Is this insurance quote reasonable?

[Ice2911]

I just got a quote of £65 for £1000 cover for theft etc... From British Cycling. Does this seem the usual rate? Are there better options? My bike is being relegated to the shed from my dining room and so thought some cover might be advisable. It will be locked inside and a good lock outside, but it's still a wooden shed.

 

[Big Andy]

Check your house insurance added my bike, £2000 cover for about £25 extra a year.

 

[slowmotion]

^^^^^^^Spot on. The only downside is that your no-claims bonus might be in jeopardy if you claim too often on your house insurance. A risk I take. On the plus side, household insurance tends not to have the weasel word exclusions about locks etc so beloved by bike-specific policies.

 

[vickster]

A fiver a month doesn't sound too bad if you have no other option. Check the Ts & Cs carefully to confirm the bike will be covered in an outbuilding and the types of lock you need to use

 

[byegad]

I was quoted rather more than 10% of the new value of my trikes some 7 or so years ago. I didn't go ahead and now risk losing them without insurance. As I've now 'saved more than the cost of two of them, I suspect I made the right move,* for me.

That said £65 for £1000 cover seems reasonable.

*Never leave something uninsured if you can't afford to replace it!

 

[Banjo]

The most important element of bike insurance is third party liability.I doubt house insurance would include that.

If your house insurance covers you for theft cycleplan do third party liability for about £15

 

[Drago]

Many house insurance policies do indeed give general liability cover that extends beyond matters relating directly to the premises. Read the T&Cs carefully.

 

[rivers]

I pay about £4/month for £600 cover + liability , so £65 seems reasonable. I have new for old as well. I have cycleplan.

 

[Ice2911]

*Never leave something uninsured if you can't afford to replace it!

Thanks for the advice and your final quote makes lots of sense!

 

[Ice2911]

I pay about £4/month for £600 cover + liability , so £65 seems reasonable. I have new for old as well. I have cycleplan.

Thanks, I will get a quote from them.

 

[srw]

If you haven't already read this: Insurance and cycling, here's an extract:

You need to do your own research. What's best for one person may well not be best for another. Prices can vary wildly. Different companies have different policy wordings, different levels of cover and different approaches to settling claims. Always read the wording of the policy carefully, with advice if necessary! If you break the terms of an insurance contract, the insurance company is perfectly within its rights not to settle your claim.

 

[Soltydog]

Check your house insurance added my bike, £2000 cover for about £25 extra a year.

^^^ what he said, if you have house contents insurance it's worth a call. I have 3 bikes, total value around £4500 covered for about £50 a year. They must be locked to a 'permanent' fixture when out, which of course they are, or will be if stolen No lock standard required just 'a lock'. My policy is with the NFU & not had a claim on a bike, but had other claims & they have always paid out, no quibbles

 

[kingrollo]

Check the small print. - and the policy excess.
It does make you wonder that if you cycle is locked with an approved lock - to an approved object - will it ever get nicked anyway ?

 

[vickster]

Check the small print. - and the policy excess.
It does make you wonder that if you cycle is locked with an approved lock - to an approved object - will it ever get nicked anyway ?

Potentially by a thief with a power tool

 

[400bhp]

The most important element of bike insurance is third party liability.I doubt house insurance would include that.

House insurance often does cover you for public liability. @srw