Bicycle insurance

Lumen

Cycling Ireland have closed their insurance scheme due to piss-taking claims (the insurer has been haemorraging money on the scheme, apparently). I assume existing policies will be honoured, but they are not allowing new sign ups. They are in discussions with their broker; this situation may change in the new year.

My household insurer (RSA) won't insure any bikes that I intend to race.

Suggestions/recommendations?

blorg

Lumen wrote: »

Cycling Ireland have closed their insurance scheme due to piss-taking claims (the insurer has been haemorraging money on the scheme, apparently). I assume existing policies will be honoured, but they are not allowing new sign ups. They are in discussions with their broker; this situation may change in the new year.

My household insurer (RSA) won't insure any bikes that I intend to race.

Suggestions/recommendations?

I'm not sure it was "piss-taking" claims? I think the insurers probably underestimated how often a bike might be damaged by a racing cyclist (and indeed how much they cost) and were charging too little for the coverage.

Raam

hmm, and I was going to sign up for this tomorrow

Glitterangel76

Ahh phooey, I was thinking about that policy thing last night...

Just spoke to Zurich, who I have contents insurance with and they've added on the new bike as a named item covered up to €1,200 which is the max they allow per bike.
So they will probably be no good for any of the bikes you guys would consider racing

blorg

A lot of policies specifically exclude bikes used in competition, it's not just the value.

TinyExplosions

blorg wrote: »

A lot of policies specifically exclude bikes used in competition, it's not just the value.

Yup, mine is specifically excluded from competitive events. Boo Urns to CI though (even though it may not be their fault!)

ROK ON

Given that I was going to get a CI license for next year, I probably won't get one now.

Bunnyhopper

I was considering it myself for next year. The insurance was one of the main draws for me (I'm not a racer) so unless they come up with an alternative I probably won't sign up.

My bike is listed on the house contents insurance. It doesn't cover much but it's better than nothing.

blorg

Bunnyhopper wrote: »

I was considering it myself for next year. The insurance was one of the main draws for me (I'm not a racer) so unless they come up with an alternative I probably won't sign up.

My bike is listed on the house contents insurance. It doesn't cover much but it's better than nothing.

The main protection of the paid CI insurance was crash coverage while racing. It was for serious stuff: frame wrecks, that sort of thing, the excess was €250. A lot of stuff you can damage would cost under that to fix. If you are not planning on racing it would have been minimal value to you in any case, the theft protection was very very limited (only covered bikes within a locked house or locked car, think the bike may even have to have been hidden in the car.) Bikes for example locked to a rack on the outside of a car, not covered.

Exclusion 7 – Theft
1) No liability shall be accepted for theft of property that is left
unattended
2) No liability shall be accepted for theft of property left in or on any
unattended vehicle unless –
i) The vehicle is fitted with a professionally approved and installed
alarm and intruder System
ii) The doors of the vehicle are locked and all windows and other
openings fully closed and properly fastened
iii) The Property is concealed from view and in a locked boot where
such facilities are available

AFAIK the existing free automatic CI insurance coverage (e.g. third party and your own medical bills) will be continued.

Lumen

blorg wrote: »

I'm not sure it was "piss-taking" claims? I think the insurers probably underestimated how often a bike might be damaged by a racing cyclist (and indeed how much they cost) and were charging too little for the coverage.

Apparently there was an unusually large number of claims received shortly after policy inception. Make of that what you will.

The thing that irritates me about the whole issue is that (according my brokers) no insurance company in Ireland will insure bikes used for racing, even just for fire/theft, and irrespective of value. WTF?

DirkVoodoo

Ah nuts, I was looking forward to having insurance to take some of the worry off crashing in a race. I suppose I will have to buy a cheaper bike for races so, it's not about the bike, right?