Do you bother with bike insurance?

[theloafer]

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

 

[Andrew_Culture]

Thanks everyone.

I was looking at this from the perspective of what happens if your bike is damaged or stolen, but I will raise public liability as well.

I may need some help with fact checking the final article

 

[Saluki]

I looked in to specific bike insurance for my PX, when I got it. For a bike kept indoors (in my home, not in a shed or garage) with the appropriate lock etc the premiums came to about £22 and change a month. I thought that as I pay £17 a month, fully comp, for a 2 litre Saab estate, that seemed a bit high for a bike. I reckon that I can do a lot more damage if I rear end a car in a Saab than on a flimsy plastic bike and that the insurance company in question were just robdogs.
I have my bikes named on my contents insurance policy.

 

[Andrew_Culture]

I looked in to specific bike insurance for my PX, when I got it. For a bike kept indoors (in my home, not in a shed or garage) with the appropriate lock etc the premiums came to about £22 and change a month. I thought that as I pay £17 a month, fully comp, for a 2 litre Saab estate, that seemed a bit high for a bike. I reckon that I can do a lot more damage if I rear end a car in a Saab than on a flimsy plastic bike and that the insurance company in question were just robdogs.
I have my bikes named on my contents insurance policy.

Robdogs is my new word for the day.

My issue with specific insurance is that both of my bikes were built on frames that cost me £30 and are littered with parts that are as old as my teeth. So if I put the premium amount in a pot each month (rather than paying for an insurance policy) and I did get a bike stolen I dare say I'd have a lot more money for a bike than the amount an insurance company would give me in the event of a claim.

 

[Arrowfoot]

Thanks everyone.

I was looking at this from the perspective of what happens if your bike is damaged or stolen, but I will raise public liability as well.

I may need some help with fact checking the final article

Its anecdotal but it may help provide a steer. A chap in my old workplace did a informal survey after his bike was stolen. It became a buzz when folks realise that it was easier to receive compensation if the bike was covered by home content insurance rather than a specific bike insurance. The guess is that claims are handled by 2 separate lot of specialists and the home content folks have larger buffer of quota to work with.

 

[jazzkat]

Insurance is legalised robbery in my opinion.
If you claim, you get hammered the following year, If you try to claim they will do their utmost to avoid paying out. They'll even wheel out the 'you are under insured' line if they don't want to pay out.
My uncle once tried claiming off his household insurance for some damage to a dvd player (when they were new and expensive) They inspected his whole house and declared he was under insured and wouldn't pay out!!
I have third party through CTC but my bikes aren't insured for theft, policies state that unless it's chained to a hungry Rottweiller with a chain the thickness of the Queen Mary's anchor chain then they wont pay out anyway.
Robbers the lot of them.

 

[Milkfloat]

The junker bikes we have are covered under £500 household limit which is fine for trips with the kids into town (the Pashley should just scrape in now). The decent bikes are not covered but are never out of sight unless they are locked in the garage. I prefer to spend the crazy premium that specialist insurance as a kitty for new bikes or to fund my shooting habit.

 

[sidevalve]

Bike insurance is an entirely personal thing - the most you can lose is the value of the bike. No 3rd party insurance and you could run into debts of hundreds of thousands. pays your money and takes your choice but I know which I'd rather risk for about the cost a a couple of tubes.

 

[Banjo]

£15 /year gives me third party liability cover from cycle plan.
Could save me my life savings one day.

 

[Drago]

I looked in to specific bike insurance for my PX, when I got it. For a bike kept indoors (in my home, not in a shed or garage) with the appropriate lock etc the premiums came to about £22 and change a month. I thought that as I pay £17 a month, fully comp, for a 2 litre Saab estate, that seemed a bit high for a bike. I reckon that I can do a lot more damage if I rear end a car in a Saab than on a flimsy plastic bike and that the insurance company in question were just robdogs.
I have my bikes named on my contents insurance policy.

You can't tuck a SAAB under your arm and stroll off with it. Probably why my 2 tonne truck is o ly 85 quid a year fully comp - even if You had so little taste you wanted to nick it you'd find it a bit hard to conceal inside your jacket.

 

[simon the viking]

I have 3rd party liability and legal insurance with British cycling... but no damage or theft as far I'm aware. It may be on normal house insurance but not sure.... If it was stolen (or Mrs V's was) they are of the value that would be very annoying but not a complete disaster... off set against premium and excess its a gamble I'm prepared to take......

 

[Andrew_Culture]

I have 3rd party liability and legal insurance with British cycling... but no damage or theft as far I'm aware. It may be on normal house insurance but not sure.... If it was stolen (or Mrs V's was) they are of the value that would be very annoying but not a complete disaster... off set against premium and excess its a gamble I'm prepared to take......

Pretty much the same here, my bikes aren't worth much financially, and even though I built the buggers myself (with help from the Bike Doctor in Ipswich) I'm sure I'd be irritated, but it wouldn't be the end of the world.

 

[simon the viking]

Pretty much the same here, my bikes aren't worth much financially, and even though I built the buggers myself (with help from the Bike Doctor in Ipswich) I'm sure I'd be irritated, but it wouldn't be the end of the world.

Mines a well used (but well maintained... just don't mention the half inch of crud on the jockey wheels I cleaned off at the weekend which cured an UN-diagnosed noise I had....) Defy 2 which could replaced second hand for half what I paid and Mrs V's is a Boardman race we dropped on at a bargain price. I think from what I've looked at, the premiums and excess make it uneconomical (hopefully) however if a sensible deal came along that didn't require 'Fort Knox' security while kept at home, I would consider it.

 

[mybike]

I should insure this?

My steed

• mybike
• 14 Jan 2015

 

[slowmotion]

I'm very fond of my bike and I lock it with a not particularly good Sold Secure Gold-rated D lock. I think it cost about £25. No matter how good your lock is, if somebody wants your bike they will make off with it, and that's why I've got theft insurance on my house contents policy. I think £1500 of cover costs about £22 per year and the exclusion clauses are minimal. Whether of not the insurance company will actually stump up, I have no idea. With a bit of luck, even if one of the bikes gets nicked, it won't be the end of the world. They are not covered for accidental damage. If I smash up the bike, it's my fault.