless:-
in your immediate custody and control; or -
securely locked to an object that can’t be moved; or -
locked inside a concealed boot or concealed luggage compartment of a locked vehicle which has been broken into by using force and violence; or -
in a locked building.
 

alex_cycles

Active Member
Location
Oxfordshire
Many riders will go decades or even a whole cycling lifetime without ever totalling a bike in a crash. Insurance can be a lucrative business for those prticipants who know how to accurately price risk. Profit margins of 20% or more are not uncommon, so if you are paying a 10% of insured value annual premium, realistically you might only ever call in a claim after say 12 years. You might get a new bike out of it, but remember in the meantime you've paid for 1.2 new bikes plus lost out on the investment returns you could have made by putting the insurance premium money to work for yourself instead.
Actually maybe it's time for a rethink next summer when the policy comes up for renewal. When I took it out my Roubaix was brand new and coughing up for another was "unthinkable". Since then (2.5 years) I've done about 16k miles and gained a lot of experience, but I can still make mistakes or take my eye off the ball. Anyone can. But you make some valid points.
 

classic33

Legendary Member
True, but that depends on what you're insuring and how high risk a driver you are. My car insurance costs peanuts so fully comp is a no-brainer whereas I'd warrant a visit to the funny farm if I shelled out on expensive bike insurance, when I can simply sidestep the risk and take a beater bike down to the shops and leave my best quality bikes securely under lock and key at home where they are out of sight.
How does how big a risk driver you are affect theft insurance. That's usually decided on a postcode.

Not everyone has more than one bike, but they want to ensure they are covered in case of theft. Third party, in case of accident or collision with another road user is a legal requirement for motor vehicles.
 

PaulSB

Legendary Member
Except it will only cover you for theft either from your premises after forcible break-in or if left unattended while locked with a specified level of lock to a specified level of immovable object. In practice, on club rides, nobody locks their bikes at a cafe, and if they do, it won't be using a heavy-duty compliant lock, so that insurance would be worthless and a waste of £30. (Mind you, the same can be said of pretty much all other bike insurance policies :laugh:). My main reason for having bike insurance is in case I write off my pride and joy. Would be awful to not afford to replace it.
Sorry, this is incorrect. Would you like me to post a copy of my Home Contents policy?

The only requirement is locked to an immovable object. I'm afraid I never ride around with 2-3kg of lock with me.
 
OP
harlechjoe

harlechjoe

Regular
I do insure my cars, but the difference is my car insurance annual premium is only a small percentage of the value of the cars whereas bike insurance can easily be more than a tenth of the insured sum. Bike insurance is simply very poor value for money, and the amounts covered are relatively trivial compared to a car or property.
My thoughts exactly.
 

youngoldbloke

The older I get, the faster I used to be ...
Correct tsb don't cover ebikes.
My tsb cover costs me £3.80 a month to cover all my bikes.
Friend has ebike insured with laka for £15 per month.
I suppose the premium depends on the crime level in one's area. Those figures are certainly not competitive for me.
 

Mike_P

Guru
Location
Harrogate
Just checked my documents (Churchill) - has to be in a locked building or fitted with a security device (unspecified as to what qaulity) so a wire combi lock would suffice for a cafe stop.
 
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