Do you bother with bike insurance?

[Andrew_Culture]

I'm considering writing an article on bicycle insurance for www.lucky-x.com but first of all I need to do a bit of research.

This article has come about following yet another of my friends having their bike destroyed in an accident only to find none of the associated insurances will pay up for a new bike.

I would also like to hear about your own experiences of claims you have had to make.

 

[Arrowfoot]

It is really an important subject and worth the effort of bringing to light how complex bike insurance has become. It not just premiums but the various conditions that are not clear.

Then you have CTC which has tremendous buying power for its members but choosing to take a 10% cut so no surprise that for £3k, with no frills and no options such personal injury cover it comes to about £271 pa. And with a ridiculous multiple of 11.

Its no surprise that home content insurance is the final refugee.

 

[MontyVeda]

I've toyed with getting insurance (either home contents or bike specific)... but I tend to think that one is insured until they make a claim, then the insurance company will try to find reasons not to pay out. I guess i'm just too tight and too cynical.

 

[palinurus]

I've never insured any bikes. I'm up on the deal so far. I accept that if all of my bikes get taken in a single go I'll take a hit.

I have good secure parking at home and at work and use a cheapish bike for shopping.

 

[Slioch]

My bikes are all named and covered through my house contents insurance, as this is the cheapest way for me to do it.

What is not covered through this method though is third party liability. Is this something you will be covering in your article and, if so, you may want to tweak the questionnaire a bit to take it into account?

 

[Soltydog]

I always thought mine were through the house insurance, whilst at home, so never bothered. But since we took out our policy with NFU my 'collection' has changed. A theft from a friend's garage recently prompted me to double check my cover. It turns out I would have been covered for bikes worth upto a grand, so only 1 out of the 3 now
After giving them all the details of my bikes, for roughly £100 a year all 3 are now covered wherever I am, providing they are inside a locked building, or locked to an immovable object. With my experience of claims with NFU I'm happy that if the need arises I'll have no issues claiming.
my only gripe is that they will only cover the cost of a standard model, ie handbuilt wheels & dynamo lights will not be covered

Not sure which box to tick on the above

 

[jack smith]

I had mine under home insurance, whe it was stolen they had it independantly valued by a "bike shop" who said it was worth 2-300 pound. Id love to see the bike shop that valued an s works venge at that price. When i get my next one it will have its own specific policy from a specialist bike insurer

 

[midliferider]

I plan to cycle in across Switzerland in early September. I was looking at information regarding need to register the bike and came across some interesting question about insurance.
The question is if I were to have an accident while cycling, if the other party were to make a claim against me, how do I get insured for that?
I am sure the same applies for cycling in the UK.
Any views on that?

 

[BrynCP]

I use a bike specific insurer as my home contents only cover a maximum of £300 with no option to extend!

The question is if I were to have an accident while cycling, if the other party were to make a claim against me, how do I get insured for that?
I am sure the same applies for cycling in the UK.
Any views on that?

Third party liability insurance, sometimes included generally on your home insurance and also provided as part of most CTC and British Cycling options, as well as available separately or as add ons from bike specific insurers.

 

[Crackle]

Specified under the house insurance for bikes over 500, not specified if less. Must be locked to something if outside the property, for a claim. Excess is 200, could be less but that's the hit I've chosen.

 

[ScotiaLass]

I had insurance for the 1st year of owning my new MTB.
I dropped it as I had never claimed, never leave my bike when out, and my home insurance covers it at home or in the shed/garden.
Also, there were a lot of restrictions to the policy such as the type and make of lock, where it was left etc.

 

[Drago]

Listed specifically and individually on the household policy with pre agreed values. Didn't bump up the cost greatly, far cheaper than similar cover on a stand alone policy. Claimed about 10 years ago when my eldest daughters bike as nicked and a spanking new replacement of very similar spec arrived fairly swiftly, complete with a large and very brand new free padlock.

 

[midliferider]

I use a bike specific insurer as my home contents only cover a maximum of £300 with no option to extend!


Third party liability insurance, sometimes included generally on your home insurance and also provided as part of most CTC and British Cycling options, as well as available separately or as add ons from bike specific insurers.

Will that cover an accident happening in another country?

 

[shouldbeinbed]

Options 1 & 3. House insurance covers bikes upto £500, I've specified the more expensive ones as bespoke items on the house insurance & include legal cover & indemnity too.

 

[BrynCP]

Will that cover an accident happening in another country?

It depends on the policy. I think British Cycling and CTC both cover you anywhere in the world,except US and Canada, if you're normally resident here in the UK.