Cycling insurance

[byegad]

My present and previous home insurers refused to cover my trikes at any price. Premium for the three was well over £600/year last time I looked. Should one go missing the fact that I've paid no insurance on them for over 10 years now I can replace any two for less than the premiums would have totalled.

 

[vickster]

@confusedcyclist Tell me where I can get 6% return on investments without much risk please (and no knowledge of share dealing)

I pay around £300 a year in home insurance premiums, covers my house, its contents and my bikes. I can't not insure my house (as I have a mortgage nor could I afford to replace all the contents were it to burn down). I doubt the insurance for the 4 bikes (only 1 is named as the value of the others does not exceed the £1500 threshold) adds more than £50 a year to the premium. <£5 is nothing a month, my lunch cost more than that at Pret today

 

[Leodis]

My present and previous home insurers refused to cover my trikes at any price. Premium for the three was well over £600/year last time I looked. Should one go missing the fact that I've paid no insurance on them for over 10 years now I can replace any two for less than the premiums would have totalled.

So I take it you don't have third party insurance then?

 

[robgul]

https://bikmoplus.com

Pros the cheapest and best cover in the cycle market at the moment.

... quick go of their calculator with my fleet (as described up thread) and the premium is more than my total house contents policy premium (incl bikes) ...

Rob

 

[Leodis]

I'd prefer not to take a future hit on home insurance premiums in the case of a claim but thats just me.

 

[oldroadman]

Shock horror, never insured a bike, ever. If it gets broken/lost/stolen, get a last year's model at discount. Over far too many years to mention, premiums would have far exceeded losses. Insurance are not in business to lose money, which is why only house+contents and vehicles carry insurance. Don't depend on your insurer to cover third party claims relating to the bike, they all wriggle and have exclusions for all sorts of things. Join BC and get proper cover and legal support when/if you need it. Worked for me a few years ago.

 

[confusedcyclist]

@vickster - No such thing as zero risk investment sadly, but the risks can be managed. For the uniformed investor, index tracker funds are perfect. Look into vanguard life strategy funds (e.g. http://www.morningstar.co.uk/uk/funds/snapshot/snapshot.aspx?id=F00000MLUQ) over the last 3 years, the fund has grown 11% annually. Obviously though, it pays to make yourself an informed investor.

 

[oldroadman]

@vickster - No such thing as zero risk investment sadly, but the risks can be managed. For the uniformed investor, index tracker funds are perfect. Look into vanguard life strategy funds (e.g. http://www.morningstar.co.uk/uk/funds/snapshot/snapshot.aspx?id=F00000MLUQ) over the last 3 years, the fund has grown 11% annually. Obviously though, it pays to make yourself an informed investor.

And to be prepared to stick with it when the fund value drops, look over the long term (5-10 years) and it almost always pays off, the worst case is no loss/no gain, but more likely a decent gain. That's where my odd bit of contract money went (along with property) and it's done OK thank you!

 

[confusedcyclist]

If you take an active approach (as apposed to index funds) you can avert catastrophic crashes in value (2008 credit crunch). Obviously if you are in the business of guarding wealth as apposed to lining the pockets of insurance fat cats, making the transition to active investments isnt much of an ask.

 

[vickster]

I can't commit that sort of money. Certainly not enough to make me secure if my uninsured house were to burn down! I'll stick with premium bonds and cross my fingers. I don't understand the stock market and am not prepared to gamble my life savings

 

[confusedcyclist]

There are books which can help with that. Try Tim Hale - Smarter investing. Also this was about bicycle insurance not home insurance!

 

[vickster]

I don't have any interest in finance to be honest. Simple and risk free for me

The most straightforward way to insure a bike is on home insurance. The OP mentions not being able to cover...however I expect he'd not called to enquire about named article insurance for bikes exceeding the unnamed limit

 

[confusedcyclist]

Each to their own!

 

[byegad]

So I take it you don't have third party insurance then?

My British Cycling membership covers that.

 

[400bhp]

Just some food for thought: Unless you are rocking around on £6,000 bikes, I would self insure.

You are effectively paying for someone to save on your behalf, insurance companies may not even pay out in every instance of loss or theft, IMO it's a rip off. Insurance is for catastrophic loss, e.g. your house burns down and you can't afford to rebuild it. Why not just save yourself, and earn a return on your savings?! I.e. You are not paying someone else to get rich and get to keep your savings (plus returns) when in the highly likely eventuality your bike is NOT stolen.

Buy a proper set of locks and, use them correctly and you will not lose your bike. Take the time to create an anchor at home where you can lock them up safely if you fear theft at home. If someone else damages your bike, you may have the option to seek compensation from them.

If you have the value of your bike in savings, and can easily afford to replace it at any time. There is no need to insure. If you can't afford to replace the bike, you are spending too much on it in the first place!

Note: Third party liability on the other hand, is extremely important in case you hurt or injure someone else as serious injuries can cost you millions (catastrophic loss).

If you're the type of person who insures a bike, you are probably not very wealthy, now ask yourself, why are you not wealthy?

You don't understand the concept of insurance.

In fact, reading your other posts could you refrain from telling people codswallop about investing too.