Bike insurance

[RufusChucklebutty]

I'm thinking of investing a £1000 in a touring bike however this is a big spend for me and i cant afford to lose it, I'd need to insure it since I've had bikes stolen before and I know new shiny bikes attract thieves like flies to a dung heap, I need to know more about insurance, why would they refuse to pay out ? What would happen to my premium if it was stolen ? Should I be worry free that they will pay out or should I expect a fight ?

For instance, one of my bikes was stolen while It was locked to a steel sign post on the canal towpath where there was no CCTV and no one around, would this qualify for a payout or would they have refused ?

 

[vickster]

I'm thinking of investing a £1000 in a touring bike however this is a big spend for me and i cant afford to lose it, I'd need to insure it since I've had bikes stolen before and I know new shiny bikes attract thieves like flies to a dung heap, I need to know more about insurance, why would they refuse to pay out ? What would happen to my premium if it was stolen ? Should I be worry free that they will pay out or should I expect a fight ?

For instance, one of my bikes was stolen while It was locked to a steel sign post on the canal towpath where there was no CCTV and no one around, would this qualify for a payout or would they have refused ?

If it was properly locked up, I’d expect a payout
Most cost effective way to insure is via home contents insurance. As with any policy, read the Ts & C’s regarding locks, any excess, whether new for old covered etc

 

[vickster]

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

 

[BurningLegs]

The usual requirement for a payout on home insurance with bicycle cover is that the bike was in an insured building (I.e your home or shed) or locked to an immovable object e.g lamp-post or bike stand. They usually require a crime number too (this takes ten minutes on the phone to a disinterested staff member at the police). It’s a bit of an urban myth that insurance companies don’t pay up on claims IMO. My home insurance has been with Axa for the last two years and unfortunately we’ve had to claim for bikes in both years (once stolen from shed, the other stolen away from home) and it was painless and fast.

 

[vickster]

When I’ve looked at bike specific insurance, there’s no excess but annual premiums are around 10% of the value insured. On my home insurance, theres an excess but bikes up to £1500 are covered without being named on policy. A few extra quid a year to have over away from home.
As with all insurance, your postcode will have the biggest impact on premium

 

[Heltor Chasca]

My home insurance is with Pedal Cover. It has very comprehensive cover for your bikes. I highly recommend them. A great customer service team.

 

[mjr]

See the sticky.

Other than that, I'd expect no payout for locking to signposts. The bike can be lifted up and off, unbolting any wide signs with a simple spanner if needed. At least lock it to a telegraph pole: taller with stuff attached to the top.

 

[PaulSB]

Put it on your home insurance as a named personal effect which means it will be covered worldwide.

Building and Contents insurance will be less than you pay for many bike specific policies. Obviously this depends on how many and the value of the bikes involved. My cover is up to £8000 worth of named bikes.

The difficulty in making a claim will depend on the quality of the insurer. Chose a quality brand and you should receive good service and quick payment. Chose the cheapest you can find and expect to fight for a payout - not paying claims is how they make a profit.

 

[iluvmybike]

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