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bike insurance

Hi all

My bike insurers have raised my premium and now take the money every 28 days rather than once a month. So working out a bit more costly.

Just wondered who people use to insure there trusty steeds? Good companies, companies to avoid etc. Unfortunately my bike was booted out into the garage by the wife (poor thing over winter!) so it definately needs to still be insured but it is too expensive to have it named in the house insurance.

Any replies appreciated!

Thanks

Andy

Comments

  • Norwich Union / Aviva as entension of my house insurance. A lot cheaper than stand alone bike insurance about 25% of the cost.

    Paid out on a crash I had last winter covered things such as damaged brake levers, pedals, wheel skewers, saddle as well as clothing which was high quality inluding Assos bib tights. I only had to pay £65 excess on a claim of nearly £1000. Point here was I had notified them I had upgraded my bike with new wheelset, saddle etc as well as the pedals which did not come with the bike originally.

    A word of caution, they agreed everything was covered but they were more set up on their online forms to deal with a full bike replacement. When they did get a full quote for clothing and parts, and they needed a quote for fitting of pedals and bar tape etc which took a while they at first offered me the value in Halfords vouchers which I obviously refused. Their claims department eventually sent me a cheque in the post covering the cost of all the items. This process took around a month to go through.

    My advice would be check with companies you are already using for insurance often you will find them a lot cheaper. If you find they are go down a line of questioning what if this happens what if that. I was happy with the price of my own insurance but its true value only comes to the fore when you get in a messy situation such as I did, fortunatly for me they came through.
  • HarryDHarryD Posts: 424
    Andy,

    Also consider not insuring. Look at some of the security requirements such as locked to an immovable object etc and can you comply or what would the cost of upgrading be. Especiallyt to a garage.

    A typical premium where I live (very, very low crime and the local kids leave their bikes outside) would be around 6% of the cost of the bike. A payback of 15 years. Having had decent bikes for nearly 30 years (including lots of overseas cycling) without a theft I reckon I'm up on the deal. But I do take that bit of extra care where I park & lock up my bikes. More because I don't want to walk home. I do the same for laptops, mobiles etc. Never paid for an extended warranty either.

    Could then spend the saved premium on a secure floor anchor for the garage and some top notch locks.

    May not work for everyone

    Harry
  • BlinkybazBlinkybaz Posts: 1,144
    My bike is only covered under my house insurance. I do keep her inside though.

    I have always seen bike insurance as an expense I dont need. If of course you are leaving your bike locked in town or a work then i can see the point but that doesn't effect me.
  • jcs356jcs356 Posts: 37
    Another vote for a bolt on to Aviva contents insurance - I added mine this year just to see what the cost would be (having had them uninsured for years) and was utterly shocked that they didn't increase the premium!

    They are only covered for theft from within the house - but as I never leave them outside that's not a problem. Where insurance gets expensive is to have them covered when locked up outside.
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  • So how much do Aviva cover you for?

    My home insurance (Axa) will only cover any single bike upto £1000, and combined to a total of £2500. We have 4 bikes, but none worth more than £1000 - yet....

    I'm currently looking at TT bikes in the region of £3k - so this is a problem.

    Any ideas appreciated.
  • I have my bikes for up to £3000 each but have not asked for more than that as I didn't need it so I am not sure what the top limit is to be honest.

    It is a case of making sure you inform them of upgrades, for example had a crash with new dura ace wheels on at the time which they were happy with as long as I had all the reciepts which i did.

    Like any insurance we have been with this company for over 20 years I guess with very few claims and I suspect they want to keep us on board and so will be sympathetic, not sure what their attitude would be to someone a lot younger or if I made repeated claims.
  • Marks & Sparks
  • BritspinBritspin Posts: 1,655
    Our house insurance & quotes from our bank when trying to poach business all went pale & backed off when racing was mentioned, then the more we asked the worse it got. Replacemnt yes, but only with a £400ish bike supplied by them etc etc, if we wanted like for like..not a hope. So we are with E&L is it? Not cheap, but covered, racing & all.
  • hussler.hussler. Posts: 390
    I have just taken out a policy with Cycleguard. Both european and world wide options together with 1million public liability insurance and they cover me to race too. Costing me £550 a year to cover my Trek Speed Concept 9 and my MTB for a total of 6000 quid, admittidly the SC9 is only insured for the frameset and groupset (£5000, the max they offer per item) and £1000 for the MTB. My wheels are given to me by my sponsors so not too bothered about them being insured.

    They cover you whilst the bike is in Transition, and doesnt need to be locked up, which most places insist on you doing so, not ideal to have to unlock your bike whilst in T1 then lock it up again in T2!!!
    Even better for the races such as IM where you have to rack your bikes the day before.

    I cant insure my bikes under contents insurance as its sky high because I live in Barracks on an RAF Base and its in communial areas.
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