theft, injury and third party liability insurance.

[confusedcyclist]

My parents own my home, and they have already have contents insurance which doesn't cover bikes, also I wouldn't want to effect their no claims should the worst happen. For that reason, and more, I'm not prepared to go down that route..

I'm curious to hear where you insure you bike if you're in a similar boat. I need to insure my new bike (worth £769.90) against theft while out and about as I bought with cyclescheme. I have a gold standard D-lock.

I also want decent cover in case of injury of myself, someone else or damage to others property. I looked at BC and CTC, but obviously they are just third party liability and don't cover theft.

Any recommendations outside of general household insurers? Also, if I want a decent level of accident cover, should I opt for full life insurance in case of serious accident? From the searching I have done so far some bike insurance cover personal accident, with max payouts around £10,000 which seems a paltry sum. As much as I don't want to think about it, I'm looking to insure against serious disability, loss of limbs, sight etc and £10,000 won't go far if I'm off work for 6 months or for life...

 

[Profpointy]

If you want personal accident cover ie for yourself if you get injured, then I'd suggest you separate this out from anything to do with the bike. After all you could get injured walking down the street, or putting your socks on, or climbing a tree, or hit by falling piano, so getting bike injury insurance leaves the other 97% (made up figure) of things that could hurt you uninsured. Either you want disability insurance for risks in general - which is likely pretty costly, or not bother

3rd party cover - easiest is to join CTC or the other lot. But even then, if you don't own your own house, you could just risk it as it makes little sense to sue someone with relatively little money.

Bike itself insurance - good luck with that, but again you need to consider cost of premiums versus value of bike - AND if it is covered in the circumstances you need it - read the small print - no point paying for cover if it's only covered indoors say. Bikes are very nickable, so cost of cover tends to be high - is it worth it for you?

 

[vickster]

I think British Cycling do offer theft cover, perhaps separately from the legal stuff (which is IMO well worth the £32 for Ride membership)

http://www.britishcycling.org.uk/legalandinsurance

As above if you want cover for other injuries, illness which is not incurred in an accident that someone else is liable for, that's a different kettle of cod. Get advice from an IFA (and check what your employment contract looks like). I wouldn't rely on a quick payout from a legal case. Anything involving a life-changing injury could take many years to settle. Mine is now into its 6th month and I've not seen a penny - I am out of pocket but not in need of the cash right now

If buying a bike on the never never (finance or C2W) I would certainly insure it as otherwise you could find yourself paying for something you no longer own (rather than just not own)

Not all Gold locks are created equal, check the specifics of any policy you may take out, as well as excesses and what not

Personally, I have BC cover for myself while cycling (already being used in anger for a PI claim), the bikes are covered on my contents insurance (named for the one which would cost over £1700 to insure, the others are covered up to £1500). For the rest of me/my stuff, an endowment, critical illness cover and an employment contract / understanding boss (I hope)

 

[confusedcyclist]

Personally, I have BC cover for myself while cycling (already being used in anger for a PI claim), the bikes are covered on my contents insurance (named for the one which would cost over £1700 to insure, the others are covered up to £1500). For the rest of me/my stuff, an endowment, critical illness cover and an employment contract / understanding boss (I hope)

Cost of £1700 to insure?! Did I read that correctly ?

I suppose you are right, having thought about it a little more if I have third party liability in place (BC, or CTC membership for instance) and separate life insurance there is little point in having separate insurance for the bike if you can afford to replace it out right. I suppose if I can find a decent policy covering liability and theft for under £50 it might be worth having bike insurance and will save buying a new bike outright. Will be reading the small print, don't you worry!

 

[vickster]

The replacement value of the bike is £1700. I really didn't phrase that well!!

Maybe it's time to move out of the parents place and get contents insurance.

Get legal cover through bc or ctc, far better if you need to claim for PI. Life insurance only covers you if killed. Critical Illness may not cover rtc injury

Are you using c2w? If so, definitely insure otherwise you have to finish paying for that and get a new bike! You might also want to check the t&c for c2w, as the bikes not yours you may be obliged to cover it

 

[srw]

*ahem*
http://www.cyclechat.net/threads/insurance-and-cycling.118438/

If someone else injures you, and its their fault, you've got a claim against their insurance.

 

[confusedcyclist]

*ahem*
http://www.cyclechat.net/threads/insurance-and-cycling.118438/

If someone else injures you, and its their fault, you've got a claim against their insurance.

Thanks for the link, I guess my major concern with that approach is if they don't stop at the scene and the police don't/can't help identify the perpetrator. Unlikely, but then again, that's what insurance is for!

Maybe it's time to move out of the parents place and get contents insurance.

Definitely, however no immediate plans, saving up for mortgage deposit!!!

 

[vickster]

Motor insurers bureau also covers PI caused by uninsured, untraceable drivers

 

[srw]

Thanks for the link, I guess my major concern with that approach is if they don't stop at the scene and the police don't/can't help identify the perpetrator. Unlikely, but then again, that's what insurance is for!

As @vickster points out, the MIB exists (and is funded by a levy on all motor policyholders) for exactly that situation.