Insurance

[Glasgow44]

Hi Guys

I’m thinking of buying a Bianchi Infinito CV at a cost of £4600. My other bikes are covered by my house insurance and I’ll add this one on too. Should I also take out additional insurance? I just feel that paying a lot of money for a bike I should cover it as well as I can – almost like a car in a lot of ways.

J

 

[Milkfloat]

I don't understand - you say you have already decided to add your new bike on, so what additional insurance are you talking about?

 

[Glasgow44]

I don't understand - you say you have already decided to add your new bike on, so what additional insurance are you talking about?

I phoned my insurance company and they said that it would be up to the underwriters if they could insure a bike of that value, so I'm just looking at other options.

 

[Milkfloat]

By fare the most economical way to insure the bike is through your home insurance, so I would see what they say first and then be prepared to move.

 

[glasgowcyclist]

I'm assuming your looking for more than the basic covered while secured at home policy.

Try https://www.eta.co.uk/insurance/cycle/ and be prepared for a steep premium of probably around 10% of the value. On the plus side you benefit from:

New-for-old replacement 
no devaluation
Theft, accidental damage 
and vandalism cover
£5m personal liability 
& £20k personal accident
90 days Europe & 
worldwide cover
Family covered
Low excess
Cycle breakdown cover including punctures
Replacement cycle hire
Race events & Triathlons covered

 

[vickster]

https://www.cyclechat.net/threads/insurance-and-cycling.118438/

 

[Glasgow44]

Hi guys

Thanks for your replies. I phoned my home insurers and they have said that, in order to insure a bike of that value, they would have to refer it to the underwriters or I would have to remove one of my other bikes from the policy to bring the overall value down.

I contacted Pedalsure but they were unable to give me a quote for bike cover only and referred me to Yellow Jersey who gave me a quote more than twice of what my car insurance is, so that's a definite no no!

 

[Milkfloat]

Hi guys

Thanks for your replies. I phoned my home insurers and they have said that, in order to insure a bike of that value, they would have to refer it to the underwriters or I would have to remove one of my other bikes from the policy to bring the overall value down.

I contacted Pedalsure but they were unable to give me a quote for bike cover only and referred me to Yellow Jersey who gave me a quote more than twice of what my car insurance is, so that's a definite no no!

Referring to the underwriter is not that uncommon, it is likely to push the premium a bit though or a change in conditions. In a friends case with a £7k bike he just needed to agree to a gold secure lock if he left his bike unattended outside the house

 

[vickster]

Hi guys

Thanks for your replies. I phoned my home insurers and they have said that, in order to insure a bike of that value, they would have to refer it to the underwriters or I would have to remove one of my other bikes from the policy to bring the overall value down.

I contacted Pedalsure but they were unable to give me a quote for bike cover only and referred me to Yellow Jersey who gave me a quote more than twice of what my car insurance is, so that's a definite no no!

Yes, you'll probably pay £500 on a 5k bike as mentioned for a bike specific policy but it'll probably have a lower excess, accidental damage cover, liability insurance etc while your home policy may not

Maybe get a quote from Bikmo, they seem quite well regarded (if costly)

Or you can just risk it and put £500 aside every year in case

 

[rivers]

I have my bikes insured through Bikmo. Total value is just over £3k and my premium is £114ish/year. Plus it includes accessories and clothing cover up to a certain value (i think £300).

 

[tom73]

+1 for Bikmo

 

[Glasgow44]

Hi Guys. Just an update - my home insurance have said they are unable to insure a bike of that value, so I'm probably going to have to take out separate insurance for this bike. Bikmo looks good, although quite expensive - I suppose you get what you pay for!

 

[vickster]

Hi Guys. Just an update - my home insurance have said they are unable to insure a bike of that value, so I'm probably going to have to take out separate insurance for this bike. Bikmo looks good, although quite expensive - I suppose you get what you pay for!

When can you change your home insurer? What are the early exit penalties?
I'm with Aviva plus and there's no limit on single items like bikes

 

[tom73]

Hi Guys. Just an update - my home insurance have said they are unable to insure a bike of that value, so I'm probably going to have to take out separate insurance for this bike. Bikmo looks good, although quite expensive - I suppose you get what you pay for!

yep good service too I’ve found. If you do go with them DM me if you like and I can give a discount code.

 

[NorthernDave]

I've just left Bikmo and put my bikes in the house insurance for a fraction of the cost. FWIW their insurance is actually with Hiscox.