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Bike Insurance
stoibee
Posts: 2
in General Chat
We're just about to renew our house insurance. Unfortunately this triathlon lark has caused us to acquire a small peloton of bikes. Most insurance companies allow us to insure these as part of an overall contents insurance but I was wondering whether it's better/cheaper to go for this option or insure the bikes separately through a specialist insurer? Id the latter, are there any companies that can be recommended? Thanks
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I was looking to cover my Planet X SL Pro when I went to Barcelona because our contents insurance wouldn't cover bikes over £500.
I spent weeks looking for alternatives and I've forgotten the name of the bike insurance company now but they wanted almost £300 p/a!
My Ducati is less than that for f'ks sake!
Long story short, we changed our contents to M&S, they cover bikes up to £4000 here and abroad.
This is not just Bike Insurance ...
I find it quite strange/amusing that these 'specialist' and established insurance giants come up with all these expensive schemes and then a purveyor of knickers and top notch ready cook meals comes along and wipes the floor with them.
M&S definitely worth a look when I get my new place in a few weeks, currently with esure and they cover my bikes for up to 60 consecutive days abroad subject to additional premium, can't remember how much but it wasn't a lot.
I haven't used them, so can't comment either way.
I did a general search for house contents insurance on a comparision site and it came back with a list of fairly good offers including M&S and (possibly ironically) the AA who were willing to insure the bikes at home and away so long as none of them were worth more that £1500 - won't cover the more space-age of tri bikes but will cover us even with the most recent and flashiest acquisition.
I had a nightmare with trying to add my new rides to the house insurance, we kicked up a fuss and threatened to leave and go somewhere else....suddenly they could insure them!
I use my House insurance, I have had many quotes from companies who specialise in bike insurance and the cheapest I could get was £740 p/a.... twice the cost of my car insurance!
But then this is to insure £8000 with of bike....
The house insurance went up by about £300 a year...with the bikes added
As long as they pay up that looks like great value to me!
I'm at a loss - if my bike gets damaged or stolen there is no way I can afford to replace it.
If you tick the "cover away from home" box - all your contents (up to £4k individually) are covered.
I asked specifically - what if it's nicked off the roof rack, what if it's locked to a lamppost etc etc.
All covered.
www.triathlonbikeinsurance.co.uk offers a good policy and you can pay monthly and they charge you 0% interest for that, thats pretty good in my books dont know anyone else doing that
"Its all about the race"
Kim
"its all about the race"
Kim
So advice as follows from their experiences:
Brittania home insurance Paid out in cash within 3 weeks full value
Norwich Union: New for old within 10 days Plus the computer, tools, panniers etc. all covered (home insurance)
E and I: Paid out after 7 months – after excess and valuation paid only 53% of value
AXA awaiting payment after 5 weeks
Average premium was around 40 quid a month for 2 -3 good quality bikes. I have read all sorts of facts and figures about 1000 bikes a day getting nicked – often put on Gum Tree and ebay (search for stolen bike threads on Google – it is frightening how common it is)
I am mean. So I bought a mother of a bike shed lockup for the garden for less than 1 years premium and had no issues yet. I keep three bikes in it. Statistically I think Bonfire night has the highest bike theft of the year – cuz we are all outside, freezing, looking at a pile of burning wood with the kids!
www.asgardsss.co.uk (if i spelt it correctly!)