Cycle specific insurance that includes loss of earnings

[Rohloff_Brompton_Rider]

I need to get cycle insurance that's similar to fully comprehensive car insurance.

It must include Personal accident that covers my earnings, in case I'm involved in a hit and run type of accident.

Any suggestions or recommendations?

 

[Profpointy]

I think you're slightly looking at this the wrong way. If you want "loss of earnings" insurance, then I'd look at cover for risks in general- cycling, walking down the road, heart attack, piano falling from the sky etc. Otherwise, you'd really need a hundred or more different policies to cover every conceivable eventuality - cycling is unlikely to be a particularly high proportion of the overall risks of life in general - so singling it out is probably not sensible in the great scheme of things, assuming you are not doing some high wire trick cycling lion taming act.

 

[I like Skol]

I think Profpointy has probably got it spot on. You need two separate policies, one for 3rd party liability and then a separate loss of earnings/personal injury insurance to maintain your income in the case of an incapacitating incident.

My understanding is that car insurance does not include the personal injury/loss of earnings element that you suggest (for the driver anyway, passengers can claim against a driver if they believe the driver has been negligent). This means that a driver cannot claim if the injury is deemed his/her fault but of course they can always try to claim against a third party if the event is the result of someone else's negligence.

I guess this is the same for a cyclist, they will be unable to claim from a cycle specific policy if an accident is their own fault but can always claim from a third party in the case of a negligent event. Hit and run obviously scr3ws this up but I would think a personal accident policy does not exclude events of personal numptyness

 

[3narf]

I don't get it!

Are you worried one falls out when you put on your helmet? Are they expensive diamond ones?

OH! 'Earnings...'

 

[srw]

ILS and Profpointy are right - you want two separate policies, one for loss of earnings and one for the bike. You'll need to read the terms and conditions carefully, and possibly also take advice from a broker - loss of earnings policies tend to have restrictive terms and conditions.

If a driver knocks you down and it's their fault, they will (eventually) pay your loss of earnings, but it'll take a while for the claim to settle. If you buy an extension to a motor policy to cover you as driver for personal accident, the usual cover is limited to a relatively modest lump sum or a relatively short series of fixed payments.

 

[Rohloff_Brompton_Rider]

Cheers guys,

I've been getting quotes and reading up on the subject.

It seems that my car insurance is the same - if I have an own fault accident I only receive a lump sum for missing limbs or such injuries.

If the driver does a runner, the MIB (a fund that insurance companies pay into) covers the missing 3rd party's insurance responsibilities.

There doesn't seem to be a cyclist equivalent, therefore a cyclist has to ensure they are covered by personal accident cover c/w protected earnings.

Of course if I do decide to work in the NHS full time I'd only need to have CTC cover.

The protected earnings is indeed a separate policy

 

[Profpointy]

Cheers guys,
Snipped....

There doesn't seem to be a cyclist equivalent, therefore a cyclist has to ensure they are covered by personal accident cover c/w protected earnings.

... Snipped

Yes, but why "a cyclist" particularly. What if you're not cycling and something bad happens?