Insurance against cycle theft

[vickster]

I hope you are not suggesting I am under insured? Nothing I have said implies that.
Everything I have that's insured is fully insured....including the dog. Up to £10,000 in her case.

Huh...? I'm not saying that at all...I made the point to someone earlier to check that they are covered in the event that they could be.

You said you're too lazy to check...as said, that's your look out (as it is anyone's responsibility to make sure they are familiar with the terms of any policy, contract, whatever)

 

[Pale Rider]

including the dog.

I'm insured with the dog as part of my home policy.

Maximum £2,500 for a single bike, but no other restrictions.

That wouldn't replace the Riese and Muller with new, but would go a long way towards a suitable replacement.

I don't know if the cover is 'new for old', but if it isn't, the bike isn't worth more than £2,500 anyway.

I can see an argument could be had that I'd under-insured the bike against new price, but I have correctly insured it for its current value.

If the house burns down, they can't say the bricks should have been insured at the buying price 115 years ago.

 

[lane]

Huh...? I'm not saying that at all...I made the point to someone earlier to check that they are covered in the event that they could be.

You said you're too lazy to check...as said, that's your look out (as it is anyone's responsibility to make sure they are familiar with the terms of any policy, contract, whatever)

He didn't need to check because he is not underinsured. He was trying to provide some helpful info that is all.

I have had a quick Google and it appears the worst that can happen is you will get the proportion of the value you have insured so if you are 10% under insured they can knock off 10% and definitely would not be able to pay zero. However there appear to be quite a lot of cases where you would still be able to argue for the full amount.

 

[Pale Rider]

He didn't need to check because he is not underinsured. He was trying to provide some helpful info that is all.

I have had a quick Google and it appears the worst that can happen is you will get the proportion of the value you have insured so if you are 10% under insured they can knock off 10% and definitely would not be able to pay zero. However there appear to be quite a lot of cases where you would still be able to argue for the full amount.

Ah, the arcane world of claims 'redrawing'.

You might be on sticky ground if you insured your £5K Colnago for £100 because the insurance company could say the risk was higher - more desirable bike to a thief - than that which you presented to them.

That option isn't really open to them on a non-specified bike policy such as many of us have.

The argument that the expensive bike - after a year or two - is worth no more than the maximum sum specified by them is a powerful one.

However, one never knows with insurance companies, so the best hope is not to have to make a claim.

 

[rualexander]

Never used to bother with bike insurance because it was always unjustifiably expensive but been with TSB for a couple of years now and at £3 per month to cover all my bikes it's a reasonable deal. Never had to make a claim mind you.

Laka seems like a fairly good deal too https://www.laka.co.uk/?utm_medium=...FnKxg6pKJbxuoXCtfUVD2h19Nn3rudAhoC2gAQAvD_BwE

 

[Notafettler]

Never used to bother with bike insurance because it was always unjustifiably expensive but been with TSB for a couple of years now and at £3 per month to cover all my bikes it's a reasonable deal. Never had to make a claim mind you.

Laka seems like a fairly good deal too bike

Rubbish TSB isn't a good deal, it's staggeringly good deal. They are insuring 2 Santos Travelmaster, a thorn tourer and kalkoff electric bike. Replacement costs for the Santo's is £3500 plus each. Forgot all rohloff except the kalkoff.
Total insurance cost £30.74. loss leader?
Not for me I wanted to reward them with house insurance but they were to expensive. If they had been close I would have given them my business but no where near.

 

[Notafettler]

I'm insured with the dog as part of my home policy.

As in illness/injury?

 

[DBrown67]

Interesting reading all the replies.... thanks guys. The TSB insurance did look good but in reply to Notafettler I noticed you have Kalkhoff electric bike listed. But on their bike insurance it specifically states that bikes with motors are not covered...

https://www.tsb.co.uk/home-insurance/bicycle-insurance/?WT.mc_id=43700046122269824&WT.srch=1&keyword=tsb bike insurance&matchtype=e&adid=372947891740&cmp=GI_BIKE_B_EXACT_X&agrp=B_BIKE_INSURANCE_CORE_EXACT&eact=GOOGLE&ch=ppc&sch=brand&pf=ins&co=acq&gclid=EAIaIQobChMI-K7Np_Lt5gIViLPtCh0Vdgp0EAAYASAAEgJzkPD_BwE&gclsrc=aw.ds

