Bike insurance

[Simon_m]

Morning! I guess this comes up a lot and I have found a few sticky posts about it. Has anyone got good clear and first hand knowledge of taking out insurance for their bike and where they have had to claim?

I had a hit & run with a car a few months back where I had no insurance. I lost everything. The MBI is basically a fraud as the only way they would pay for the damage, (I would imagine very little ££ would actually come my way), I found the police to be similar, in that I had to pay £150 to get my accident report!!! I won't start off on a rant, but I find it disgusting!

So, if something like this happened again, I need to research if the insurance company would pay out, how much, the excess. I have a distrust of these companies as speaking to other people who have tried to claim on other items, find themselves still out of pocket due to the companies "loop holes" where they dont have to pay out for acts of God etc. They are happy to take your money, but when it comes to cash in, they use every trick not to. Ideas? thanks for your help

 

[twentysix by twentyfive]

I have 3rd party insurance via CTC membership. If it's the other guy's fault I get the CTC solicitor to claim from faultee's insurance on a no win no fee basis. Never had a claim against me. Made claims twice against faultees and it's an easy process with the CTC's tame solicitors. Well he's tame on my side. Rottweiler the other way around (allegedly).

 

[vernon]

I think that you might find that the sort of cover that you want covering untraceable drivers will be so expensive that you'd be better off setting the annual premium to one side and 'self insure' i.e. use the saved premiums to buy yourself an n+1 in the future.

Other things to consider is the likelihood of another hit and run. Third party insurance provided by British Cycling or CTC as part of their membership package will provide the legal services required to pursue an identifiable third party for recompense.

'Acts of God' exclusions exist in many insurance policies. It's not that insurance companies are wriggling out of their responsibilities it's that the policy owner has not bought a policy that meets their needs and has not read or fully understood the degree of cover offered by the policy.

 

[Mile195]

Cycle third party insurance covers you if someone claims against you. It doesn't cover you, claiming for yourself (which would be the equivalent of fully comprehensive on a car).
If someone else is at fault then the legal cover usually included with cyclists third-party insurance will go after the responsible party and take their fee from them.
In your situation, where there is no responsible party (well not one you can trace), I'm not sure that leaves you many options.
I am not an insurance expert but presumably the damage to the bike would have to be paid by your house insurance (if you have cycle loss/damage cover included), and as for your injuries, time off work, you'd probably have needed to have had personal accident insurance if there's no one else to claim back from.
I may be wrong, but I've never seen a "fully comprehensive" cycle policy that includes all these options.

 

[twentysix by twentyfive]

I think that you might find that the sort of cover that you want covering untraceable drivers will be so expensive that you'd be better off setting the annual premium to one side and 'self insure' i.e. use the saved premiums to buy yourself an n+1 in the future.
......................

I take that line with potential bike theft. Premiums (last time I looked) would pay for a nice new bike after <5yrs. I may have some insurance via the house but not sure what recompense I'd get. Neighbour had a garage fire and insurance company would only pay £50 for the bike

 

[SeanM]

Does anyone have any opinions on Wiggles Insurance that they're offering ?

 

[Simon_m]

hmmm not much joy then. I didn't put the last one on the house insurance and wont put the new one on it as if I have another crash, it will push the premiums up. 3rd is no good, well ,it is partially, but if it is another hit and run, I dont want to loose out another few grand!
From experience also, if you do get hit and get teh details, but the bike is damaged, what compensation did you get to the value of bike etc? did you find it was good?

 

[SavageHoutkop]

I think the ETA might be best for this but it is expensive. I've moved from them to own-bike insurance on the household policy, noting their ridiculous theft excess, and that if another party damages my bike I'm not covered without having to claim on their insurance. I have CTC membership for 3rd party cover.

 

[orienteer]

Had my bikes covered under John Lewis house insurance, but now have similar cover for half the price from Pedalcover: http://pedalcover.co.uk/

 

[Simon_m]

ok thanks, that is interesting to hear about the theft issue. The pedalcover covers....? I will go look myself, might be easier thanks

 

[Simon_m]

Had my bikes covered under John Lewis house insurance, but now have similar cover for half the price from Pedalcover: http://pedalcover.co.uk/

oh it is a house insurance which is linked to a bike one, not a separate bike insurance?

 

[Simon_m]

I think the ETA might be best for this but it is expensive. I've moved from them to own-bike insurance on the household policy, noting their ridiculous theft excess, and that if another party damages my bike I'm not covered without having to claim on their insurance. I have CTC membership for 3rd party cover.

what was wrong with the ETA one? thanks

 

[Mile195]

hmmm not much joy then. I didn't put the last one on the house insurance and wont put the new one on it as if I have another crash, it will push the premiums up. 3rd is no good, well ,it is partially, but if it is another hit and run, I dont want to loose out another few grand!
From experience also, if you do get hit and get teh details, but the bike is damaged, what compensation did you get to the value of bike etc? did you find it was good?

When I got hit there wasn't too much damage to my bike, but they paid for my wheels to be replaced and gave my solicitor got me a couple of hundred pounds for injuries (which were fortunately only minor) time off work and other associated costs. There was cosmetic damage to other components but I took that on the chin and didn't claim for it. The wheels could not be re used though.
My solicitor claimed their fee from the driver. I didn't pay anything for the legal service. I think it was pretty "cut and dry" for me though because the driver accepted responsibility, and I had no ongoing medical problems to compensate for. In those situations I think insurance companies just want to wash their hands of it- there's no point in trying to wriggle out of a claim for only a few hundred pounds.

 

[flake99please]

there's no point in trying to wriggle out of a claim for only a few hundred pounds.

My ongoing situation is suggesting otherwise...

 

[PaulSB]

My household buildings and contents with Santander costs £388 including accidental damage new for old.

Includes cycles to the value of £3500. Over three years old a current valuation certificate from my LBS is required, newer bikes are straight replacement.

Also have BC third party and Lex Cycle Recovery - the AA or RAC for cyclists. Only £15pa of which £5 is returned to my club.