race bike insurance

Derrydingle

Was thinking about taking out insurance for bike in races but was just wondering has anyone had a claim made and is it a lot of hassle like car insurance in trying to get the full value of the bike back of them?

nilhg

I had my bike insured under the all risks section of my (FBD) house insurance, crashed in a club league race, wrote off the frame and rear wheel.

I rang FBD who put me through to their loss adjusters, they asked me for pictures (which I sent on by email straight away) and an estimate from a bike shop for the repairs, that stage took a few days, by the time I sent it in the chap in the loss adjusters had rang the main distributors here and got a price for the frame himself, when both prices agreed there was minimal hassle and I had a cheque in a few days.

One thing to remember is that all risks policie usually are on the basis of new for old, so depreciation doesn't come into it, in my case it didn't matter but a few years ago I had a 3yr old laptop stolen, the all risks policy paid for a new one of comparable spec, in reality it was better.

Thud

nilhg wrote: »

I had my bike insured under the all risks section of my (FBD) house insurance, crashed in a club league race, wrote off the frame and rear wheel.

I rang FBD who put me through to their loss adjusters, they asked me for pictures (which I sent on by email straight away) and an estimate from a bike shop for the repairs, that stage took a few days, by the time I sent it in the chap in the loss adjusters had rang the main distributors here and got a price for the frame himself, when both prices agreed there was minimal hassle and I had a cheque in a few days.

One thing to remember is that all risks policie usually are on the basis of new for old, so depreciation doesn't come into it, in my case it didn't matter but a few years ago I had a 3yr old laptop stolen, the all risks policy paid for a new one of comparable spec, in reality it was better.

Did you have to prove it happened in a race/accident?
i.e. you didn't go at it with a hammer because you wanted a new bike

Beasty

I'm quite surprised there is anyone prepared to cover damage from racing.

Craig06

There's no clause in my policy to say no damage caused by events and racing etc.

Lusk_Doyle

It may have been an older version of a policy that had yet to be updated. Some policies out there have different wordings depending on if they were sold through a certain financial intermediarynor another one or sold directly.

nilhg

Thud wrote: »

Did you have to prove it happened in a race/accident?
i.e. you didn't go at it with a hammer because you wanted a new bike

I didn't..

They didn't ask for any proof of racing or accident, I'd have a long history with them and I suppose it didn't throw up any flags.

Beasty wrote: »

I'm quite surprised there is anyone prepared to cover damage from racing.

So was I, I wasn't very hopeful ringing them TBH.

Craig06 wrote: »

There's no clause in my policy to say no damage caused by events and racing etc.

Nor mine, though I didn't read it before I rang them, couldn't find it straight away, they don't usually send out the full policy document any time I renew, just any changes, I had to go back a few years to get a full version.

Lusk_Doyle wrote: »

It may have been an older version of a policy that had yet to be updated. Some policies out there have different wordings depending on if they were sold through a certain financial intermediarynor another one or sold directly.

They accepted my new bike onto the policy under the same terms as the old crashed one, whether that will still apply when I renew in the spring I don't know, but I'll be asking the question.

Lusk_Doyle

nilhg wrote: »

I didn't..

They didn't ask for any proof of racing or accident, I'd have a long history with them and I suppose it didn't throw up any flags.



So was I, I wasn't very hopeful ringing them TBH.



Nor mine, though I didn't read it before I rang them, couldn't find it straight away, they don't usually send out the full policy document any time I renew, just any changes, I had to go back a few years to get a full version.



They accepted my new bike onto the policy under the same terms as the old crashed one, whether that will still apply when I renew in the spring I don't know, but I'll be asking the question.

If they didn't alert you specifically to any policy changes at the time of renewal then they can't rely on the changes to reject a claim.

micar

I had my bike as a specified item on my home insurance.

Bikes depreciate in value.

Had it about 4 years.

Someone tried to steal it at work and broke the frame. Just about over it.

I had the over insured but got an amount from the insurance company I expected.

I had fully ultegra and I still have to take them off to sell.

MugMugs

Generally speaking in all of the household all risks policies I've encountered, bikes used for racing are excluded.

It does appear that some may be willing to insure under those circumstances (which I find quite bizarre) so check your policy wording very carefully OP.

It's a greater risk though. I can't imagine any underwriter accepting that risk.