Do you insure your bikes?
Discussion
I'm renewing my house insurance at the moment. The cost has been significantly increasing over the last few years, but I'd put that down to my wife running a medical practice from home, so having to declare regular visitors to the property.
To try and keep the costs down I've been running various scenarios and it transpires the cost in insure my 2 bikes was the same as the contents and buildings insurance on the whole house - £375, resulting in a total cost of £750. Wish I'd done this sooner.
As a result they won't be getting insured by my home insurer and it transpires I can get them insured separately for £150 per annum. But even that's got me wondering if it's worth the annual cost. Each bike would be £3,500 to replace new, but I bought both secondhand for circa £1,500 each. They are stored in a fully secured integral garage with CCTV everywhere and the only places they get taken to are trail centres, they don't get left anywhere, ever. I have other bikes for pottering around on of minimal value.
Would you insure the bikes under such circumstances? Do you insure your bike? Just interested to know.
To try and keep the costs down I've been running various scenarios and it transpires the cost in insure my 2 bikes was the same as the contents and buildings insurance on the whole house - £375, resulting in a total cost of £750. Wish I'd done this sooner.
As a result they won't be getting insured by my home insurer and it transpires I can get them insured separately for £150 per annum. But even that's got me wondering if it's worth the annual cost. Each bike would be £3,500 to replace new, but I bought both secondhand for circa £1,500 each. They are stored in a fully secured integral garage with CCTV everywhere and the only places they get taken to are trail centres, they don't get left anywhere, ever. I have other bikes for pottering around on of minimal value.
Would you insure the bikes under such circumstances? Do you insure your bike? Just interested to know.
Our 2 bikes are insured on our policy at £2k and £1.5k. With our building and contents it only came to £223 (policy expert Silver). Both bikes are garaged and it's secure. IF the policy costs were massively different without the bikes i would probably not bother.
Although that was last June, fingers crossed it's similar this year.
Although that was last June, fingers crossed it's similar this year.
I bought a gravel bike last year and insured it for about £60-70 I think. Bike RRP £1300 but generally on sale for under £1k. I really bought it to give me protection if I collided with someone / something.
Anyway, I was robbed at knifepoint for it earlier this year and the insurer paid out very quickly and without quibble. There was a £100 excess but got money for damaged clothing, contribution towards accessories that went with the bike (policy limit was £100) and the bike value as insured.
I didn't expect to need it for this but it helped ease the pain from what was a rather painful experience!
Anyway, I was robbed at knifepoint for it earlier this year and the insurer paid out very quickly and without quibble. There was a £100 excess but got money for damaged clothing, contribution towards accessories that went with the bike (policy limit was £100) and the bike value as insured.
I didn't expect to need it for this but it helped ease the pain from what was a rather painful experience!
Never bothered, they're pretty secure at home, and most policies exclude theft when away from home unless you have a massive f
k off lock, which I'm not going to carry when I'm riding a lightweight bike.
If I'm doing a long ride somewhere I don't know, I'll take a pretty thick, but still lightweight, cable lock that will stop opportunists otherwise I don't bother,
Over the last 20years I've probably saved the cost of my bikes by not having any insurance , but it is a risk you have to decide if you want to take or not
k off lock, which I'm not going to carry when I'm riding a lightweight bike. If I'm doing a long ride somewhere I don't know, I'll take a pretty thick, but still lightweight, cable lock that will stop opportunists otherwise I don't bother,
Over the last 20years I've probably saved the cost of my bikes by not having any insurance , but it is a risk you have to decide if you want to take or not
Cudd Wudd said:
I bought a gravel bike last year and insured it for about £60-70 I think. Bike RRP £1300 but generally on sale for under £1k. I really bought it to give me protection if I collided with someone / something.
Anyway, I was robbed at knifepoint for it earlier this year and the insurer paid out very quickly and without quibble. There was a £100 excess but got money for damaged clothing, contribution towards accessories that went with the bike (policy limit was £100) and the bike value as insured.
I didn't expect to need it for this but it helped ease the pain from what was a rather painful experience!
