Bike insurance

face_plant

Does anyone insure their bikes? Any recommendations for companies to insure with?

I assume some of this could be covered over home contents (maybe?) but are there specialist insurance packages to cover say bikes stolen whilst locked up somewhere, or damaged parts if you stack it on a corner?

I'm not really talking about damage/injuries to third parties, just my own stuff.

Beasty

I don't, but that's a general policy of mine. I don't insure anything unless I'm legally required to (car) or a loss would have potentially catastophic consequences (house & contents). Basically insurance companies are there to make a profit, and I like to keep that profit for myself

Having said that any losses of any of my bikes would not be a major issue to me. I appreciate it's a large investment for a lot of people who understandably may wish to insure for peace of mind. Getting adequate insurance for top of the range bikes tends to be difficult though, and it is always worth considering whether the amount of cover you do get (which may not cover anything like the full replacement cost) is really worth the premium charged

jackstaff

My particular house insurance policy covers any bike up to 2k in the garden shed and that's just standard not an add on with 123.ie

Puggy

If you think your bike is covered under your house insurance, make sure you have all risks. That way your bike is covered inside or outside your home, for theft or damage. I had a my mtb stolen and was really upset, it had cost me 2K. I got the full value back, once I had receipts etc, the insurance also covered me for additional items, including lights, pedals and tires.

tonyka

Puggy wrote: »

If you think your bike is covered under your house insurance, make sure you have all risks. That way your bike is covered inside or outside your home, for theft or damage. I had a my mtb stolen and was really upset, it had cost me 2K. I got the full value back, once I had receipts etc, the insurance also covered me for additional items, including lights, pedals and tires.

You were lucky .. what insurance company ?

Puggy

RSA. It was even worse, I have a steel shed, with a proper door and dead bolts etc. Also had a ground anchor, chain and lock. However on the day it was stolen, I got a call on the way home that a family member was ill and in hospital. When I got home I literally threw the bike into the shed, not locking the door and drove off to the hospital. When I got home, the bike was gone, and as I had not locked it, I assumed I would get nothing.

Reported it to the Guards, who sent a detective out less than an hour later. I then reported it to the insurance company, who sent an assessor out, who happened to be a (roadie). He helped me fill out the forms, and suggested that I also add in the pedals, lights as they did not come with the bike. The tires were new and had cost me €90, so I added that in as well. 3 days later he called me to say they agreed to pay the full value.

That was in March 2012, and in June I bought a road bike for myself and a hybrid for the other half. Just recently clocked up 24,000Km's on the Cube. Think it might be time to treat myself to a new bike!

face_plant

Puggy wrote: »

RSA. It was even worse, I have a steel shed, with a proper door and dead bolts etc. Also had a ground anchor, chain and lock. However on the day it was stolen, I got a call on the way home that a family member was ill and in hospital. When I got home I literally threw the bike into the shed, not locking the door and drove off to the hospital. When I got home, the bike was gone, and as I had not locked it, I assumed I would get nothing.

Reported it to the Guards, who sent a detective out less than an hour later. I then reported it to the insurance company, who sent an assessor out, who happened to be a (roadie). He helped me fill out the forms, and suggested that I also add in the pedals, lights as they did not come with the bike. The tires were new and had cost me €90, so I added that in as well. 3 days later he called me to say they agreed to pay the full value.

That was in March 2012, and in June I bought a road bike for myself and a hybrid for the other half. Just recently clocked up 24,000Km's on the Cube. Think it might be time to treat myself to a new bike!

Damn, having worked for an insurance company in the past (though in the UK) I would say you were very lucky and that assessor felt very sympathetic.

mondeo

Do insurance companies require evidence the bike was stolen such as a broken D lock or a chain?

jackstaff

I said I bought the bike on dondeal and obviously didn't have receipt but the reply was it's insured in and value up to to 2k in good faith..
Anyhow sold that on and bought a bike from a shop

tonyka

A very generous assessor alright... in the same year my house was targeted for 3 bikes ... i had to do all the legwork myself regarding claim and in the end had to settle for 1200 while value of bikes was 3500.on top of that they wouldn't cover me for theft again until I got an alarm. .

Bravobabe

face_plant wrote: »

Does anyone insure their bikes? Any recommendations for companies to insure with?

I assume some of this could be covered over home contents (maybe?) but are there specialist insurance packages to cover say bikes stolen whilst locked up somewhere, or damaged parts if you stack it on a corner?

I'm not really talking about damage/injuries to third parties, just my own stuff.

After getting a new bike on the cycle to work scheme, I'm considering getting insurance for the 1st year.
There are bike racks where I work, but when I looked at them, there were wheels, bike frames and locks and chains still attached to the racks. Not really a confidence booster. I have purchased an Oxford shackle & cable.
So any tips or suggestions appreciated :eek:

RV

Insurance seems straightforward once the insurer thinks the bike is not at risk. If they think the bike will be stolen then forget it - the risk is uninsurable. And if you claim once - then that's it forever.
I was told the annual premium is one sixth the value of the bike. You need to have observed all the small print in order to have your claim honoured. From what I hear, you are unlikely to get replacement value. So, I avoid insurance in much the same way Beasty does though I fear I am more cynical.

face_plant

Bravobabe wrote: »

After getting a new bike on the cycle to work scheme, I'm considering getting insurance for the 1st year.
There are bike racks where I work, but when I looked at them, there were wheels, bike frames and locks and chains still attached to the racks. Not really a confidence booster. I have purchased an Oxford shackle & cable.
So any tips or suggestions appreciated :eek:

The only thing you can do is make your bike more difficult to steal than others nearby. The bottom line is if a properly equipped thief really wants to take your bike, they'll have it, regardless of what it's locked up with.

That being said, use a good quality D-lock through the frame (preferably not the seat/chain stays, just because if a thief tries to break the lock using the bike as leverage, the stays are more likely to be damaged if they fail). I usually go for rear wheel and seat tube. Try to leave as little space inside the D-lock as possible so a potential thief can't get a bottle jack in there. A cable should only ever be used for extras, so front wheel and/or quick release saddles.

aFlabbyPanda

Sorry to dig up an old thread but I was just looking for a company to insure the bike with, according to google there seems to be a few but was wondering if anyone has first hand experience?

I'm not interested in putting it on the house policy because of the impact to the premium in the event of a claim.

ted1

I added my bike to the house policy for 30 quid. Any claim won't affect my NCB on the house policy.

aFlabbyPanda

Not on my house policy, I claimed for my last bike and the premium shot up.