Insurance - Quote too good to be true?

[Pedro]

I've just bought a new bike plus some accessories for £500 and thought I'd get it insured (living in London I reckon you can never be too careful). Anyway I looked at EandL it is almost £40 a year. so I called Legal & General to see if I could add it onto the home insurance and was quoted £14 (for the full year for inside the house and off the property). I asked about locks if it is outside and was told as long as it is locked it is covered (no mention of gold/silver locks etc even when I spefically asked). The only downside I can see is that if the worst happens they use their supplier (probably Halfords) and get the nearest equivalent bike to mine and I wouldn't get a say in it. Is this quote too good to be true or am I missing something (oh yeah the excess was £50).

Thanks, Ped

 

[domtyler]

For me to insure my four costs around £200 per year under the household insurance. They are covered for up to £3,200 each and includes personal liability cover. They don't have to be stored in the house but do need to be locked away from it.

I'm pretty sure that is not the cheapest out there, it is with DirectLine.

 

[k-dog]

Mine is basically the same - not much extra and a £50 excess.

I had mine replaced a few years ago through Wheelies Direct and it all went pretty smoothly.

 

[Gerry Attrick]

I've just bought a new bike plus some accessories for £500 and thought I'd get it insured (living in London I reckon you can never be too careful). Anyway I looked at EandL it is almost £40 a year. so I called Legal & General to see if I could add it onto the home insurance and was quoted £14 (for the full year for inside the house and off the property). I asked about locks if it is outside and was told as long as it is locked it is covered (no mention of gold/silver locks etc even when I spefically asked). The only downside I can see is that if the worst happens they use their supplier (probably Halfords) and get the nearest equivalent bike to mine and I wouldn't get a say in it. Is this quote too good to be true or am I missing something (oh yeah the excess was £50).

Thanks, Ped

You have got a say in it. The insurance company will always try to get you to accept a replacement under their own scheme, but you cannot be compelled to accept. You have the right to go where you wish.

 

[Briggo]

No it aint too good to be true, household insurance packages are tailored for this sort of thing.

The insurance cover you get on a household insurance package is the same as a cycle specific insurance, you can use your households legal cover/public liability etc while you are using your bike.

Wherever you go the cover follows.

Dont be fooled by cycle specific insurance packages making you think that you need their cover for public liability whilst using a bike.

The only good think about cycle specific insurance is that you have cycle hire replacement, so while sourcing your bike replacement you can hire another bike similar to keep you mobile if required.

Also cycle insurance covers the higher end cycles that household insurance doesnt want to cover like £2500+ etc but then that depends on the household insurance company some will some wont.

Oh and another benefit of household insurance is that you dont need a secure rated lock, they generally accept that these locks are no better than any other lock due to the fact secure rating locks dont actually get tested against the real tools a thief would use.

 

[andyfromotley]

Gerry's right.... they cannot make you use a specific supplier (although they wil try.) You have a right in law (there was a test case some years ago concerning golf clubs) to use a supplier of your choice. Although i think if they can supply you with an identical replacement to which you lost then you may be compelled to take it.

andy