Now if I had a bike with a kit I fitted (like I'm doing with a Brompton) then it would be OK but only the bike would be covered (obviously I wouldn't say it has a motor. But if it got nicked nobody would ever know). So I'd have to swallow the loss of the kit but I'd get the bike back. But a specific model ebike? If you tried to claim for that on the policy I linked to they'd decline for sure. (If that's the same policy)

Anyway, I've decided it's best to go with CO-OP insurance as they cover me for bikes in their contents cover for £80 total (£50 excess). Bikes are covered at home and away from home and I only have to tell them the most expensive bike (my new Brompton B75). Any cheaper bikes are automatically covered. I don't have a shed/garage so the bikes sit in the hallway. If I got burgled the bikes would go 100% I reckon.

 

[Pale Rider]

If I got burgled the bikes would go 100% I reckon.

Anything could happen, but most burglaries are clumsy break-ins by a drug addled loony acting alone.

They generally stuff a few obvious electrical gadgets into one of your pillow cases and leg it.

Riding away on one of your bikes is a possibility, but I doubt the burglar could work out how to unfold your Brompton, even if he grasped it is a bicycle.

 

[Notafettler]

Anything could happen, but most burglaries are clumsy break-ins by a drug addled loony acting alone.

They generally stuff a few obvious electrical gadgets into one of your pillow cases and leg it.

Riding away on one of your bikes is a possibility, but I doubt the burglar could work out how to unfold your Brompton, even if he grasped it is a bicycle.

Bit of a problem round here at the moment. 2 types of scumbags one the normal farm robbing and another outbuildings. Its assumed its different people as the outbuildings robbers are known to approach across fields in off road vehicles. Not always but a lot of time. They don't do much house robbing. I am rural so probably not going to ride away on one of my bikes....probably.

 

[Notafettler]

Interesting reading all the replies.... thanks guys. The TSB insurance did look good but in reply to Notafettler I noticed you have Kalkhoff electric bike listed. But on their bike insurance it specifically states that bikes with motors are not covered...

https://www.tsb.co.uk/home-insurance/bicycle-insurance/?WT.mc_id=43700046122269824&WT.srch=1&keyword=tsb bike insurance&matchtype=e&adid=372947891740&cmp=GI_BIKE_B_EXACT_X&agrp=B_BIKE_INSURANCE_CORE_EXACT&eact=GOOGLE&ch=ppc&sch=brand&pf=ins&co=acq&gclid=EAIaIQobChMI-K7Np_Lt5gIViLPtCh0Vdgp0EAAYASAAEgJzkPD_BwE&gclsrc=aw.ds

.

I am having problems with that as a bike that doesn't exceed 15 miles per hour is a bike end of. They appear to be confused when I discuss it with them. Not to bothered as my house insurance should cover the Kalkhoff. Either way I am always a fan of threatening them with the ombodsman. My main worry would be my 2 Santos travelmasters?..heavenly bikes. And until I have sold it a Thorn Raven. All are Rohloff. £3,500 wouldn't buy a new Santos. If it's new for old I think they said it was?

 

[kynikos]

+1 for Aviva household policy. Any number of bikes and insure for value of highest one. I have £2,735 of cover, worldwide, for a premium of £17.27 p.a.

 

[Notafettler]

That's looks good need to check next renewal. Nice one.

 

[Notafettler]

+1 for Aviva household policy. Any number of bikes and insure for value of highest one. I have £2,735 of cover, worldwide, for a premium of £17.27 p.a.

PS I assume not a stand alone policy?

 

[figbat]

This thread has made me think. I have a relatively basic household contents cover which includes bicycles up to £1,000 unless named (which mine aren't). Until recently this was probably OK (most of my bikes are, realistically, around the £1k mark to replace for new). However I recently 'won' a bike on eBay which is over the £1k mark. I plan to look into cover for it but one question I have:

In declaring its value, what do you say? This particular bike is an ex-demo model having covered (I'm told) only 5 miles. When it was a new model it sold for several thousand. You can still pick them up new at discounted, old model, run-out discounts around 40% off the original price. I bought it for significantly less than that. So on a new-for-old, insurance replacement basis, do I quote the as-new price or the discounted price? Does it even matter, other than capping the maximum payout I would receive?