Cycle insurance

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Portableaj

Active Member
Depending on:
  • The Price of the bike
  • Where you lock the bike
  • How much you lock the bike
  • How long is it locked up for
  • Where the bike is stored at home ,work ect
Is it worth it to get standard cycle insurance (not 3rd party)
 

festival

Über Member
Insurance against what?
 
OP
OP
Portableaj

Portableaj

Active Member
It depends where you live, or where the bike will be used. Some localities are more susceptible to bike theft than others.
how much do you think the bike should be worth minimum if the bike is new to have insurance
 

Nebulous

Guru
Location
Aberdeen
Insurance is a battle between insurers wanting to avoid risk and us not wanting to carry it ourselves. The decision about when it is worth it is a very individual one.

I need a car for work on an occasional basis and don't have one. So I occasionally rent one. After deducting the mileage I get paid I generally end up somewhere between a fiver up on the transaction and a fiver down. The car comes with a £600 excess. I can reduce that to £100 for about £11.50. That isn't 'worth it' to me for two reasons. 1) I'd be losing enough on the transaction to annoy me every time I hired one. 2) The local car club becomes cheaper at that price.

Despite that I'd still be very upset if it somehow cost me £600!!

So that's a long way to say I'd look at the premium as well as my assessment of the risk and decide whether I thought the two computed. I'd be heading over £1000 before I regarded insurance as an essential though.
 

al-fresco

Growing older but not up...
Location
Shropshire
I think that when I added a 3rd bike to my house insurance there was a small increase in the premium. (There wasn't for the first two.) I wouldn't be happy leaving a £1,000 bike chained up in a public place without having some kind of insurance.

But there are still horror stories - a friend of mine has recently had £6,000 worth of MTBs stolen. He's living in a caravan while his house is being renovated and the bikes were chained up in the empty house. The insurance company has refused to pay up on the grounds that the bikes weren't sufficiently secure...
 

sidevalve

Über Member
What's it worth to you cash wise ? At what point do you break even in transport costs ? If it's worth £50 and lasts for 6 months you're probably on the winning side against bus fares etc if it gets stolen. If it costs £1000 and it goes after 2 days you aint., it's simple arithmetic and only you can work it out I'm afraid.
 
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