Insurance/Rescue Cover

[jefmcg]

I've just helped a friend buy her daughter a very cheap bike for getting to and from Uni. The parents live on the other side of the world, so the mum was interested in rescue cover, in case her cheap bike breaks down. I feel comforted by having 3rd party insurance. And of course, she's in a university town, so theft is going to be a problem.
Anyway, I found this insurance/rescue cover
https://www.lexhaminsurance.co.uk/products/cycle-insurance/

£1Million 3rd party insurance, £200 cycle theft cover, 3 rescues/year. premium £22/year. Rescue is £14-£18 per year from various places, and I'm paying £18 affiliate membership to CTC just for 3rd party insurance (albeit with higher coverage)

This seems a really sensible policy for a 21 year old, who was recently "helped" by some strangers after falling over who took her iphone, and then tried to get her to pay a ransom to recover it. Can anyone see why this might not be a good policy for her to take out? I'm interested in the rescue and 3rd party cover for her, but the anti theft insurance seems to be a very cheap bonus for a very cheap bike.

 

[User6179]

I've just helped a friend buy her daughter a very cheap bike for getting to and from Uni. The parents live on the other side of the world, so the mum was interested in rescue cover, in case her cheap bike breaks down. I feel comforted by having 3rd party insurance. And of course, she's in a university town, so theft is going to be a problem.
Anyway, I found this insurance/rescue cover
https://www.lexhaminsurance.co.uk/products/cycle-insurance/

£1Million 3rd party insurance, £200 cycle theft cover, 3 rescues/year. premium £22/year. Rescue is £14-£18 per year from various places, and I'm paying £18 affiliate membership to CTC just for 3rd party insurance (albeit with higher coverage)

This seems a really sensible policy for a 21 year old, who was recently "helped" by some strangers after falling over who took her iphone, and then tried to get her to pay a ransom to recover it. Can anyone see why this might not be a good policy for her to take out? I'm interested in the rescue and 3rd party cover for her, but the anti theft insurance seems to be a very cheap bonus for a very cheap bike.

The rescue cover is a bit of a con , you pay the first £25 of the taxi fare but you wont be covered for punctures , broken spokes , only irreparable damage !

" breakdown recovery (UK) – the taxi fare for you and your bike to your destination following irreparable insured damage to your bike more than a mile from home

 

[jefmcg]

you pay the first £25 of the taxi fare

Thanks. Where did you find that information? I can find the "Key facts" but not the policy itself, even if I go all the way to the payment phase of purchasing. The key facts seems to indicate there's no excess, but I can't confirm that, nor find out what they mean by "irreparable"

https://lexhamsecure.co.uk/insurance/documents/589.pdf

Mind you, the fact that I can't find the policy wording on the site worries me.

 

[User6179]

Thanks. Where did you find that information? I can find the "Key facts" but not the policy itself, even if I go all the way to the payment phase of purchasing. The key facts seems to indicate there's no excess, but I can't confirm that, nor find out what they mean by "irreparable"

https://lexhamsecure.co.uk/insurance/documents/589.pdf

Mind you, the fact that I can't find the policy wording on the site worries me.

I just clicked on Key Facts on the first link .

I looked for rescue cover before a few years ago and came to the conclusion to just carry money for a taxi , they all sound good till you read the small print.

 

[robgul]

Don't waste the girl's money - the rescue things are a complete con. Just buy another, even cheaper, bike - and there's probably a student policy for the usual risks that has cover, or it can be added.

Rob

 

[400bhp]

Have to agree with the above for the circumstances you've described. I can't imagine the bike is going to be used much more than cycling to/from uni so never too far from home anyway.

14 day cooling off period with insurance products.

 

[User16625]

Never ever buy insurance except when its a legal requirement. Insurance companies will screw you over when ever they can.
I once had breakdown cover included as part of my motorcycle insurance so I didnt feel the need to purchase breakdown cover separately. When I needed to call the breakdown service out, it turned out that they only covered me for a very small area and I had to pay over £100 to go about 30 miles to the garage I use. This wasnt pointed out to me when I purchased the insurance, and I would have purchased proper cover had I known this. I now purchase separate breakdown cover regardless. This is the only exception I make with regards to buying insurance.

 

[jefmcg]

Thanks folks.

I'll share your thoughts with her and her family.

Her mother was really pleased with the idea of a rescue service, so she's not left stranded at 3am across the other side of the world. It's not so much the money, it's the feeling there is someone looking after her. The idea of a single number she could call, and a safe ride turning up a little later, like roadside assistance for a young car owner. That's not what this service offers, so I will keep looking to see if any do better.

 

[srw]

Thanks folks.

I'll share your thoughts with her and her family.

Her mother was really pleased with the idea of a rescue service, so she's not left stranded at 3am across the other side of the world. It's not so much the money, it's the feeling there is someone looking after her. The idea of a single number she could call, and a safe ride turning up a little later, like roadside assistance for a young car owner. That's not what this service offers, so I will keep looking to see if any do better.

Better to make a friend or two - or, as others have said, carry taxi money. Depending on the university town, Shank's Pony may be a perfectly adequate backup.

 

[vickster]

Eta £18 a year, provide taxi to home/lbs/station as appropriate. I'd say it's worth having. Puncture rescue included. They don't fix the bike but they'll pay to get her and the bike home

About the cost of a curry out

Isn't she at Kent uni which iirc is a bit out in the sticks up a hill

 

[srw]

Eta £18 a year, provide taxi to home/lbs/station as appropriate. I'd say it's worth having. Puncture rescue included. They don't fix the bike but they'll pay to get her and the bike home

About the cost of a curry out

Isn't she at Kent uni which iirc is a bit out in the sticks up a hill

£18 is probably about the cost to the insurance company of one call-out - which means they'll expect on average that clients have fewer than one call-out per year. Which for a student cheap bike I suspect is generous.

Which either means that they'll stick the price up at renewal or refuse renewal after claims, or else that there are very onerous conditions over claims.

 

[vickster]

As the first post, the wish is for peace of mind for the mother

£18 is nothing for that imo. The premium may go up, it may not. Hopefully it'll be unnecessary

I don't think the folks on here saying don't bother are the mothers in Australia of 21 year old girls at uni in the UK . Nor am I but I can understand and think some sort of cover is a good idea

 

[jefmcg]

Thanks Vickster. That's the one I think. They have a call centre, and 'cause her bike is cheap, another 4 pounds gets her 3rd party and insurance for the bike itself.

And if they don't renew, so what? If she uses it, she's got her money's worth, and you won't be any worse off in 12 months than she is now.

 

[jefmcg]

Better to make a friend or two -

That is essential. She's done that. As she's just got the cycle and had to get from Twickenham to Canterbury, before she actually purchased I found a route to St Pancras that she could take the bike on, made sure all the tubes were running, and felt very smug. When we had got the bike to my place, she checked the train times and found rail replacement buses were running from Ashford. She texted a friend with a mini cooper, who instantly replied "you are NOT going to cycle from Ashford to Canterbury in this wind!" So she's got that covered. Hopefully they got the bike in and out without damaging upholstery or ducco.

But when she's coming back from a party at 3am, and the chain snaps, she's not going to call a friend. And the bike is to give her that sort of freedom. Oh, and bless, she wants to cycle Canterbury to Portsmouth on it