neil_merseyside
Guru
- Location
- Wirral
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 & theftCar 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'?
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.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.
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
. 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.
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 ). 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.
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.
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.
How does how big a risk driver you are affect theft insurance. That's usually decided on a postcode.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.
Sorry, this is incorrect. Would you like me to post a copy of my Home Contents policy?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 ). 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 thoughts exactly.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.
Correct tsb don't cover ebikes.TSB Doesn't appear to cover 'bikes with a motor' - ebikes?
Laka quotes me £30 per MONTH having just paid £17.42 per ANNUM (including an ebike)!
I suppose the premium depends on the crime level in one's area. Those figures are certainly not competitive for me.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.