Insurance advice

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Tetley10
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Insurance advice

Postby Tetley10 » Tue Jan 08, 2013 22:21 pm

I'm sure that there has already been multiple threads on this. Can anyone direct me to one? Or can anyone give me some advice on how best to insure a new bike. Home insurance? Bike insurance?

Thanks in advance.

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sungod
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Re: Insurance advice

Postby sungod » Tue Jan 08, 2013 22:26 pm

my bike - faster than god's and twice as shiny

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drlodge
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Re: Insurance advice

Postby drlodge » Wed Jan 09, 2013 11:52 am

I find bike insurance prohibitively expensive, and when the bike is to be left somewhere out it requires such a massive lock it isn't practical either. Best is to keep your bike in the house, and when out under your crotch at all times.
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Tetley10
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Re: Insurance advice

Postby Tetley10 » Wed Jan 09, 2013 12:09 pm

drlodge wrote:I find bike insurance prohibitively expensive, and when the bike is to be left somewhere out it requires such a massive lock it isn't practical either. Best is to keep your bike in the house, and when out under your crotch at all times.


I take it i can get it added to house insurance. That looks like the way most people do it according to the search provided.

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extrusion
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Re: Insurance advice

Postby extrusion » Wed Jan 09, 2013 12:35 pm

I think mine is about 25 quid per bike for the year on sainsbury's home insurance. Not sure if that's good or bad in comparison to anyone else but it seemed a paltry amount to me, compared to the cost of the bikes!

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CookeeeMonster
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Re: Insurance advice

Postby CookeeeMonster » Wed Jan 09, 2013 15:52 pm

ok I always point people here when this question comes up as it has a reasonable overview: http://www.londoncyclist.co.uk/bicycle-insurance/

I used ETA who cover pretty much everything and give you the full value of your bike back with no deprecation. Also unlike most insurance companies they didn't insist on my shed having a certain type of lock. Didn't work out that cheap for me but I want peace of mind.

House insurance is worth looking into - but bear in mind you could be paying a lot in excess and you may lose a lot in deprecation also...plus you dont get 3rd party insurance which may be something worth considering (you can get this via British Cycling or CTC etc membership though)
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Mikey23
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Re: Insurance advice

Postby Mikey23 » Wed Jan 09, 2013 18:26 pm

Mine is insured through home insurance (direct line) as a named item. For a few pounds only, it is insured out of the home and abroad. Only prob is that there is a £1000 max and my bike is worth more. Also taken out British cycling insurance for third party liability and legal advice.

Wobblehead
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Re: Insurance advice

Postby Wobblehead » Thu Jan 10, 2013 07:26 am

I got mine from NFU, added £250 to my annual premium, but covers 5 quality bikes, all way over £1000 and one a long way over £1000...

When you consider the annual premium I was quoted from protect your bubble and others for the expensive bike alone was over £360, in essence I saved £110 and got free insurance for the other 4

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drlodge
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Re: Insurance advice

Postby drlodge » Thu Jan 10, 2013 13:25 pm

Tetley10 wrote:
drlodge wrote:I find bike insurance prohibitively expensive, and when the bike is to be left somewhere out it requires such a massive lock it isn't practical either. Best is to keep your bike in the house, and when out under your crotch at all times.


I take it i can get it added to house insurance. That looks like the way most people do it according to the search provided.


I live in a flat, and my contents insurance with Direct Line is only £40 a year, and it covers bikes with no value limit. Hence its covered when in the flat, just not when outside but then I'm riding it.
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Tetley10
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Re: Insurance advice

Postby Tetley10 » Thu Jan 10, 2013 15:01 pm

E&L insurance will do my bike, lights and clobber for £8 a month. This includes personal injury and 3rd party. Seems like a good deal.

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wilo13
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Re: Insurance advice

Postby wilo13 » Thu Jan 10, 2013 15:20 pm

I don't know if you race or not or how much your bikes are worth but if you do race and are signed up to BC then it might be worth getting your bikes insured through them. I did and it cost me £280 for the year to do both my bikes with a total value of £3500. That covers me for accidental damage during races and there is no excess to pay for claims unless you keep your bikes in a shed. www.bcbikeinsurance.co.uk
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Grill
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Re: Insurance advice

Postby Grill » Fri Jan 11, 2013 16:00 pm

wilo13 wrote:I don't know if you race or not or how much your bikes are worth but if you do race and are signed up to BC then it might be worth getting your bikes insured through them. I did and it cost me £280 for the year to do both my bikes with a total value of £3500. That covers me for accidental damage during races and there is no excess to pay for claims unless you keep your bikes in a shed. http://www.bcbikeinsurance.co.uk


This. I have my Foil and Plasma insured through BC. I filed a claim for a cracked frame on my Foil (thank you baggage handlers) last week and the cheque will be at my LBS next week. Very friendly and helpful and they suggested and sorted separate policies for my bikes to lower the premium.
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wilo13
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Re: Insurance advice

Postby wilo13 » Fri Jan 11, 2013 16:58 pm

Grill wrote:
wilo13 wrote:I don't know if you race or not or how much your bikes are worth but if you do race and are signed up to BC then it might be worth getting your bikes insured through them. I did and it cost me £280 for the year to do both my bikes with a total value of £3500. That covers me for accidental damage during races and there is no excess to pay for claims unless you keep your bikes in a shed. http://www.bcbikeinsurance.co.uk


This. I have my Foil and Plasma insured through BC. I filed a claim for a cracked frame on my Foil (thank you baggage handlers) last week and the cheque will be at my LBS next week. Very friendly and helpful and they suggested and sorted separate policies for my bikes to lower the premium.


Thats good to hear, BC are generally very good and I have always had a good experience when dealing with them.
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Tetley10
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Re: Insurance advice

Postby Tetley10 » Fri Jan 11, 2013 19:19 pm

Cheers all. Ill check out BC as well.

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Monty Dog
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Re: Insurance advice

Postby Monty Dog » Fri Jan 11, 2013 20:31 pm

Premiums for bike insurance = 10% of insured value, so if like me you have 6 bikes, the premium would be £1k/year. Mine are insured under my home contents for a premium of about two hundred - I only race what I can afford to crash...
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