Bike insurance is it worth getting and how does it work?

How does insurance for a bicycle work exactly? I just got a new road bike and I am currently keeping it in my house and never leave it outside. I have a kryptonite d lock and a lock for the front wheel. I will be going to university in September I want to take my bike with me and I will keep it in a bike storage but nonetheless I am paranoid about it getting stolen. If I have insurance and my bike gets stolen what will the insurance cover? How much money would I get back?
 

vickster

Legendary Member
How does insurance for a bicycle work exactly? I just got a new road bike and I am currently keeping it in my house and never leave it outside. I have a kryptonite d lock and a lock for the front wheel. I will be going to university in September I want to take my bike with me and I will keep it in a bike storage but nonetheless I am paranoid about it getting stolen. If I have insurance and my bike gets stolen what will the insurance cover? How much money would I get back?
Some policies replace new For old with no excess, do your research, get quotes, read the terms. Expect to pay around 10% of the bike value a year in premiums as a minimum

Theres a sticky at the top of the general cycling forum

https://www.cyclechat.net/threads/insurance-and-cycling.118438/

Which Kryptonite lock is it, there are different levels, broadly silver and black lowest, yellow and black highest, orange abd black in middle

you can insure via home insurance for less, but there’s usually an excess and wear and tear/depreciation may be taken into account in any pay out
 
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Sharky

Guru
Location
Kent
I presume you are currently living with your parents? Ask them to check and ask their insurers what cover is provided. When my kids were at uni, I am sure students are specifically catered for.
 
OP
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Anonymous1502

Regular
Some policies replace new For old with no excess, do your research, get quotes, read the terms. Expect to pay around 10% of the bike value a year in premiums as a minimum

Theres a sticky at the top of the general cycling forum

https://www.cyclechat.net/threads/insurance-and-cycling.118438/

Which Kryptonite lock is it, there are different levels, broadly silver and black lowest, yellow and black highest, orange abd black in middle

you can insure via home insurance for less, but there’s usually an excess and wear and tear/depreciation may be taken into account in any pay out
https://www.evanscycles.com/kryptonite-evolution-d-lock-EV325377

I bought this one and also a front cable.
 

vickster

Legendary Member

Sharky

Guru
Location
Kent
They don't have to (even if it would be wise to)
Yep fire, theft and accidental damage etc
 

vickster

Legendary Member
Yep fire, theft and accidental damage etc
Indeed, I don’t disagree, but a lot of people don’t have it especially in furnished rented

@Anonymous1502. Endsleigh used to be the go to for student insurance back in the day. You’ll want to insure your computer, gadgets, clothes etc anyhow so see what cover they do for bikes :okay:
 

jamin100

Veteran
Location
Birmingham
Yes its worth it, mine is under our house insurance but covers all the bikes for everything aside from racing.
Son was knocked off in a hit and run nearly 2 weeks ago. Payment from insurance to cover bike, accessories and kit is just over £2.5k. No excess either (excess protection policy) so its worth it it my opinion. Had to claim on it last year as well and they paid out fine.
 

rivers

How far can I go?
Location
Bristol
I have all of my bikes insured under a separate policy, and my wife's is covered under our home insurance. I pay about 5% the total worth my bikes, and it covers any listed accessories (computer, sports watch, and carbon wheel). If any of my bikes should be stolen, they will give what the bike would have cost new (no depreciation after 3 years), not what I paid (which was considerably less than RRP on 2 of them, and slightly less than RRP on the 3rd). But do you research as not all insurance is created equal.
 

RoadRider400

Some bloke that likes cycling alone
Dont forget to consider if your policy has liability cover. Which if needed could be worth an awful lot more than the cost of a new bike.
 

SkipdiverJohn

Veteran
Location
London
Just remember that insurance is a cash generative business much favoured by some of the wealthiest individual and institutional investors for a reason. Barring freak events, it makes them a lot of money year on year, which means from a personal perspective it is much cheaper statistically to self-insure.
 

PaulSB

Legendary Member
To answer the thread title in my opinion bike specific insurance is not worth it and I feel is a rip off.

With a couple of hours research each year I am able to buy Buildings and Contents insurance for my house and world wide cover for possessions. I always chose a reputable brand name company even if this costs more than the lowest "Joe Bloggs Insurance Co." My bikes are covered new for old up to three from purchase and then at valuation by my LBS.

I have always found this cover for less than bike specific insurance which I therefore consider a waste of money.

You should obtain cover either through your parents or your own policy. You say you will use bike storage, please look closely at all the possibilities for theft and security it may not be as secure as one would hope.
 
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