Bike Insurance through House Insurance

Tombo2001

Got the bike insured on the house policy last year; I think at an incremental cost of €60 or so.

I compared that to the cost of straight bike insurance through one of the websites and it seemed a bit cheaper but not much more so.

Have subsequently found out of course that if I do claim I lose my 'No Claims Bonus' which increases the cost of the House Insurance by 30% - which I think would cost in practice an extra €100 per annum for a good few years, in addition to the extra €60.

This isn't a question; just wanted to point it out. If I did claim for a bike under house insurance; it would cost me anyway €300-€400 to actually make a claim, in addition to the original cost of the insurance.

Its a (slightly) hidden cost that the insurer certainly didn't point out to me.

People say its easier to insure the bike with the house, but I think having analysed it its absolutely not a cheaper way to do it.

magicbastarder

years ago, i requested a quote for my two bikes under house insurance; they were covered as contents but not specifically as bikes. given the value of the bikes, to insure them as bikes, would have added €400 to my house insurance. which was approx. what the house insurance cost in the first place.
they claimed it was due to the chance of theft outside the house, even though i pointed out that they were assuming both bikes would be outside the house at the same time, which was not the case. but their software didn't allow for that.

mcgratheoin

Wow that sounds excessive. My contents insurance (rented property) covers my bikes with no extra charge (they're in a locked garage) - the only stipulation on the policy is that anything valued at over €1000 has to be declared - it's actually a little bit depressing, but the only things we have worth more than that are my wife's engagement ring and my good bike.

Tombo2001

Apologies, I should have highlighted that the insurance I had allowed for the bike being stolen anywhere, not just in the house.

magicbastarder

mcgratheoin wrote: »

Wow that sounds excessive. My contents insurance (rented property) covers my bikes with no extra charge (they're in a locked garage)

that's the nub though - they're covered as contents, not as bikes. so if you write the bike off in a crash, or it's nicked while locked in a public place, you've no cover.

schemingbohemia

Only €48.50 extra for 2 bikes (both less than €1k) for loss or damage anywhere in the world, excess is only €50 too. This is on an Allianz home insurance policy.

magicbastarder

that was the issue with my bikes - both were over €1000 new so kicked me into a much higher bracket.

Tombo2001

schemingbohemia wrote: »

Only €48.50 extra for 2 bikes (both less than €1k) for loss or damage anywhere in the world, excess is only €50 too. This is on an Allianz home insurance policy.

Yes but do you lose your no claims bonus if you claim; if so then the real cost of the insurance is around €400.

schemingbohemia

I made a house claim last year (water leakage) of around €6k and still have a 7.5% NO Claims Discount appearing on my renewal so not sure really what the impact of a bike claim would be.

rizzodun

Tombo2001 wrote: »

Yes but do you lose your no claims bonus if you claim; if so then the real cost of the insurance is around €400.

Would the 'real cost' not be the actual increase in the chance that you may make a claim? You lose your no claims if you make any sort of claim so there's no difference in that regard, just that a claim may be more likely seeing as your how bikes get used.

smacl

magicbastarder wrote: »

years ago, i requested a quote for my two bikes under house insurance; they were covered as contents but not specifically as bikes. given the value of the bikes, to insure them as bikes, would have added €400 to my house insurance. which was approx. what the house insurance cost in the first place.
they claimed it was due to the chance of theft outside the house, even though i pointed out that they were assuming both bikes would be outside the house at the same time, which was not the case. but their software didn't allow for that.

Just had a look a cyclesure and they seem a bit more competitive than that, with a €2k bike coming in at about €140 p/a including theft and accidental damage. Not sure on some of the limitations though;

We will not cover theft from your main residence unless there has been violent and forcible entry to or exit from the
premises by thieves.
We will no cover theft away from your main residence unless the cycles are secured through the frame by an approved lock
to an immovable object.

Suggests you need to be carrying and using and approved lock at all times, which is fair enough, but could be a pain for training spin coffee stops.

ted1

I have my bike listed and pay 20 quid extra for all risks ( inside and outside the home).

My bike is valued at 1,200,

Maybe you live in a real high risk area

smacl

ted1 wrote: »

I have my bike listed and pay 20 quid extra for all risks ( inside and outside the home).

My bike is valued at 1,200,

Maybe you live in a real high risk area

Sounds good, who are you with?

ted1

smacl wrote: »

Sounds good, who are you with?

I'm insured with cover centre through chill.ie . It's part of Zurich.


Bike is actually 1100 not 1200