Can anyone help with cycle insurance please

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JonnyG

Active Member
Hi all

I have recently made my most expensive bike purchase ever and am now the very happy owner of a Van Nicholas Ti road bike worth £3k

I have never insured a bike before but think maybe I should now.

Does anyone have any experience of cycle insurers and can recommend one.

I googled it and came up with a quote of £156 from a company called E&L insurance.

It seems quite a comprehensive cover with public liability and personal accident cover included.

Thing is it seems a good bit cheaper than most other places which makes me suspicious.

Any one had any dealings with them?

John
 
Marks & Spencer.
 

oldroadman

Veteran
Location
Ubique
If you want race cover expect a premium of 10-15% of the bike's value. Without racing try M&S, although they may have an upper limit of some sort, possibly £1500 value. Insureres don't seem to have caught up with values, and they will insist on locks, etc, all the time. Try BC (0161 274 2000) and have a chat to their insurance people, worth a go.
 
OP
OP
JonnyG

JonnyG

Active Member
Thanks Mickle
I had just renewed my home insurance, before i made this purchase!
Was thinking more of separate overall insurance including theft and accident. Something to think of in the future though, didn't realise home insurance would cover a leisure item of that value.
John
 
OP
OP
JonnyG

JonnyG

Active Member
It does seem expensive to insure a cycle.

My last motorcycle was a 1200cc BMW with a value of £11k and that only cost me £220
 
It does seem expensive to insure a cycle.

My last motorcycle was a 1200cc BMW with a value of £11k and that only cost me £220

I'm in the exact same position as you. My home insurance won't touch it and the price of premiums are shocking. I've totalled two bikes in the past and have been paid out through home Ins. no problem, but they won't insure me for the RRP of my bike as that is what the replacement cost is new for old. I only really want insurance for accidents but I can't find any who will do it. I can hardly see any point in being covered for theft as they make it almost imposible to claim for the bike being stolen anyway with the conditions they impose. The anti theft chain they want on my bike is over £100.

Just now I am looking at going down the line of putting the money aside and covering myself. When it's high enough in the fund I can use it to buy a new bike.
 

srw

It's a bit more complicated than that...
Thanks Mickle
I had just renewed my home insurance, before i made this purchase!
Was thinking more of separate overall insurance including theft and accident. Something to think of in the future though, didn't realise home insurance would cover a leisure item of that value.
John
It's always worth seeing if your insurers will add it on now. It may already be covered under the Personal Possessions section - although a £3000 bike is probably beyond the reach of most standard policies.

To the person who wanted accident cover - what did you have in mind? If someone else is responsible for the accident - claim on their insurance. If you're responsible for damaging your own bike - what on earth do you do to it?
 

SBaxter

Active Member
The British cycling policy is pretty good in my experience...
 

Blue

Legendary Member
Location
N Ireland
Have you asked you home insurers if this is covered under your house insurance ?
+1

Also, if it isn't covered, ask if it can be added as a specified item. Don't be guided by someone with onerous terms because of a claims history - do your own check. A good household contents policy can be very good, although you will not get cover for use during races and any PA cover for the rider may be limited - if it exists at all.
 

Alembicbassman

Confused.com
Are you intending locking the bike up anywhere? My reasonably pricey £1000 road bike gets taken out, riden, then put back in my room at home. You can add additional items to your home insurance quite cheaply. It's when you want theft cover for bikes out and about the premiums rack-up - higher risk. I have other cheaper bikes that I can leave locked up, they're insured on my Swiftcover home policy for an additional £16 (5 bikes up to £500 each £50 excess)
 

MissTillyFlop

Evil communist dictator, lover of gerbils & Pope.
In my experience, (I worked for an insurance company) it is not worth insuring it with your home insurance policy as bikes are generally not covered like-for-like (along with clothes and household linen) and they will take a massive chunk off any payout for "depriciation of the bike's value".
 
To the person who wanted accident cover - what did you have in mind? If someone else is responsible for the accident - claim on their insurance. If you're responsible for damaging your own bike - what on earth do you do to it?

Crash! Also when I was knocked off my bike it took months to resolve. My house insurance paid for my new bike then pursued them for their costs.
 

Alembicbassman

Confused.com
I can cause millions of pounds worth of damage in my car, even kill somebody and my insurance only costs £350 a year. £168 for a bike is ridiculous, and you only get theft/damage cover.
 

screenman

Legendary Member
So what would be a reasonable price, put yourself in the insurers position if I gave you say £50 would you personally insure my bike for a year. I do agree that linked with a car the price seems high, I think without any experience that this might be down to ease of theft. Now thinking about it I wonder how many percentage wise bikes are nicked each year, I also doubt the insurers take into consideration that a £3,000 bike is likely to be more loved and cared for than a £250 one.
 
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