Bicycle Insurance

mraff07

Hi All,
Can anyone advise the best insurance company to use for hi end bike insurance? Alot of thefts going on and I want to make sure I'm covered. Been steering along the line of bicycleinsurance.iethey seem to offer a good package, has anyone dealt with them?

Regards
M

cdaly_

Talk to your house insurance first. You can probably get your good bike covered for theft from the house/shed on existing contents.

Beasty

cdaly_ wrote: »

Talk to your house insurance first. You can probably get your good bike covered for theft from the house/shed on existing contents.

One point to add - there may be a low limit on cover particularly under a household policy

Having said that you may struggle to get full cover for particularly high value bikes

Chuchote

And check whether the price will go up when you renew your house insurance - a tricky sneaky trick of the insurance industry.

Macy0161

Chuchote wrote: »

And check whether the price will go up when you renew your house insurance - a tricky sneaky trick of the insurance industry.

Definitely check this. I looked into it for a mobile phone - peanuts to add it to policy, but loss of no claims was worth way more than the phone.

Also on the bike insurance - check what standards of locks they expect on sheds etc. I did one that was discounted through cycling ireland, and iirc it expected them to be secured in the shed as well.

scheister

cdaly_ wrote: »

Talk to your house insurance first. You can probably get your good bike covered for theft from the house/shed on existing contents.

I went a few years ago to insurance my bike and was told the contents cover would not be good enough as it was a high value item. They had to insure it as a special item on the house insurance

Chuchote

House insurance is a big fat scam. Unlike car insurance, you can't insure against losing your no-claims bonus.

Lemming

Beasty wrote: »

One point to add - there may be a low limit on cover particularly under a household policy

Having had a conversation like this a few months ago regards my household policy, had my current car insurance company doing the chase-up rounds of "we want to quote you for house insurance" and on the topic of my bike, the price went up when the price of the bike exceeded £500; it jumped at the £1000+ mark.

Cheaper for me to insure separately through my British Cycling membership and also get 20% discount. I should imagine you'll get better mileage going through a club/cycling organisation umbrella scheme or direct to an insurance company that covers bicycles.


Edit: I should clarify, the price went up a bit for "theft from home", but it jumped notably if I wanted the bike insured away from home.

Lusk_Doyle

Chuchote wrote: »

House insurance is a big fat scam. Unlike car insurance, you can't insure against losing your no-claims bonus.

Yes you can. It's called no claims discount stepback.

Lusk_Doyle

Beasty wrote: »

One point to add - there may be a low limit on cover particularly under a household policy

Having said that you may struggle to get full cover for particularly high value bikes

I got full cover for the lower end bikes (subject to the 1200 limit) in and out of the home and full cover for the high end bikes damaged or stolen in the home. All specified individually. Very little impact on the premium.

Chuchote

Lusk_Doyle wrote: »

Yes you can. It's called no claims discount stepback.

Really? I asked my house insurance company (AA) and they told me there was no such thing!

Lusk_Doyle

Chuchote wrote: »

Really? I asked my house insurance company (AA) and they told me there was no such thing!

To be fair, it's not offered by every insurer.

Beasty

Lusk_Doyle wrote: »

I got full cover for the lower end bikes (subject to the 1200 limit) in and out of the home and full cover for the high end bikes damaged or stolen in the home. All specified individually. Very little impact on the premium.

TBH I don't insure anything unless I'm legally required to (eg car), or loss would create a bit of a hole in my net asset position (house & contents), or I get it paid for me (PHI). Everything else I pretty much self-insure - saving the premiums which reflect not only the monetary value of risks the insurers take on, but all their overheads as well as profit. That way the savings I make in premiums will in all likelihood significantly exceed any potential claims, particularly as I consider myself "low-risk" compared to the wider population.

AndrewJRenko

Chuchote wrote: »

House insurance is a big fat scam. Unlike car insurance, you can't insure against losing your no-claims bonus.

If it is a scam, feel free not to buy it. It's not mandatory.

Mr. Grieves

AndrewJRenko wrote: »

If it is a scam, feel free not to buy it. It's not mandatory.

It's normally required if you have a mortgage.

Mugser

Just ran through the bicycleinsurance.ie quote, bike must have been bought in Ireland, that rules out the Canyon! Put in our little fleet, excluding the canyon and the quote was over €800:eek::eek: I guess that could be seen as an indication of how wholesale bike theft has become, as in there's huge risk attached with the policies.

My house insurance told me they'd cover bikes up to a €1000 value. Not much use.
Bikes have never seen the inside of the shed, they live in what used to be the play room, use changed when the kids grow up. Measures to anchor the bikes to the walls and secure the room as best as possible being researched.

jamesd

Mugser wrote: »

Just ran through the bicycleinsurance.ie quote, bike must have been bought in Ireland, that rules out the Canyon! Put in our little fleet, excluding the canyon and the quote was over €800:eek::eek: I guess that could be seen as an indication of how wholesale bike theft has become, as in there's huge risk attached with the policies.

My house insurance told me they'd cover bikes up to a €1000 value. Not much use.
Bikes have never seen the inside of the shed, they live in what used to be the play room, use changed when the kids grow up. Measures to anchor the bikes to the walls and secure the room as best as possible being researched.

I changed home insurance companies to get my bike covered, had to declare the bike and provide proof of purchase to them.

Lusk_Doyle

Beasty wrote: »

TBH I don't insure anything unless I'm legally required to (eg car), or loss would create a bit of a hole in my net asset position (house & contents), or I get it paid for me (PHI). Everything else I pretty much self-insure - saving the premiums which reflect not only the monetary value of risks the insurers take on, but all their overheads as well as profit. That way the savings I make in premiums will in all likelihood significantly exceed any potential claims, particularly as I consider myself "low-risk" compared to the wider population.

A robber or a fire don't care if you consider yourself as low risk compared to the wider population!

magicbastarder

jamesd wrote: »

had to declare the bike and provide proof of purchase to them.

hmm; what about secondhand bikes so?