Bike Insurance?

Discussion in 'Beginners' started by aserota, 4 May 2008.

  1. aserota

    aserota Über Member

    Recently picked up a new road bike and ideally would like to get it insured.

    The bike new is worth between £2.5-3k, but i bought it second hand for around £1k

    Couple of questions;

    - How much should i insure it for?
    - and how much should i be looking to pay yearly? (any insurers/equipment needed would be great)?

    thanks all
  2. Iceniner

    Iceniner New Member

    Are you a student? I got mine through Endsleigh as they do my contents for when im at uni. They were easy to set up and it works out at £10 for every £100 value of the bike. so 1K bike will cost £100 to insure. They also required a gold certificate lock for bikes above a certain price range which i have no doubt that yours will fall into. This covered, damage and theft.

    Not sure about home insurance malarky, but couldnt you add it to that or something?
  3. OP

    aserota Über Member

    Will look into home insurance on tuesday, would be the easiest
  4. Smokin Joe

    Smokin Joe Legendary Member

    A/ How long have you been cycling?

    B/ Have you ever had a bike nicked?

    If A is a long time and B is yes take out insurance.

    If A is yes and B is no, don't waste your money. The amount you save on premiums will buy you a new bike if you are ever unlucky.

    If A is not very long, how lucky do you feel?

    Insurance should only be taken out against catastrophies. Most premiums are money down the pan.
  5. OP

    aserota Über Member

    Im not worried about theft as such, i was think more of what happens if im hit by a car?

    This happened on my old bike, which suffered some damage. Ive been riding for a year now (daily).
  6. Cathryn

    Cathryn California Correspondant

    In that case, join the CTC!!! You get automatic public liability insurance etc. I believe they do bike insurance too. I got a quote for my second hand Thorn (new value £1200 but bought for much less) and it was approx £100 pa. I believe 10% of its value is the rough insurance cost.

    We've just insured our bikes as part of the home insurance. They're now insured 'around the globe' apparently for theft and damage. However WE're not insured so we still need standard travel insurance.

    For cycling round the UK, the CTC's cover will be fine.
  7. CopperBrompton

    CopperBrompton Bicycle: a means of transport between cake-stops

    Adding it to your home cpntents policy is much better value than a separate bicycle policy, working out at less than 5% of the value rather than 10%.
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