Cycle insurance - more expensive than car insurance!

[Squadrone Rosso]

I insure my 2021 Giant Revolt Gravel & 2021 Boardman hard tail MTB bikes through Yellow Jersey. Also an additional set of Carbon rims.

Revolt was £2400 new & Boardman was £925.

Got the mid range performance policy which covers everything I need.

Cost is £260 a year all in inc a £86 discount.

When did this get so expensive? I pay £230 fully comp for a Abarth 595 Comp. Bikes & car(s) garaged.

I’m 55 years old, fella & live in a low crime area.

Don’t get me wrong, I wouldn’t be without the bike insurance & admittedly I didn’t shop around. Our house insurance doesn’t cut it bike wise IMO.

What experiences does everyone else have?

Cheers, Simon

[SwissJonese]

Just put the bikes on home insurance. Most will allow them these days, gets way harder for ebikes that cost £££, but someone like esure home insurance allows multiple bikes too.

[Dracoro]

Home insurance tends to be limited to theft whilst at home, and need to have some form of agreed value else often limited to a few hundred quid etc.

Ultimately depends what you want insurance for. I do quite a few miles a year, sportives etc. so want cover should I have accident or stolen whilst away from home and know bike is covered (road bikes ain t cheap!)

Not sure if bike insurance is expensive or car insurance cheap, but you would think there d be more of a gap given you can do far more damage in a car etc!

[Squadrone Rosso]

Dracoro said:

Home insurance tends to be limited to theft whilst at home, and need to have some form of agreed value else often limited to a few hundred quid etc.

Ultimately depends what you want insurance for. I do quite a few miles a year, sportives etc. so want cover should I have accident or stolen whilst away from home and know bike is covered (road bikes ain t cheap!)

Not sure if bike insurance is expensive or car insurance cheap, but you would think there d be more of a gap given you can do far more damage in a car etc!

Same here. Fair few miles, charity rides & so on. Ride in all weathers (usually) too. I try to avoid the road but still probably do 25% of my riding on it.

I’m glad I’ve got the cover but it just seems steep. Checked our house insurance (Lloyds) and despite having a premium policy, there are lots of exclusions around cycles.

[ChocolateFrog]

I work on the general rule that's there's not much point insuring something I could cover myself.

My dog is a pure breed and 9 years old, I've 'saved' atleast £5000 not insuring him. I think I'd have been able to claim for maybe £200 so far.

Likewise if I snapped my bike in half it would be really annoying but I bet I could buy the parts for the price of a year or two's worth of premiums. I've not broken anything of note in the last 15 years.

[numtumfutunch]

I have never insured a bike mainly because the cost is often 10% of the value with multiple get out clauses if anything happens to it

Having said that they are stored inside the house, not an outbuilding, and never left unattended as I do not trust any lock I could carry on a ride and with portable angle grinders not even any that I cant

On club rides I am often shocked at the naivety of my pals who leave an expensive bike outside a cafe and tuck into poached eggs with avo and sourdough without being able to keep a watchful eye. Even if its chucking it down and -5 I sit outside with the bike next to me

I am fortunate to have secure access at work for my commuter in the car park. I have a BFO lock which I keep there and ride a cr4p but perfectly decent bike which has a low radar signature with potential low lifes

Stay safe out there

[WelshRich]

I have a couple of bikes of similar value insured with these guys. They didn’t impose ridiculous security requirements (mine are kept in a shed) and the cost for both bikes is less than £10 per month.

https://www.eta.co.uk/bicycle-insurance

(Caveat being that I can’t vouch for what they might be like in the event of a claim)

[soad]

Erm, the risks are high? As in, easily stolen.

Shed is not secure either, looking at the last post.

[Hugo Stiglitz]

I'd never put thousands of pounds of bike in a shed or garage.

Absolute madness.

[Dracoro]

Depends where you live, risk etc.

My bikes are in a locked shed (security bolts so can't take door off from outside).
Have concrete "block" in ground with metal heavy duty bar/half-hoop and chained bike. Only way you're getting it out (without key) is using an angle grinder for 20m!
All probably overkill but meets insurance conditions etc.

Anyway, ultimately, if stolen then that's what insurance is for - area is pretty low risk to be fair.

[WelshRich]

soad said:

Erm, the risks are high? As in, easily stolen.

Shed is not secure either, looking at the last post.

The shed itself isn’t that secure but it is hidden from prying eyes (in some woods at the bottom of my garden) and the bikes inside are chained to massive planter that I filled with concrete 😀

I only really mentioned it because some of the bike insurance people seemed to have such complicated and specific conditions that it feels more like a rock group concert rider.