Bike insurance

[PArbor1]

Just bought a new specialized Crux and want to insure it.
Who do you guys insure your bike with?

[HBelder]

Cycleplan.

I’ve never claimed so I can’t really say much about them.

[Squadrone Rosso]

I’m with Yellow Jersey through Cycling UK. Not had to claim but c£150 a year for 2 bikes (£2.5k & £1k) seems good.

[Dog Star]

Squadrone Rosso said:

I’m with Yellow Jersey through Cycling UK. Not had to claim but c£150 a year for 2 bikes (£2.5k & £1k) seems good.

That company are a joke - that’s about what I pay to insure a 17k 200bhp Yamaha R1! In what way is that “good”? Or triple what I was paying to insure a KTM250 enduro.

I’m quoting motorbikes here because they’re every bit as nickable as bicycles and have a lot more potential to create a third party or injury claim.

Someone will rock up shortly to say that YJ, blimp etc cover their bikes racing - what’s your risk of your frame snapping in half racing a 2.5k bike.

FWIW I’ve 9k worth of eMTBs covered on my Aviva home policy as a special bicycle extension. £40 iirc, worldwide, theft, accident etc. premium based on most expensive bike, then all other “sub-bikes” are covered. I’ve heard good things about Barclays cover.

These bike insurance companies to me appear to be just a “lifestyle” financial product.

Just ask yourself what you’re insuring for - for the vast majority of cases it’s theft and, assuming you don’t have some other cover (household etc), third party damage. Your guys with the 5k frame and 10k wheel set are a different use case.

[HBelder]

I’d have said pretty much the same until I got hit by a bus on a country lane. The bike was written off and the bus company insurers were difficult, suggesting knock for knock.

British Cycling sorted the issue but it took 18 months.

My two bikes are valued at £6k - the winter bike being low value - and my house insurers were nowhere near £40 p.a.

[Dannbodge]

Bikmo for me.

Cost a premium but when I had a crash, I had the bike written off by specialized UK through my LBS and my claim with all the info was provided on the friday.
The settlement payout (£4500) was in my account on the following wednesday.

Never had any issues with them, they are quick to respond to emails/messages etc and have always been really helpful

I pay a horrendous amount but for the level of cover nothing could come close. Most home insurers just laugh when I tell them the value of kit I need insured.

[lancslad58]

Dannbodge said:

Bikmo for me.

Cost a premium but when I had a crash, I had the bike written off by specialized UK through my LBS and my claim with all the info was provided on the friday.
The settlement payout (£4500) was in my account on the following wednesday.

Never had any issues with them, they are quick to respond to emails/messages etc and have always been really helpful

I pay a horrendous amount but for the level of cover nothing could come close. Most home insurers just laugh when I tell them the value of kit I need insured.

GoCycleG4I, cost new £5K, specialised bike insurer £400 to £500 pa plus another £100 or so for a “Gold Standard” lock on their approved list.

Spoke to contents insurance people and told them the value expecting a “no chance“ but as the guy said that’s not a huge amount as people walk around outside with far more expensive camera equipment than that
.
So added as a named item at no extra cost so long as it’s kept in a secure location when not in use, as the Gocycle is a folding bike I can easily store it my spare bedroom.

[Correvor]

British cycling membership for legal / liability cover then keep my expensive bikes in the house and cover via home insurance.

[Dannbodge]

lancslad58 said:

GoCycleG4I, cost new £5K, specialised bike insurer £400 to £500 pa plus another £100 or so for a “Gold Standard” lock on their approved list.

Spoke to contents insurance people and told them the value expecting a “no chance“ but as the guy said that’s not a huge amount as people walk around outside with far more expensive camera equipment than that
.
So added as a named item at no extra cost so long as it’s kept in a secure location when not in use, as the Gocycle is a folding bike I can easily store it my spare bedroom.

Yeah unfortunately my total amount insured is 3 times that.

Does home insurance have the same level of cover when you're out and about though?

That's one of the things about the specific insurance. It covers third parties and yourself if you have an accident outside. I'm not sure many home insurers would do.

[JEA1K]

Dannbodge said:

Bikmo for me.

Cost a premium but when I had a crash, I had the bike written off by specialized UK through my LBS and my claim with all the info was provided on the friday.
The settlement payout (£4500) was in my account on the following wednesday.

Never had any issues with them, they are quick to respond to emails/messages etc and have always been really helpful

I pay a horrendous amount but for the level of cover nothing could come close. Most home insurers just laugh when I tell them the value of kit I need insured.

I'm with Aviva and we have c£35k of bikes covered (they will only do new for old) and it costs buttons on our home policy. Also covered for theft in UK and when travelling to Europe.

Correvor said:

British cycling membership for legal / liability cover then keep my expensive bikes in the house and cover via home insurance.

This is what I have. As far as I'm concerned, if I crash and damage my bike, I need to suck it up. If its someone elses fault or a bike is stolen, I am covered.

[lancslad58]

Dannbodge said:

lancslad58 said:

GoCycleG4I, cost new £5K, specialised bike insurer £400 to £500 pa plus another £100 or so for a “Gold Standard” lock on their approved list.

Spoke to contents insurance people and told them the value expecting a “no chance“ but as the guy said that’s not a huge amount as people walk around outside with far more expensive camera equipment than that
.
So added as a named item at no extra cost so long as it’s kept in a secure location when not in use, as the Gocycle is a folding bike I can easily store it my spare bedroom.

Yeah unfortunately my total amount insured is 3 times that.

Does home insurance have the same level of cover when you're out and about though?

That's one of the things about the specific insurance. It covers third parties and yourself if you have an accident outside. I'm not sure many home insurers would do.

I can’t see why the level would vary, it doesn’t for camera equipment.
You may have to prove that you’ve purchased a top rated lock, however, the fact that you got a decent lock doesn’t necessarily mean that you were using it, a bit like not locking your car door.

So I guess the only way to find is to call your insurers.

[Tailender Investor]

I use pedalcover for my home insurance, covers all my bikes as well.