Insurance for One Expensive Bike

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lane

Veteran
NFU, TSB and John Lewis will provide a high level of cover for bikes on home insurance but may not be the cheapest.
 
It's a bit dodgy doing that. If you deliberately insure an asset for less than its real value and then claim on it, the insurer may decide to reduce the payout on the claim in the same proportion. They will maintain the risk is related to the true value, and by under-insuring you are not paying the premium that reflects the actual risk.

I really can't understand why anyone bothers to insure bikes, tbh. For a stand alone policy you will likely pay 10% or even 12% of the insured value per year. Compare that to house buildings insurance where my premium is roughly 0.1% of the insured sum per year! Having an uninsured house burn down is a game-changer, losing one bike every few years is a relatively trivial event.
It makes more sense to minimise the risk by dismantling the bike into it's component parts if not used frequently and setting aside the money that would be used to buy insurance with. Remember, no insurance company sets up in business to lose money, a well run one that can price risk accurately is a very reliable source of profit. Statistically if you self-insure you will save money if you are vigilant about security and generally careful with your stuff..

I used a dedicated bike insurer once - for some reason I got it free and was then invited to carry it on. on closer examination the list of exemptions made the policy almost useless.

Worth throwing cheaper bikes on house insurance - one I had nicked I got paid £200 for a £300 bike - and think it was covered on the basic policy.
 

iluvmybike

Über Member
BIKMO+ - all of our bikes are insured via them and they cover kit, clothing etc. New for old in event of claim and no forcing you to use a particular supplier. Online - designed by cyclists for cyclists
 

vickster

Legendary Member
BIKMO+ - all of our bikes are insured via them and they cover kit, clothing etc. New for old in event of claim and no forcing you to use a particular supplier. Online - designed by cyclists for cyclists
They quoted me £500 a year, might have even been more!
 

iluvmybike

Über Member
They quoted me £500 a year, might have even been more!
All depends on value of your bike/s - our cost is quite high but we have 6 high value bikes insured - our house insurance would only cover up to £750 per bike - not much use of your bike is £2000 or higher. It also covers accessories,bike boxes, abroad worldwide, accidental damage, vandalism, cover if you get stuck out due to theft or accidental damage, legal cover AND personal accident. It is also excess free.
 

PaulSB

Legendary Member
All depends on value of your bike/s - our cost is quite high but we have 6 high value bikes insured - our house insurance would only cover up to £750 per bike - not much use of your bike is £2000 or higher. It also covers accessories,bike boxes, abroad worldwide, accidental damage, vandalism, cover if you get stuck out due to theft or accidental damage, legal cover AND personal accident. It is also excess free.

I get all of this covered on my Buildings and Contents policy which currently covers bikes to the value of £10,000.

Six high value bikes may well be worth more than £10k but I'd hazard a guess there are household policies which would be cheaper than bike specific insurance.

I'm paying £234 for house, contents and £10k on bikes.
 

iluvmybike

Über Member
I get all of this covered on my Buildings and Contents policy which currently covers bikes to the value of £10,000.

Six high value bikes may well be worth more than £10k but I'd hazard a guess there are household policies which would be cheaper than bike specific insurance.

I'm paying £234 for house, contents and £10k on bikes.
You pays your money and takes your choice. OP asked for recommendations - that was mine :smile:
 
D

Deleted member 26715

Guest
I have been surprised this year how reasonable Sheila's Wheels have been this year with bikes added as extras
 

lane

Veteran
And in my experience the cheapest on comparison sites try to claw money back in other ways.
 

SkipdiverJohn

Deplorable Brexiteer
Location
London
And in my experience the cheapest on comparison sites try to claw money back in other ways.

Insurance companies are in business to make money, and they can either do it by accurate risk pricing on their premiums, or set artificially low premiums but then bump up their revenue by excessive admin charges for policy changes etc. Whatever business model they use, only incompetently run insurers actually lose money.
 
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