Cycle Insurance - recommendations?

[Zippy]

Hi. My C to W voucher has arrived so I can pick up my bike whenever.

My voucher came with a leaflet for insurance, which is a good idea, but has anyone here had dealings or experience with Cyclescheme.co.uk, do I have to go with them while the bike belongs to my employer (I haven't read as much) or is there a preferable insurance - CTC for example?

 

[400bhp]

Hi. My C to W voucher has arrived so I can pick up my bike whenever.

My voucher came with a leaflet for insurance, which is a good idea, but has anyone here had dealings or experience with Cyclescheme.co.uk, do I have to go with them while the bike belongs to my employer (I haven't read as much) or is there a preferable insurance - CTC for example?

Have you tried your current home insurance? They may provide additional cover for a small(er) fee. Or, perhaps, they may already include some cover?

 

[Zippy]

Have you tried your current home insurance? They may provide additional cover for a small(er) fee. Or, perhaps, they may already include some cover?

Home insurance is limited to insured while secured in the home or garage. I am guessing that is what the above sceme is, wheras CTC would offer more comprehensive cover. I'll have to examine both options.

 

[jonny jeez]

Home insurance is limited to insured while secured in the home or garage. I am guessing that is what the above sceme is, wheras CTC would offer more comprehensive cover. I'll have to examine both options.

Actually, my home policy covered my bike when out of the home. It had a few restrictions (I cant recall them all, locks and the like) but was pretty good, I had to pay an additional (and seperate) premium, so it may have be re-insured somehow through the insurer.

Check the policy you may be surprised

 

[adscrim]

Would there be any restriction regards home insurance due to the householder not being the legal owner of the property?

 

[400bhp]

Would there be any restriction regards home insurance due to the householder not being the legal owner of the property?

No

 

[CopperBrompton]

Home insurance is limited to insured while secured in the home or garage.

Nope: the cycle element of my home contents insurance falls within the Worldwide All Risks section.

 

[Norm]

Home insurance is limited to insured while secured in the home or garage.

Can you change / upgrade your cycle cover? I bet that would be lots cheaper than a stand alone policy.

 

[400bhp]

Can you change / upgrade your cycle cover? I bet that would be lots cheaper than a stand alone policy.

Yes I did it Norm. IIRC I paid an additional £50 p.a. (£1k bike). Additionally my insurer do not stipulate any parrticular type of lock to use when away from the home.

Of course, as always with insurance, it will depend upon your insurer and the t&c.

 

[g00se]

Most household policies will let you 'upgrade' cycle cover for out of the home as long as it's locked up when left and there will probably be restrictions on the make and type of locks you use. I think some policies will add bikes under an all-singing-all-dancing valuables add-on.

If I recall, cyclescheme recommended a third party specialist bike insurance - they don't (or didn't) do it themselves.

Similarly, CTC insurance is with another specialist firm with a members discount. Also, With CTC membership, you get free 3rd party cover.

I went with CTC as my LVC home policy's bicycle upgrade had a few too many strings attached in the small print (that you only find out by talking to the rep).

Putting your bike under an upgraded house policy is usually cheaper - though the specialists ones can offer more cover. Compare the CTC and cyclescheme related deals as they differ on additional cover family owned bikes and n+1 etc.

 

[Zippy]

Most household policies will let you 'upgrade' cycle cover for out of the home as long as it's locked up when left and there will probably be restrictions on the make and type of locks you use.
[...
I went with CTC as my LVC home policy's bicycle upgrade had a few too many strings attached in the small print (that you only find out by talking to the rep). [...]

For now, and because I take posssession of the bike tomorrow so I need the cover in place and it was easier to extend the existing arrangement, I have extended my home and contents policy to cover; no types of lock stipulated. An extra £50 for £1300.

My insurance is with LVC - is there anything you would like to expand on the above comment; publicly or in a PM?

 

[g00se]

For now, and because I take posssession of the bike tomorrow so I need the cover in place and it was easier to extend the existing arrangement, I have extended my home and contents policy to cover; no types of lock stipulated. An extra £50 for £1300.

My insurance is with LVC - is there anything you would like to expand on the above comment; publicly or in a PM?

No probs,

Of course, this might be because I am on a contents only policy (not buildings) and I don't have any existing valuables or accidental damage policy with them. But the small print was that if stored inside, it still needs to be locked up. Also, if outside, it needs to be locked in a brick build outbuilding with approved 5-lever door lock. If in a shed, it needs to have an approved lock on the door and the bike locked to a suitable anchor into the floor.

As, I don't have room in the house to store the bike, nor a brick outbuilding, the other restrictions were too much.

Also, it's worth checking if it's 'new for old'. I can't recall what the LV deal was, but a few quotes from other house policies would pay 'second-hand' value on the bike.

 

[DrSquirrel]

Problem with insurance is it will require a certain amount of lockage to be used which can easily make you spend £60 or so, and say £60 for insurance (I find its around £10 per £100 of bike).

Personally - I'd rather just be careful and pay up in the event of theft (or try house insurance).

 

[jonny jeez]

Problem with insurance is it will require a certain amount of lockage to be used which can easily make you spend £60 or so, and say £60 for insurance (I find its around £10 per £100 of bike).

Personally - I'd rather just be careful and pay up in the event of theft (or try house insurance).

Doc, your right there. its one of the reasons that Chitty (I'm ashamed to say) is not insured right now. Despite her charms and cracking components/frame, she is just to old to be worth it....bless 'er

 

[Cubist]

Doc, your right there. its one of the reasons that Chitty (I'm ashamed to say) is not insured right now. Despite her charms and cracking components/frame, she is just to old to be worth it....bless 'er

A frined of mine had his bike nicked on holiday, which had me checking my policy. As many here have said, the policy covered me for a maximum of £500 per bike as long as they were stolen from the locked garage. I tried to get them to upgrade bu they wouldn't have it.

I then went on a price comparison site and tried a few quotes to see whether or not I could find a decent insurer.

In the end I went with Autonet insurance. Their cover is stupendous, with ridiculous rebuilding quotes, but most importantly cover ANY of my possessions anywhere in the world up to £10,000. I got them to check specifically whether there was a pedal cycle exclusion etc etc. There isn't. They were also about a hundred quid cheaper than the last lot.

Take two policies into the shower? Not likely.