Bike Insurance on home policy

[Alembicbassman]

Just renewed my home policy with Swiftcover and thought they had a reasonable deal on bike insurance.

Bikes are covered anywhere in the World for theft and damage so long as they are locked in a building or with a 'security device' (no stipulation of category of lock)

You can have 5 bikes covered to £500 each (total £2500) with a £50 excess.

The premium was an extra £17 which I thought was OK.

 

[400bhp]

Does "building" cover a garage?

 

[Alembicbassman]

Don't see why not. The policy states anywhere 'locked in a building' or when not in a building secured with a 'security device' Locked in a garage and locked up with a lock would cover both eventualities

Policy definition of buildings
Buildings
The structure of the
home
including landlord’s fixtures and fittings and the following if they form part of the property:
oil and gas tanks
cesspits
permanent swimming pools
tennis hard courts
walls
gates
fences
hedges
terraces
patios
drives
paths
car ports
garages and
outbuildings
.

 

[400bhp]

Just check the definitions section for "building", but does sound like it. Sounds the same as Axa who I am with.

 

[stu1903]

I went with GycleGuard, an independent cycle insurance company as I keep my bike in the shed. The advantage is that if my bike gets stolen or damaged my house / contents insurance won't increase.

 

[slowmotion]

As stu1903 said, you ought to check what happens if you claim for a bike on a home contents policy.

The upside is that the "small print" tends to be a whole lot less weasel-like than the specialist bike policies. Insurance is an extremely sleazy industry. Watch out.

 

[Alembicbassman]

Haven't had a bike nicked since 1989 so touch wood.

 

[dgstewart]

I'm insured with Marks and Spencers, as they offer a very comprehensive cover, which covers any single article for up to £4,000 without having to specify individual items, so this includes multiple bikes as long as each one is less than £4,000. They also offer accidental damage and away from home cover, so even if you crash your bike they will pay out. It's not a cheap policy, to be honest, but it's extremely comprehensive. I've read on the BikeRadar forum of several people who've claimed on it and the service and response has always been excellent, and they've paid out without fuss.

 

[jonathanw]

I'm relieved that your cesspit is covered

 

[jay clock]

+1 for M&S

Be careful about this £500 mullarkey. it isn't much. Five of my six bikes are worth more.

 

[ColinJ]

I'm with M&S too.

I've heard of some companies with get-out clauses in their small print, stating that bikes must be stored in buildings of brick or stone construction so your garden shed or a wooden garage don't count. Definitely a trap for the unwary, and unfair - most thieves would enter through a wooden door or a glass window so what difference does the construction material of the walls make!

 

[vickster]

I have just settled with esure - bike and accessories was totalled up by Wheelies at £591 and change, I got every penny back less my excess (rather large at £200) - pretty painless process actually. It was nicked from the street, secured with a cable lock - they never asked the specifics, just gave the plod crime number. I will lose a year's NCB but hey ho, will be less than £391

 

[User269]

Given that some 'specialist' bike insurers, even through CTC membership, would charge as much to insure one of my bikes as it does to insure my home and its contents, you can see how it makes sense to include your bikes with the home insurance.
Check out the policy details of course, as there are variations in the cycle cover available. Most people I know have cycles worth £2000-£5000, so beware the common limits on many policies, unless specified otherwise, of £500 or £1000.

 

[vickster]

I have the road bike as a specified item - my policy covered the other bike under the £500 limit - which is a £500 payout limited - i.e. £500 + excess I had thought £500 less excess, so the extra was a pleasant surprise)

 

[Paul_L]

another vote for M&S. When our policy was up for renewal last year they came out cheapest anyway, and added in the £4000 individual item limit was a bit of a no brainer.