Wow that sounds terrible, hope you're ok. Can't have anything nice these days.Anyway, I was robbed at knifepoint for it earlier this year and the insurer paid out very quickly and without quibble. There was a £100 excess but got money for damaged clothing, contribution towards accessories that went with the bike (policy limit was £100) and the bike value as insured.
I didn't expect to need it for this but it helped ease the pain from what was a rather painful experience!
Cheers for the advice all, I think I'll not bother. I already have third party liability insurance via my British Cycling membership, so it's only theft I need cover for.
Sod's law says they both get pinched next week.
JQ said:
Wow that sounds terrible, hope you're ok. Can't have anything nice these days.
Thank you.Rather shook me up. Physical injuries relatively minor, though still experience some symptoms a couple of months on. Psychological impact somewhat greater, not cycled since but lack of bike a factor in that and trying to sort that... tried to buy one Saturday but the size I wanted sold out literally as I was trying to put the payment details in, grrrrr
Police were very nice, though one said: "don't cycle down there for the next few days". No chance of that, they took my bike!
Insure all our bikes under our household policy. E bike needed to be declared because of its value at about £2.6k. That cost an extra £17 per annum.
It needs to be locked when left anywhere, including our locked garage. But it is not specific about the lock type.
No brainer really.
We live in a small rural town which probably helps.....
It needs to be locked when left anywhere, including our locked garage. But it is not specific about the lock type.
No brainer really.
We live in a small rural town which probably helps.....
I use Bikmo or simliar roughly £18 pm
The 3rd party liability is good - even though I'm double covered under BC - I'd hate to have a lapse of concentration, crash into a car and I would be personally liable, now I can just give them my insurance details - not that I have had to thankfully!
Its also handy if you crash, new shifters can be mega money in themelves!
I used to use to cover them under a "bolt on" under my home insurance, but I made a small claim after crashing my bike and needing new shifters (crashed by myself) insurance paid out fine. When I went to renew my house insurance (contents) I couldnt actually get cover with a few insurers, as I had made a household claim!! After looking into it it made me realise that the bike insurance was separate so I hadnt actually made a household claim ...food for thought and means I now have a completely standalone policy.
The 3rd party liability is good - even though I'm double covered under BC - I'd hate to have a lapse of concentration, crash into a car and I would be personally liable, now I can just give them my insurance details - not that I have had to thankfully!
Its also handy if you crash, new shifters can be mega money in themelves!
I used to use to cover them under a "bolt on" under my home insurance, but I made a small claim after crashing my bike and needing new shifters (crashed by myself) insurance paid out fine. When I went to renew my house insurance (contents) I couldnt actually get cover with a few insurers, as I had made a household claim!! After looking into it it made me realise that the bike insurance was separate so I hadnt actually made a household claim ...food for thought and means I now have a completely standalone policy.
I use proper bike specific insurance (Bikmo, currently). that works like car insurance.
Home insurance is fine but generally it is only covering you if they get stolen at home.
Bikmo covers all my bikes, home and away, in competition, accidental damage, breakage, my helmet and kit etc...
I've got about £7k worth of bikes insured and it costs me more than my Elise does but then, the bikes are far, far more likely to be stolen!
Edit - it also means my home and contents insurance (extremely low risk) is completely seperate and not at all related to me being a cyclist, this is crucial I think. I can get home insurance anywhere without worrying about the bikes.
Home insurance is fine but generally it is only covering you if they get stolen at home.
Bikmo covers all my bikes, home and away, in competition, accidental damage, breakage, my helmet and kit etc...
I've got about £7k worth of bikes insured and it costs me more than my Elise does but then, the bikes are far, far more likely to be stolen!
Edit - it also means my home and contents insurance (extremely low risk) is completely seperate and not at all related to me being a cyclist, this is crucial I think. I can get home insurance anywhere without worrying about the bikes.
All mine under house ins Aviva with a max replacement cost of £12,500 (Madone SLR would probs be a bit more than that now). All locked in garaged and ground anchored. I seem to recall the extra on the policy was something like £6 a month incease, so wasn't worth going with a seperate policy. Also insured whilst I'm abroad which is useful.
I'm more concerned about theft ... if I crash one, I probably wouldn't claim on my own policy. I'm also covered with BC for 3rd party none racing accidents.
