Insurance recommendations

Discussion in 'General Cycling Discussions' started by Tiberius Baltar, 16 Aug 2012.

  1. Tiberius Baltar

    Tiberius Baltar Active Member

    Location:
    Liverpool
    Hi guys,

    I have been thinking about getting my bike covered under an insurance policy in case the dreaded day comes when I come out of Tesco and find that some git has pinched it. My bike without all its bits added on to it was bought new for £300 and I have been quoted a yearly policy of £40.

    As long as I can prove that the bike was locked securely with an industry approved lock and have all the valid receipts for bike and lock then the policy would replace the bike. This sounds like a very good option as I wouldn't fancy having to go and spend another £300 on a new bike myself.

    So for the price of the policy and lock which comes to £140 I would potentially have a replacement bike if mine got taken. Does this seem like a good idea (it does to me) or would the insurance company try and avoid paying like they always seem to do? Anyone with any experience who could advise me would be gratefully appreciated.
     
  2. Pauluk

    Pauluk Senior Member

    Location:
    Leicester
    I must confess I would find it hard to justify the cost of insuring my bike considering that it only cost just over £330. Insurance companies have so many loop holes that you can often be at their mercy when it comes to paying out. I just don't bother as I am lucky enough not to have to leave my bike out of sight and at home its fairly secure. I tend to save on the insurance knowing that I can buy a new one with the premiums I've saved. I must admit though, I would reconsider if I bought a much more expensive bike.
     
  3. Markymark

    Markymark Guest

    ...is there an excess on this?
     
  4. OP
    OP
    Tiberius Baltar

    Tiberius Baltar Active Member

    Location:
    Liverpool
    The excess is stated as 5% of the amount being claimed or a minimum of £25. I'm currently in two minds as to whether it is worth it but I just keep thinking that if my bike was pinched then the cost of replacement of bike and panniers (if they were on it) would be nearly £400. So for a £40 yearly policy and £25 excess that seems like good cover. Pay them £40 quid and its peace of mind for twelve months.

    Has anyone actually claimed? Was it difficult to get paid out?
     
  5. OP
    OP
    Tiberius Baltar

    Tiberius Baltar Active Member

    Location:
    Liverpool
    This would be my usual way of thinking but how gutted would you be if you needed to buy another bike for £330 for the sake of a one off payment of £40? Is it worth it to have that peace of mind?
     
  6. Markymark

    Markymark Guest

    ok, last question - is it new for old, or is it market value?
     
  7. OP
    OP
    Tiberius Baltar

    Tiberius Baltar Active Member

    Location:
    Liverpool
    It states new for old plus you get roadside assistance and public liability cover. It all sounds good I just wanted some experienced advice on what bike insurance is like in terms of claiming and payout.

    www.eta.co.uk/insurance/cycle/ Ive looked through the small print and as long as the lock was used correctly and I have proof of ownership of both lock and bike then everything seems fine.
     
  8. Pauluk

    Pauluk Senior Member

    Location:
    Leicester
    Is it a one off payment or is it £40 annually.

    At one stage I was paying over £1000 on insurance premiums, house, contents, car, boiler etc etc. I decided it was too much and I was helping too many companies boost their profits.

    Personally I wouldn't be too gutted at a £330 cycle theft, there are a lot worse things that could happen. Having said that, its up to you. How vulnerable do you think you are and what is your peace of mind worth.
     
  9. jdtate101

    jdtate101 Ex-Fatman

    Location:
    Boring Birmingham
    Most home insurance will cover bikes up to the value of £1000, some even more. For more expensive bikes then I'd say insurance is a must, in case you stack it into a tree yourself. My bikes are insured through E&L as they gave me cover abroad inclusive.
     
  10. Crankarm

    Crankarm Guru

    Location:
    Nr Cambridge
    If you don't have bicycle cover under your home contents policy, why not self insure your bike as it has quite a low value. Just put the premium £50 into a savings account and buy a couple of good Abus D-locks. I wouldn't insure a £300 bike on an individual policy it's just not worth it.

    When my first Brompton was nicked my house insurance paid out no problem as it was locked with a Kryptonite New Yorker D-lock to a Sheffield Stand even though away from home in London. I later found out that the reason it was nicked was because it had a Kryptonite New Yorker D-lock. Big mistake as Kryptonite locks are serioulsy sh1t. But I didn't know any better back then. Now I have several Abus Granit X Plus and Extreme D-locks. No bike thefts since. Searches for some wood.

    There was a little bit of a problem with my insurer at first as they wanted me to use some crappy middleman company to source me another Brompton who had not even heard of Brompton. So I refused and told them it wasn't going to happen, that my replacement was going to come from Condor which it did as this was where I purchased my one that had been nicked. Once they understood this then we got on just fine.
     
  11. OP
    OP
    Tiberius Baltar

    Tiberius Baltar Active Member

    Location:
    Liverpool

    Spoken like a sane voice in a world of jibberish! I think I may just do that. Stick £100 quid in my savings and buy a decent D Lock. I was actually going to buy the Kryptonite but you really don't think they're any good?
     
  12. Crankarm

    Crankarm Guru

    Location:
    Nr Cambridge
    Nope. Abus are far better. Go for the Granit X Plus if you can. Don't use ANY cables as good bolt cutters will go through them all. In Cambridge I see the remains of so many cables that have been chopped even thicker ones. Each year when the anniversary of acquiring your bike comes round put what you would have paid in insurance in your savings account. Obviously if you have a much more valuable bike then insurance would be the sensible option but not IMHO on a £300 bike.
     
  13. snorri

    snorri Legendary Member

    Would your panniers and contents be covered?
    Just a thought.
     
  14. OP
    OP
    Tiberius Baltar

    Tiberius Baltar Active Member

    Location:
    Liverpool
    Yeah I can add bike plus equipment as long as all receipts are kept but the more I think about it the more I think that maybe Crankarm is right. Just buy a decent lock and be sensible where I leave it. I don't tend to leave it locked in the city for more than 20 mins as I don't use it to commute so the only place it is likely to be pinched is when I'm touring round Wales and to be honest the places I've stayed then it's unlikely anyway.

    New cycling shoes instead of an insurance policy methinks!!
     
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