MTB insurance recommendations
Discussion
Hi guys after some advice reference insuring my new to me mountain bike.
A colleague and friend of mine bought a giant trance advance 1 (2017) last year as an end of line model. Unfortunately he smashed both his knees in an accident and despite surgery/physio he just can’t ride it any more (it’s done about 150 - 200 miles).
So I have the chance to buy it for less than the £2k I had budgeted for a new bike. Really it’s far to good a bike for me but I figure you only live once.
This is really the first bike I couldn’t afford to get nicked so am looking for advice on insurance. Do most people add it to there house insurance or have a specialist policy and if so who do you recommend. A couple of quick quotes online are coming out at around £120 per year with European cover which I will probably need.
Anyway thanks guys/girls for any advice.
A colleague and friend of mine bought a giant trance advance 1 (2017) last year as an end of line model. Unfortunately he smashed both his knees in an accident and despite surgery/physio he just can’t ride it any more (it’s done about 150 - 200 miles).
So I have the chance to buy it for less than the £2k I had budgeted for a new bike. Really it’s far to good a bike for me but I figure you only live once.
This is really the first bike I couldn’t afford to get nicked so am looking for advice on insurance. Do most people add it to there house insurance or have a specialist policy and if so who do you recommend. A couple of quick quotes online are coming out at around £120 per year with European cover which I will probably need.
Anyway thanks guys/girls for any advice.
I used to work in the UK insurance industry.
I know nothing about pedalcover, and this is not meant to knock their cover.
If you buy one policy to cover both home and bikes, make sure that the most valuable asset has the proper cover. The value of bikes will probably be peanuts compared to a house.
There are many ordinary home policies that will cover bikes properly, but not necessarily those policies on comparison web sites. Talk to a broker or go to direct selling insurance companies.
My bikes are covered as part of my home insurance with NFU.
I know nothing about pedalcover, and this is not meant to knock their cover.
If you buy one policy to cover both home and bikes, make sure that the most valuable asset has the proper cover. The value of bikes will probably be peanuts compared to a house.
There are many ordinary home policies that will cover bikes properly, but not necessarily those policies on comparison web sites. Talk to a broker or go to direct selling insurance companies.
My bikes are covered as part of my home insurance with NFU.
Paul Drawmer said:
I used to work in the UK insurance industry.
I know nothing about pedalcover, and this is not meant to knock their cover.
If you buy one policy to cover both home and bikes, make sure that the most valuable asset has the proper cover. The value of bikes will probably be peanuts compared to a house.
There are many ordinary home policies that will cover bikes properly, but not necessarily those policies on comparison web sites. Talk to a broker or go to direct selling insurance companies.
My bikes are covered as part of my home insurance with NFU.
Similarly ours are covered under our Aviva home policy; I can't remember the exact cost but it was something tiny like 23 quid extra, and this covers fully (even abroad which was important for our holidays) all of our bikes (two Cube e-MTBs, a Voodoo Zobop MTB and a Specialized MTB) and the premium was calculated solely on the price of the most expensive bike (one of the (identical) Cubes). Covers third party liabilities too.I know nothing about pedalcover, and this is not meant to knock their cover.
If you buy one policy to cover both home and bikes, make sure that the most valuable asset has the proper cover. The value of bikes will probably be peanuts compared to a house.
There are many ordinary home policies that will cover bikes properly, but not necessarily those policies on comparison web sites. Talk to a broker or go to direct selling insurance companies.
My bikes are covered as part of my home insurance with NFU.
I was a bit shocked when I was looking at the prices charged by the dedicated cycle insurers - some of them wanted more for an electric MTB than we pay for a Yamaha R1
Paul Drawmer said:
I used to work in the UK insurance industry.
I know nothing about pedalcover, and this is not meant to knock their cover.
If you buy one policy to cover both home and bikes, make sure that the most valuable asset has the proper cover. The value of bikes will probably be peanuts compared to a house.
There are many ordinary home policies that will cover bikes properly, but not necessarily those policies on comparison web sites. Talk to a broker or go to direct selling insurance companies.
My bikes are covered as part of my home insurance with NFU.
pedalcover.co.ukI know nothing about pedalcover, and this is not meant to knock their cover.
If you buy one policy to cover both home and bikes, make sure that the most valuable asset has the proper cover. The value of bikes will probably be peanuts compared to a house.
There are many ordinary home policies that will cover bikes properly, but not necessarily those policies on comparison web sites. Talk to a broker or go to direct selling insurance companies.
My bikes are covered as part of my home insurance with NFU.
They are a broker, but specifically set out to create a competitive home insurance policy for cyclists with expensive bikes. The actual insurance cover is with AXA, plus they have a secondary excess insurance, which means they can keep the overall cost lower by having higher excesses with AXA, but you then claim back the excess. The only way you can potentially get caught out is if you have a loss which is lower than the AXA excess, in which case you can't claim.
I've never had to claim for any bike-related losses, but I am in the middle of going through a claim at the moment for water leakage and bathroom destruction to get to the leak. So far, it is all running extremely smoothly.
I checked out pedalcover as a result of this tread. I only have a cheap bike (c £500) so I guess it must work out much more cost effective for more expensive bikes.
My existing home insurance (Building and contents) is £160. I shop around every year so it's always this ball-park.
Pedal cover wanted just over £600.
Oddly my current home insurer is Axa who pedalcover also use.
Axa have quoted just under £15 to add my bike to the home policy.
The main difference is I will have a £100 excess with Axa whereas with pedalcover the excess was reduced to zero.
My existing home insurance (Building and contents) is £160. I shop around every year so it's always this ball-park.
Pedal cover wanted just over £600.
Oddly my current home insurer is Axa who pedalcover also use.
Axa have quoted just under £15 to add my bike to the home policy.
The main difference is I will have a £100 excess with Axa whereas with pedalcover the excess was reduced to zero.
sas62 said:
I checked out pedalcover as a result of this tread. I only have a cheap bike (c £500) so I guess it must work out much more cost effective for more expensive bikes.
My existing home insurance (Building and contents) is £160. I shop around every year so it's always this ball-park.
Pedal cover wanted just over £600.
Oddly my current home insurer is Axa who pedalcover also use.
Axa have quoted just under £15 to add my bike to the home policy.
The main difference is I will have a £100 excess with Axa whereas with pedalcover the excess was reduced to zero.
It always pays to check! My existing home insurance (Building and contents) is £160. I shop around every year so it's always this ball-park.
Pedal cover wanted just over £600.
Oddly my current home insurer is Axa who pedalcover also use.
Axa have quoted just under £15 to add my bike to the home policy.
The main difference is I will have a £100 excess with Axa whereas with pedalcover the excess was reduced to zero.
My policy already was around £600 for buildings & contents (one of the many downsides to living in London Zone 6, I guess), and Pedalcover actually managed to reduce it somewhat.
I should also add that yes, there's a difference in bike value. My policy covers 7 bikes in the family, valued in total at around £11k.
I'm covered under my home insurance, I shopped around reading the actual cover, found admiral suited me then by going through top cashback my £200ish charge came with £50 cash back.
If you want individual bike cover these might be worth a look at : - https://www.laka.co.uk/ to compare, you have a max monthly amount, but can be a lot less dependent on how many claims have been made.
If you want individual bike cover these might be worth a look at : - https://www.laka.co.uk/ to compare, you have a max monthly amount, but can be a lot less dependent on how many claims have been made.
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