Insurance companies for a bike that's not mine

[steven1988]

Hi Everyone,

Is anyone aware of a bike insurance company that will let me cover a bike that isn't mine. I'm wanting to insure the lads bike bit can't find a company willing to insure it in my name.

Any suggestions?

 

[jay clock]

transfer it to your name?

 

[srw]

When you say "the lad" - how old is he? In general, unless you own an item you can't insure it - you need an insurable interest. If "the lad" is your child and still a child then you own the bike.

(The usual question of whether it's sensible to insure a bike remains.)

 

[steven1988]

Sorry the lad is 9, I've wanted to insure his bike but the companies I have rang say they will not insure a child's bike to an adult as it is obvious it is not Mine.

So I am at a dead end

 

[vickster]

Not covered on home insurance assuming he’s your child?

 

[alicat]

Is it very valuable? It might be covered anyway on your household insurance and failing that would it be the end of the world if it went missing?

 

[steven1988]

Is it very valuable? It might be covered anyway on your household insurance and failing that would it be the end of the world if it went missing?

It is an expensive bike,£1250 new, the home insurance only covers it at home. I'd like to get away from home cover just incase

 

[400bhp]

Sorry the lad is 9, I've wanted to insure his bike but the companies I have rang say they will not insure a child's bike to an adult as it is obvious it is not Mine.

So I am at a dead end

That is incorrect information, assuming the cover is for property and not liability.
It is not really owned by your son in any place as he is under age 16.
It’s the same as saying any contents in your child’s bedroom aren’t insured.

 

[jay clock]

That is incorrect information, assuming the cover is for property and not liability.
It is not really owned by your son in any place as he is under age 16.
It’s the same as saying any contents in your child’s bedroom aren’t insured.

agreed. If your 7 yr old had an iPad they would not insist in you taking out a policy in her name ....

when I was 9 my bike cost about a fiver. Lucky boy!

 

[alicat]

When your home cover is up for renewal look for a policy that covers bikes away from home. You will have to make sure it is adequately locked etc as if you would an adult's bike.

 

[steven1988]

Thanks for the help and advice everyone I'll keep digging and hopefully get it covered.

 

[steven1988]

agreed. If your 7 yr old had an iPad they would not insist in you taking out a policy in her name ....

when I was 9 my bike cost about a fiver. Lucky boy!

It's his Race Machine, he uses it for CX. He absolutely loves it. I only wish mine was as good

 

[Firestorm]

The issue is that you cannot take out insurance if you do not have insurable inerest. In this instance you do have, the bike is not your sons its yours , he is 9.
There may be some issues in the wording of the policy conditions of some policies which may limit the coverage beyond that which you might find acceptable.

 

[vickster]

How about asking if you can add away from. home cover? Or the bike as a named item? Failing that call the bike specific insurers, speak to them rather than trying online

Is your sun a British cycling member? Or a club member? Anything they can offer?

 

[srw]

That is incorrect information, assuming the cover is for property and not liability.
It is not really owned by your son in any place as he is under age 16.
It’s the same as saying any contents in your child’s bedroom aren’t insured.

This.

It's more likely that the insurance firms don't want to insure it. That might be because they've had hassle in the past with parents claiming bikes have been "stolen" when they've been outgrown, or because they're not used to the idea that a child's bike could be valuable.

If you need insurance, the best way is probably to change your household insurance to a better firm.