Bike Insurance

[cycleman]

I'am getting my new bike insured after the previous one was stolen. I don't have any confidence in leaving it outside so I will be taking it in to the building with me.

I was thinking of going with the Lndon Cycling Campaign, can anyone who has joined confirmed wether it's worth a shot?

Kind Regards





Cycleman.

 

[e-rider]

I went with Evans Cycles insurance as the first year was discounted.

The problem is, you never know how good they are until you need to make a claim!

I did intend to only insure my bike for the first year, but I have recently paid for a second year (which was much more expensive). I may or may not do a third year but definitely not a fourth year, as they knock 10% off the value of the bike each year (but not off the premium). There is also a large excess (£200) if it gets stolen from the shed (which is where I keep mine). So, perhaps getting the Evans insurance isn't recommended!

 

[Gerry Attrick]

If you have home contents insurance, it's usually much cheaper to add a bike to that.

 

[Banjo]

I added my bikes to the house insurance for £12 /year. Unfortunately there is a £200 excess but they are insured everywhere and they dont specify what lock you use.

Coupled with british Cycling membership that covers third party cl;aims I think that will do.

 

[dellzeqq]

I think you're smack on the money, Banjo, but people have to look at the NCD thingy.

We worked out that it wasn't worth claiming for the Kid's Ridgeback Cyclone, because the excess and the NCD loss would have cost us money. We really have it for the big ticket items only -and, in that respect, the add-on to the contents insurance is very good value. Then again, some household insurers have limits on the value of the bike (John Lewis has a cut-off of £1000) so you have to look around

 

[GrumpyGregry]

My home contents won't cover a bike worth more than £500. And when I shopped around last year I couldn't find anyone who would do £1000+ bikes without there being a huge premium hike for the rest of the cover. I think separate bike insurance, new for old, runs at about 15% of sum insured.

With several bikes in need of cover, for instance if you have a bad case of n+1, it may be cheaper to self insure and put some money aside for if the worst happens

 

[dellzeqq]

Halifax give us about £9000 of all risks bike cover for under a hundred quid on top of the contents and house insurance.

 

[mr_cellophane]

I added my bikes to the house insurance for £12 /year. Unfortunately there is a £200 excess but they are insured everywhere and they dont specify what lock you use.

Coupled with british Cycling membership that covers third party cl;aims I think that will do.

+1


ETA were slightly more expensive than adding them to the normal house insurance.  You can also get recovery cover so they will arrange to get you and you bike home if something happens.

My house insurance covers 3rd party claims whether the bikes are insured or not.

 

[cycleman]

+1


ETA were slightly more expensive than adding them to the normal house insurance. You can also get recovery cover so they will arrange to get you and you bike home if something happens.

My house insurance covers 3rd party claims whether the bikes are insured or not.

Thanks for all the replys folks. I should have mentioned the bike I bought is a 'B Twin Decathlon Hybrid Mountain Bike'.

I also bought it for 26 quid at an auction. Bearing this in mind is it still worth insuring it against theft?

 

[Eurygnomes]

I was with Equine and Livestock* and I paid £7.95/month to insure £1000 worth of bike and equipment. They paid out after 8 weeks costing £59 excess after I'd only been paying in 10 months.

They were also really accessible by phone, and if I hadn't done something (like dot the i, cross the t, or simply just kept in touch with how I was going in my quest for a copy of my crime report) they actually got in touch with me to see how things were progressing.

Quite impressed.

*not just for horse saddles, y'know!

 

[dodgy knees]

hi hav u tried the co-op it cost me £28.00 a year for £2000 with £50 excess.also marks and spencer do it also. hope this helps.

 

[Moodyman]

Thanks for all the replys folks. I should have mentioned the bike I bought is a 'B Twin Decathlon Hybrid Mountain Bike'.

I also bought it for 26 quid at an auction. Bearing this in mind is it still worth insuring it against theft?

Not in my opinion. Your premium is likely to be higher than the cost of the bike.

 

[Wardy]

I have my bikes insured with Marks & Sparks under my house contents policy. They will insure individual items for up to £4000 taken away from the house. More to the point, they don't have any exacting requirements for security like some insurers. When I asked whether I would need a bronze, silver or gold standard lock their answer was "any cycle lock will do".

 

[e-rider]

Thanks for all the replys folks. I should have mentioned the bike I bought is a 'B Twin Decathlon Hybrid Mountain Bike'.

I also bought it for 26 quid at an auction. Bearing this in mind is it still worth insuring it against theft?

are you taking the piss? any premium will be significanty more than you paid for the bike!

You bike is worth less than 8 pints of beer.

 

[Banjo]

I think you're smack on the money, Banjo, but people have to look at the NCD thingy.

We worked out that it wasn't worth claiming for the Kid's Ridgeback Cyclone, because the excess and the NCD loss would have cost us money. We really have it for the big ticket items only -and, in that respect, the add-on to the contents insurance is very good value. Then again, some household insurers have limits on the value of the bike (John Lewis has a cut-off of £1000) so you have to look around

Your probably right about the NCD loss could make a claim not worth it. I think it would probably only be worth claiming if other stuff was stolen at the same time.


Personally I am lucky that its quite secure at home and very secure at work If in a higher risk situation it probably would be wise to get seperate insurance. Not for a £26 bike though Having said that if its used regullarilly I thiunk the op should consider BC or CTC membership to cover third party or legal problems.