Bike insurance
Discussion
It's renewal time and my fleet has gotten more expensive and complicated with upgrades increasing ones value and another built from spares. I've historically used home insurers with the bikes named, but wondering this time around...
Biggest question is posh bike. Bought on sale with carbon rims and di2 added later. It's a fair amount of money spent and even more replacement value. The specialists seem to ask for near 10% full coverage and 5%+ just at home. Home insurers no longer significantly cheaper.
I'm wondering if to bother. Suspect cafe stop theft (obviously not lugging required giant lock around) or write off crash (driver at fault) are far more likely than theft from my flat or even writing off myself. Any views? Then if worth insuring, do you use sum of spend, or cost of current equivalent?
The others I'll definitely insure, but one has groupset and wheels salvaged from the posh bikes upgrades. Home insurers much cheaper than specialist, but I worry about proving it's existence after a theft. Anybody had issues with claiming for custom build like that?
Thanks!
I've not found home insurance too bad. This year surprisingly cheap I'm almost suspicious (need to fine toothcomb the quotes but £70ish for contents including bikes up to £3k with Tesco). Last year I paid £140ish with Halifax but it's still crazy cheap compared to dedicated bike insurers.
Only thing they tend not to cover is racing.
I assume you've tried comparison sites? Just make sure they have actually included bikes when you click through to quotes.
Only thing they tend not to cover is racing.
I assume you've tried comparison sites? Just make sure they have actually included bikes when you click through to quotes.
Those are great numbers. Mine with 2 around £2k each are about £200-300 for full home (including other bits) and lots more for specialist bike only! Both in London and had a claim before though.
Adding the 3rd seemed to cause lots of comparison site errors, whether not recognising it and lowballing or refusing because above their max limit. It doubled costs on both home or specialist when definitely put in right, and "at home only" option didn't seem to reduce the amount much.
Leaning toward not covering the nice bike, but think I'll speak to ensure the cobbled together one won't have payout refused for lack of evidence of purchase.
Adding the 3rd seemed to cause lots of comparison site errors, whether not recognising it and lowballing or refusing because above their max limit. It doubled costs on both home or specialist when definitely put in right, and "at home only" option didn't seem to reduce the amount much.
Leaning toward not covering the nice bike, but think I'll speak to ensure the cobbled together one won't have payout refused for lack of evidence of purchase.
I have probably 10k worth of bikes in my shed in terms of replacement value (probably 7k purchase value).
Over the last 15 years of having no insurance I've probably saved a fair chunk of that in premiums, especially since no insurance covers a bike outside your home unless you have used a lock that weighs more than the bike.
Whether that suits everyone is a different question, but since they are generally only at risk when away from home, I can't see the point of insuring them, and of they were stolen it would at least give me some storage space back.
Over the last 15 years of having no insurance I've probably saved a fair chunk of that in premiums, especially since no insurance covers a bike outside your home unless you have used a lock that weighs more than the bike.
Whether that suits everyone is a different question, but since they are generally only at risk when away from home, I can't see the point of insuring them, and of they were stolen it would at least give me some storage space back.
I've got 3 eMTBs, values 5K, 3.5K and 1.7k. They're on my home insurance with Aviva and there's an Aviva "Extra" (or something) bit offering full worldwide cycle cover (excludes racing - doesn't bother me I don't race). Cost is based only on the most expensive bike and added about £80. Rochdale postcode.
The dedicated bike insurers were a total joke - for the 3.5k bike they wanted more than I pay for all three motorbikes (pair of R1s and a KTM) combined, more than I pay for a 47k E class, and more than double what it costs to insure Mrs DSs SLK. Stuff like "it's easy to steal a pushbike" don't really wash with me - it's almost as easy to steal motorbikes, and with a bicycle the third party risk, the bit that really costs, is pretty minimal.
The dedicated bike insurers were a total joke - for the 3.5k bike they wanted more than I pay for all three motorbikes (pair of R1s and a KTM) combined, more than I pay for a 47k E class, and more than double what it costs to insure Mrs DSs SLK. Stuff like "it's easy to steal a pushbike" don't really wash with me - it's almost as easy to steal motorbikes, and with a bicycle the third party risk, the bit that really costs, is pretty minimal.
I've got £20k worth of bike cover, plus home contents from PedalCover. Away from home, travel, crash replacement etc.
Works out about the same as i was paying for the Home Contents from JL previously, who wouldn't cover the Factor due to the cost.
I looked at Bikmo & Laka etc, but they wanted nearly double per month JUST for the Factor...
Works out about the same as i was paying for the Home Contents from JL previously, who wouldn't cover the Factor due to the cost.
I looked at Bikmo & Laka etc, but they wanted nearly double per month JUST for the Factor...
I went with assetsure for my insurance.
A lot have small print only providing cover for bikes you personally bought brand new, something to be careful of if 2nd hand.
I also made enquiries about having no theft cover and just damage cover to hopefully reduce costs. My fear of theft from home or out and about is low to non-existent. But no one would do this.
Had to go specialist to ensure cover whilst racing. For me the damage whilst training or racing was the main motivation. Too much money to simply be able to write off if it all went bad. Yes the premiums cost a bit, but if the worst happens it would pay itself back and then some.
A lot have small print only providing cover for bikes you personally bought brand new, something to be careful of if 2nd hand.
I also made enquiries about having no theft cover and just damage cover to hopefully reduce costs. My fear of theft from home or out and about is low to non-existent. But no one would do this.
Had to go specialist to ensure cover whilst racing. For me the damage whilst training or racing was the main motivation. Too much money to simply be able to write off if it all went bad. Yes the premiums cost a bit, but if the worst happens it would pay itself back and then some.
