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

[Justinitus]

I just renewed our house insurance (buildings and contents) yesterday. This year I went Lloyd’s Bank as they were the cheapest for me for decent policy with new for old cover. Adding £5.5k of bikes added less than £70 to the cost Including cover away from home.
There was an option on the form to include “student living away from home” which covers anything a student family member takes to uni for the whole academic year. Don’t know how much it would add but might be worth investigating.

 

[vickster]

The OP does say his parents don’t have their own insurance

 

[Justinitus]

The OP does say his parents don’t have their own insurance

He does, but enquiring on some contents insurance for his parents and adding bike cover and student cover might be cheaper than purchasing student cover and/or bike insurance policies separately.

 

[SkipdiverJohn]

As I have said before, not taking valuable bikes to high risk locations is the best possible form of insurance. University towns are very high risk locations, just like commuter stations are, because the bike thieves know there will be plenty of bikes to choose from, and some of the riders will be less than diligent about securing them, or may leave easily removed parts or accessories on unattended bikes.
Claiming on insurance policies carries a cost, it worsens your risk profile and means more expensive future premiums. If you keep crashing your car, even if it wasn't ever your fault, your future premiums will get more expensive no matter what. You can't keep making claims for stolen bikes without expecting similar results either.
Insurers are in business to make money, and on balance you will always pay out more than you will get in payouts over a long period - otherwise the insurer would go bust.

 

[jamin100]

I don’t have insurance to cover the cost of leaving bikes locked up anywhere other than home. If I’m leaving my bike locked up it’s my £100 beater bike that is a mish mash of parts.

the reason I have insurance is in case of accidents out on the road. I’ve claimed twice in the last year. Once for when my son fell off and cracked his carbon frame on the track during training, and the second when he was involved in a hit and run with a car 2 weeks ago.

both claims will total just under £4K combined. I’m hoping not to have to claim again though !

 

[rogerzilla]

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.

Except for motor insurance, which is so competitive that firms make a loss in some years.