Bike Insurance

[AyBee]

I'm living in London, need to insure 2 of my bikes (the third is low enough in value to come under the house insurance). Both live in the basement of the house I live in (accessible only via an inside locked door and will be chained up with a normal chain + padlock (or similar) and both will only be used for round trips (i.e. Not left locked up at work or otherwise), just locked up at home and not left unless at home (the third, cheap bike is my commuter). Having just done a quick quote, it quoted £100 on Endsleigh for 1 bike but only asks for details such as the type, value, colour and lock used rather than where it's stored and what it'll be used for. At that price per bike, I'm prepared to take the risk that a basement + chains + locked internal door + no external use will be enough But then I may still need insurance for trips away to Afan or similar...

What do you use and how much does it cost you? Any advice appreciated. Thanks

[HundredthIdiot]

I've been through the maths a couple of times and it never seems to work out.

[AyBee]

HundredthIdiot said:

I've been through the maths a couple of times and it never seems to work out.

Forgot to mention that both bikes I'm talking about insuring are circa £1k each so the annual quote is about 10% per bike.

[HundredthIdiot]

AyBee said:

Forgot to mention that both bikes I'm talking about insuring are circa £1k each so the annual quote is about 10% per bike.

When I ran the numbers I looked at premiums, excess and likely renewal costs in the case of a claim; it's not just about the premiums.

[anonymous-user]

HundredthIdiot said:

AyBee said:

Forgot to mention that both bikes I'm talking about insuring are circa £1k each so the annual quote is about 10% per bike.

When I ran the numbers I looked at premiums, excess and likely renewal costs in the case of a claim; it's not just about the premiums.

also worth reading up on how many actually pay out, some want things like the broken locks as proof. for £1K of bike its not worth it, if you leave it locked up with enough metal to prevent a casual thief and its in a basement, i wouldnt bother. even using British Cycling or CTC for dicounts its a complete con.

[AyBee]

Suspected as much, I shall spend that £200 on locks instead, 4 for the occasions I leave these bikes outside should do it

[anonymous-user]

My £800 bike is only around £15 a year on the house insurance, £50 excess. The only stipulation us that it must be locked to an immovable object. We'll see if I have to claim!. I did claim for 2 bikes in 2 years nicked at train station about 10 years ado - Paid up- no hassle..

Edited by anonymous-user on Thursday 5th May 18:54

[.Adam.]

When you come to renew your home insurance, try M&S, they cover any item up to £4000 inc bikes at no extra premium.

[Rouleur]

Yep, when your home insurance renewal comes up switch to a firm that covers bikes for free or a small premium. I've been with Sainsbury's for years and it costs very little to add my bikes.

[cjs]

I pay an extra £30 a year on my household insurance, I have to give my bike as a named item, up to £3000.

[1878]

Norwich Union added my bikes to the household policy for a very reasonable amount; multiple bikes covered at no extra cost with premium based on value of most expensive; no silly security clauses. Not had to put it all to the test yet though!

[HundredthIdiot]

The only problem I've had with household insurance is that mine refuses to cover anything used for racing, which excludes my three most expensive bikes. And that's even for theft from the home.