I had mine on the home insurance on a deal so good I had to get them to explicitly confirm a few scenarios. Then after a claim they declined to cover the next year.
I've been using Laka since then and they were impressive with the one claim I've needed to make. I like the honesty of their business model. Premiums vary each month but it's about £50-75/m for 20k worth of bikes, fully covered for racing and travel. My Laka discount code gives both of us £25 credit.
I've been using Laka since then and they were impressive with the one claim I've needed to make. I like the honesty of their business model. Premiums vary each month but it's about £50-75/m for 20k worth of bikes, fully covered for racing and travel. My Laka discount code gives both of us £25 credit.
I've had dedicated insurance for a few years.
Currently have 12k insured at home with a max value of 8.5k on the road at one time.
All of my bikes are custom built or built from parts. All my insurer asks for is photos and any receipts that you have.
Oh and It's double what I pay for my car insurance.....
But
My home insurance wouldn't cover that value and even if they did the locking requirements when stored at home were ridiculous whereas my current policy says that it doesn't have to be locked when it's on my property.
I sing the praises of dedicated insurance. Last year I had an accident with a another cyclist.
Bike worth 4.5k was written off and there's no way I could have bought another without the insurance payout (with Bikmo, you insure for the replacement value rather than the current value).
Currently have 12k insured at home with a max value of 8.5k on the road at one time.
All of my bikes are custom built or built from parts. All my insurer asks for is photos and any receipts that you have.
Oh and It's double what I pay for my car insurance.....
But
My home insurance wouldn't cover that value and even if they did the locking requirements when stored at home were ridiculous whereas my current policy says that it doesn't have to be locked when it's on my property.
I sing the praises of dedicated insurance. Last year I had an accident with a another cyclist.
Bike worth 4.5k was written off and there's no way I could have bought another without the insurance payout (with Bikmo, you insure for the replacement value rather than the current value).
I’ve got dedicated insurance with the ETA. Yes it costs more than adding it to the house insurance but it also includes breakdown (a taxi home for you and the bike), new for old, 3rd part liability etc. It also accumulates no claims bonus so it isn’t costing nearly as much as it did in the first year. Also the storage and lock requirements are sensible where as other providers seemed to have all sorts of get outs written in their terms.
I was with Pedalcover who were great with the only claim I made (house related not bike) unfortunately they wouldn't insure me this year as my house is too old so moved to NFU but also have BC gold membership and they were great in recovering costs when I had an accident (not my fault driver pulled out on me) bike cover is one thing but personal injury could cost you a lot more.
My renewal from Velosure landed today - down from £282 to £269 for a single bike at £4500. A couple of quick online quotes from Yellow Jersey and Bikmo looked way more expensive (need to make sure I was comparing apples-to-apples though).
However, something to watch out for...
As the policy is specifically "new for old" I e-mailed Velosure to ask what the situation is with new bike prices going up so much. A very prompt reply said the policy will never pay more than the declared value (which is fair enough). A quick Google shows the usual suspects listing my bike at £4500, I will need to increase the insured amount to probably £5500 to cover the bike with upgrades (mainly the wheels).
However, something to watch out for...
As the policy is specifically "new for old" I e-mailed Velosure to ask what the situation is with new bike prices going up so much. A very prompt reply said the policy will never pay more than the declared value (which is fair enough). A quick Google shows the usual suspects listing my bike at £4500, I will need to increase the insured amount to probably £5500 to cover the bike with upgrades (mainly the wheels).
I'm with Bikmo. Have five bikes insured with them, but all under £1000 in value. Cheapest option for me after lots of searching.
Also, one thing to be aware of with bike insurance is the cover relating to bike storage at home. A lot of insurers require you to have the bikes locked to an immovable object at home. If not, they won't pay out for anything stolen. Bikmo didn't require this at renewal time, so I went with them again this year.
Also, one thing to be aware of with bike insurance is the cover relating to bike storage at home. A lot of insurers require you to have the bikes locked to an immovable object at home. If not, they won't pay out for anything stolen. Bikmo didn't require this at renewal time, so I went with them again this year.
I ended up with Admiral, £280 for 2 bikes totalling £5k in and out , a decent contents level, and some 'away from home' add one for gadgets.
Couldn't find anything that'd cover the best bike for a reasonable amount, and I worried about most of the policies given its upgrades.
Took a look at the cost of insuring watches too, didn't do it but significantly (2-3x) cheaper than the bikes, pound for pound.
Home insurance is generally cheaper than dedicated simply because the claims ratio is much much lower. Likely because:
People:
- who have home insurance are overall a lower risk than those who seek out dedicated cycle insurance (home owners, not students, UK citizens etc)
- are less likely to commit fraud against their home insurer, but are more willing to do with with a dedicated insurer
- who have dedicated cycle insurance are more likely to leave their bike in riskier situations (even where it does comply with the terms)
I have bit of experience of niche/dedicated equipment insurance and there is a truly vast amount of fraud and simple negligence (but either just within the terms of the policy, or where it's impossible to prove the person isn't telling the truth).
Laka is quite interesting in that the model encourages honesty.
People:
- who have home insurance are overall a lower risk than those who seek out dedicated cycle insurance (home owners, not students, UK citizens etc)
- are less likely to commit fraud against their home insurer, but are more willing to do with with a dedicated insurer
- who have dedicated cycle insurance are more likely to leave their bike in riskier situations (even where it does comply with the terms)
I have bit of experience of niche/dedicated equipment insurance and there is a truly vast amount of fraud and simple negligence (but either just within the terms of the policy, or where it's impossible to prove the person isn't telling the truth).
Laka is quite interesting in that the model encourages honesty.
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