I'm more concerned about theft ... if I crash one, I probably wouldn't claim on my own policy. I'm also covered with BC for 3rd party none racing accidents.
I have a British Cycling race license so have 3rd Party but no insurance otherwise.
I have two bikes here in the UK, 2022 Pinarello Dogma F w/Dura Ace worth about £14000 at the moment in terms of replacement cost and a 2023 £10000 Specialized gravel bike (includes 2nd wheelset).
My Wilier Zero6, Trek Madone SLR and KTM Scarp MTB are all in Portugal in a store room. Actually, I think the Trek is at a friend's house and his wife is using it occasionally.
So in terms of replacement new cost, nearly £50k of bikes and no insurance! My car costs less and that's insured!
I have two bikes here in the UK, 2022 Pinarello Dogma F w/Dura Ace worth about £14000 at the moment in terms of replacement cost and a 2023 £10000 Specialized gravel bike (includes 2nd wheelset).
My Wilier Zero6, Trek Madone SLR and KTM Scarp MTB are all in Portugal in a store room. Actually, I think the Trek is at a friend's house and his wife is using it occasionally.
So in terms of replacement new cost, nearly £50k of bikes and no insurance! My car costs less and that's insured!
Yes we went with Pedal Cover as every bike is individually listed. It was actually cheaper home building/contents cover than most major competitors and no limit of no or value of bikes. We recently changed a few bikes (kids growing up) and they didn't change the premium or charge for the difference.
Yep.
15k cover at home, 9.5k cover on the road
£85 a month with Bikmo
IMO they have the best locking requirements etc (Gold lock outside and can be left for up to 24hrs, No lock needed when kept on your property as long as a reasonable effort is made to keep it secure - Inside locked garage, house etc)
15k cover at home, 9.5k cover on the road
£85 a month with Bikmo
IMO they have the best locking requirements etc (Gold lock outside and can be left for up to 24hrs, No lock needed when kept on your property as long as a reasonable effort is made to keep it secure - Inside locked garage, house etc)
I use admiral multi cover, so house and 2 cars , part of the house insurance covers all our bikes, anything over £1k needs declaring, so that's 1 ebike and 1 more mtb, cost about £20 extra i seem to remember, all covered as per other valuables.
When I wrote a previous Renault Traffic off a couple of years back they paid out no problem, in fact were really helpful at the time of the incident and couldn't fault them
When I wrote a previous Renault Traffic off a couple of years back they paid out no problem, in fact were really helpful at the time of the incident and couldn't fault them
Dannbodge said:
Yep.
15k cover at home, 9.5k cover on the road
£85 a month with Bikmo
Jesus! 15k cover at home, 9.5k cover on the road
£85 a month with Bikmo
That’s more than I’m paying for the six vehicles in my PH garage.
I’ve two e-bikes with our Aviva home cover. Premium beard on most expensive £5000. Third party, foreign and accidents covered. It was about £48 pa.
Seems ridiculously expensive to insure bikes. I only less than £25 per month to insure my Saab convertible fully comp, and the majority of the cost of that is allegedly the risk of me plowing into a group of people and the resultant personal injury claims.
Paying the same or more for a bicycle that has a much lower risk of injuring anyone except myself seems excessive.
Paying the same or more for a bicycle that has a much lower risk of injuring anyone except myself seems excessive.
boyse7en said:
Seems ridiculously expensive to insure bikes. I only less than £25 per month to insure my Saab convertible fully comp, and the majority of the cost of that is allegedly the risk of me plowing into a group of people and the resultant personal injury claims.
Paying the same or more for a bicycle that has a much lower risk of injuring anyone except myself seems excessive.
The likes of yellowjersey, Bikmo etc I think are catering to the "lifestyle" element and people will pay it. I get people saying "yeah but it's covered when racing". What's the worst that can happen? Your frame breaks in half? The third party risks are miniscule compared with a motor vehicle, theft risk not much different to a motorcycle and I'd wager considerably less than a dirt bike (I pay £62 a year fully comp for a KTM enduro bike). These companies want double to insure my £5k Canyon ebike than I pay to insure my Merc SL. They're off their faces. But people pay it.Paying the same or more for a bicycle that has a much lower risk of injuring anyone except myself seems excessive.
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