Securing bikes to meet home insurance requirements

[ebikeerwidnes]

In my experience of using household insurance this would put us all on bikes valued between £250 - 500 with the knock on effect of crashing the UK cycle market almost overnight.

Every house insurance company I have rung are happy with my ebike which is worth a damn sight more than £250-500

but I do need to specificy the exact make and model

Of course, how they would react if it got stolen is another matter - hope I don;t find out!

 

[Drago]

My insurers wanted to know mine was an unmodified legal ebike and not some improvised tactical nuke on wheels, and once Id reassured them of thet they made approving noises and ticked the box.

 

[Punkawallah]

In my experience of using household insurance this would put us all on bikes valued between £250 - 500 with the knock on effect of crashing the UK cycle market almost overnight.

Best get out of the market now - before the idea catches on!

 

[Fredo76]

What are these 'gold' and 'platinum' lock ratings and where do they come from?

 

[wiggydiggy]

What are these 'gold' and 'platinum' lock ratings and where do they come from?

It's from Sold Secure: https://soldsecure.com/

Gold used to be good enough, but Platinum seems to be asked for a lot now as well.

 

[Drago]

Whatever next!?

Sold Secure Rhodium? Sold Secure Uranium 239? Or maybe theyll adopt the Russian standard, Sold Secure Polonium.

Apparently Platinum has been superceded by Diamond, which includes greater resistance to grinding tool attack.

 

[fossyant]

No Unobtanium standard yet then !

 

[Pblakeney]

Whatever next!?

Sold Secure Rhodium? Sold Secure Uranium 239? Or maybe theyll adopt the Russian standard, Sold Secure Polonium.

Apparently Platinum has been superceded by Diamond, which includes greater resistance to grinding tool attack.

Sounds more like they are trying to not cover bicycles at all.

 

[Punkawallah]

Sounds more like they are trying to not cover bicycles at all.

No. They want to take your money, but introduce into the contract as many reasons as possible why they should not pay out.

 

[Pblakeney]

No. They want to take your money, but introduce into the contract as many reasons as possible why they should not pay out.

Fair point, well made. 😉

 

[ebikeerwidnes]

No. They want to take your money, but introduce into the contract as many reasons as possible why they should not pay out.

Which is why you need to check every year - even if you just renew

In the past I have come across "some minor updates" that made a big different to me personally

worst case was with dog insurance when I had a dog
I read the policy on wet afternoon and discovered that although they had been quite happy to renew it
it had changed to specifically say it did not cover certain breeds of dog from large section - i.e. most - of the policy
That include Alsatians (GSD in metric) - like mine!!!

I can see the same happening on a House Insurance or cycle plan

 

[Tom B]

I have an Asgard Shed.

But...

One of the best bits of advice was ever given was to only buy Defacto 5 star insurance it's just a better quality product and for me was lass than £5 more expensive than a 2 star policy.

When getting quotes in, which I do every year I just rummage through the ones I like until I find the one with the best and least onerous terms. Then, crucially I feel, I email or check with them to make sure they meet my needs (essentially locked inside the shed).

Last year I was with Tesco on their better policies, this year I think it's Aviva. Usually comes in at about £135 for part of a house and contents. I think about £2.20 a week is stonking value.

Last year someone was threating to make a claim against me and it was a comfort to know my max exposure was about £50.

Winston Churchill is quoted as saying.....

"If I had my way, I would write the word ‘insure’ over every door of every cottage and upon the blotting pad of every public man, because I am convinced that, for sacrifice that are conceivably small, families can be secured against catastrophes which otherwise would smash them forever.”


I'd temper that against the nonsense policies and extended warranties that we see today.

 

[PaulSB]

Sounds more like they are trying to not cover bicycles at all.

Or alternatively trying to minimise the risk. I've just added two bikes with a replacement value of £15k. All risks, worldwide, new for old. Cost £30.

This is with Aviva who in August 2024 paid out a £7700 claim without a murmur. I was hit by a tractor at 35mph which totalled literally everything except me. Bike, kit, Wahoo, bags etc. The only thing worth keeping was the pump and a Raceware light mount!!!

While I'm sure dodgy, that is cheap, companies do all they can to avoid payouts a decent outfit will take a different view. Cheap insurance comes with hidden costs, often one doesn't get paid, quality insurance comes with the requirement for the policy holder to minimise risk.

 

[Drago]

Insurers and 'risk' have a curious relationship.

The job of an insurer is to part you from your money, and propensity to spend is their biggest criteria when determining a price.

What an insurer describes as 'risk' is often simply a commercial measure weighted in their favour and demonstrably often bears to relation to the actual likelihood of an adverse event occurring.

 

[fossyant]

I do need to check my policy schedules again ! I sort of have two. Home Contents, then a separate 'home contents' with another supplier, that's just the 'bike extension' to cover more expensive bikes. The main policy lowered the cover after they removed the 'bike extension' so I had to get cover else where.