Cycle Insurance

Discussion in 'Beginners' started by davidwalton, 4 Oct 2007.

  1. davidwalton

    davidwalton New Member


    With a cycle costing around £2500, the required insurance appears to be around £200 per year.

    I haven't checked through CTC yet, as not yet a member. I do understand that 3rd party insurance is included within CTC membership.

    Do people pay over £200 per year just for basically theft and own fault insurance? You can get cheaper car insurance than quotes I have seen for cycles.

    Even with my Camera equipment with replacement value of over £5,000, the insurance is less, a lot less. Is something wrong here, or have I just looked in the wrong place so far?
  2. Hugo15

    Hugo15 Über Member

    I think that the cycle specific insurance is expensive too. I ended up going with M&S home insurance, which give you cover up to £4000 for unspecified items, after it was recommended on another forum. Don't think it covers you for own fault crash though. Premiums were very competitive.
  3. slow down

    slow down New Member

    I'm covered on house insurance upto £3k per single item, so all bikes are covered for no additonal cost. Also includes new for old accidental cover so covered even for own fault accident.
  4. bonj2

    bonj2 Guest

    I think 10% is about the norm, yes.
    I'm not sure but I think my insurance (ETA) does cover for accidental damage. i was thinking of claiming for some new forks 'cos they've got a bit of a gouge out of the bottom of one of the lowers probably due to a rock but it doesn't affect their operation in the slightest and I get the impression it won't ever do, so I'm loathed to replace them when they work fine... seeing as the priority of functionality is one of my principles.
  5. OP

    davidwalton New Member

    So basically, they are saying that the risk is too high; and that a cycle insured will be stolen at some point, no matter the protection and steps taken; as well as the loopholes jumped through to pass insurance companies requirements.

    I know insurance has always been there to rip people off, but this is at a cost where it is worth while thinking of a savings plan to offset any theft. Buy insurance only for the first x months, then once there are reasonable savings, use that as your insurance. (Needs will power not to use if for anything else though).

    However, if theft was considered a real crime where those responsible actually got punished, then perhaps there would be fewer thefts, and as a result insurance SHOULD also be cheaper.

    In the mean time, time to check the House insurance to see whether that is a possibility.

    Thinking further, and a little off-topic, what if every Cycle shop provided secure parking facilities for bikes between normal shop hours? Should be something Town centres provide but don't. Cycle shops could provide service, advise, and make additional sales through this.
  6. bonj2

    bonj2 Guest

    So basically, they are saying that the risk is too high; and that a cycle insured will be stolen at some point, no matter the protection and steps taken; as well as the loopholes jumped through to pass insurance companies requirements.
    er... no, if it's 10% of the value of the cycle, then they are saying that they think the risk is such that on average the cycle is likely to be stolen every 10 years. Longer, in fact, as if it was stolen every 10 years they would only just break even and they have to make profit.

    Yes, they are annoying in that they find any way they can to make their cut, like a clause in my policy for example is that if the value of the exact same cycle has gone up, they will only pay the original amount, but if it's gone down (unlikely, but possible) then they will take advantage of this and won't give me the change. But it's worth bearing in mind that legally as long as you uphold your half of the bargain (giving them correct information, paying correct premiums and assisting them in the event of an insured event* occurring) then they have to uphold theirs, i.e. to pay out. Now that doesn't mean giving you exactly what you want - but it's worth remembering that their responsibility is to restore you to the state you were in before the insured event* took place.

    *Technically, they don't insure an item as such (e.g. 'your cycle'), they insure against an event (e.g. 'your cycle being stolen'), this is what's known as the 'insured event'.

    If I had savings in the bank, investments, or a suitably large float in my bank account, equal to the value of my bike, I would put that away and just buy another bike with that if it ever got stolen, unless the premiums were particularly cheap, e.g. only 1% of the value of the bike rather than 10%.
    As it happens, I don't - I only take out a policy with a company because even though the chances of my bike being stolen are miniscule, I wouldn't want to be without it and I wouldn't be able to afford a new one half as good without an insurance payout if that did happen.

    Well that debate's a whole different kettle of parrots.
  7. OP

    davidwalton New Member

    No, they are saying that 1 in 10 cycles will be stolen and not recovered, ie. 10% of all cycles will be stolen.

    If theft is really that bad, this Country is in huge trouble.
  8. Noodley

    Noodley Guest

    Do you mean punished, or do you mean they should be made to pay compensation of found guilty? Not the same thing. And anyway it would not be a deterent so there would not be fewer thefts. Just like there are not fewer murders in USA where is the death penalty. So there! :biggrin:
  9. OP

    davidwalton New Member

    Yes, but with the death penalty, they don't get the opportunity to kill any more.

    Punishment for theft in this country can mean no punishment because of their age. We then have to sue the parent/s for damages which still has no effect.

    It should not matter whether a kid or adult, the law needs to be taught to them. In the case of it being a kid, crime should not be ignored as it currently often is.

    One thing I do know is that the more people that stand up and shout for change, the more likely it will happen.
  10. asterix

    asterix Comrade Member

    Limoges or York
    During my 20+ years of commuting I've never insured my bikes. They have all been steel framed drop bar types and never kept clean for long! The bike I used for longest saw service in Felixstowe, Manchester, Southampton and York over 18 years. Sadly it was eventually stolen after I foolishly left it with a cable lock outside a hardware store:blush:

    My current commute bike is a 1987 tourer. Altho' it is a great bike to ride it looks very 'used' and I have no intention of getting it smartened up and will continue to use hammerite on the stone-chips.

    At present, it is locked in an attached garage with a D lock through a ground anchor. The D lock cost me £10 more than the bike..
  11. OP

    davidwalton New Member

    If I were only looking to spend a few hundred or so pounds, I wouldn't worry so much, and probably wouldn't give insurance a second look. However, with a cycle costing £2500'ish, it becomes a big loss.

    I already have plans to buy highest rated locks (a requirement to be insured), plus Datatag the cycle. If stolen, at least then it substantially increases the chances of it being recovered.

    At home, cycle will be secure, and protected by 2 dog alarm system. Anyone ignoring the alarm needs to be able to run faster than a rotweiler.

    I think I am just amazed at the insurance cost being around 10% of value. That tells me that not enough people care to change Government stand (non stand) on theft. Only when it matters will anything change. MAKE IT MATTER TO THEM!!!!
  12. slow down

    slow down New Member

    Insurance differs so much from one company to another - as long as my bike is locked when left it's covered on home contents - doesn't matter what the lock is. If it's locked in the garage no need to lock separately, if I'm out I carry a crappy (but light) cable lock (which I have written confirmation that this suffices). I only leave my bike outside the cafe (in view) and locked to a drainpipe or other fixed object. I realise this is only minimum protection, but enough to deter wall by opportunitists, which is what i need. No lock will stop a professional who wants your bike IMHO.
  13. OP

    davidwalton New Member

    The 2 companies I have seen quotes from are and

    I have still to check with Home content insurer.

    Minimum I will be using is
    and a cable lock as well.

    Yes, can't stop someone who is out to get YOUR cycle. Can only make it more difficult.

    A few other things:-

    Government would like us to cycle more, but provide no secure parking areas. Local government do nothing either. The Cycle parks that I have seen around are not secure, and often hidden from general view to help thefts.

    It isn't just the thief that needs educating, it is the people that put cycle parking in places unsuitable, and never secure.
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