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Post by stevemoran on Jan 15, 2010 12:17:00 GMT -5
Where do people go to insure their bikes?
Being a tight Yorkshire git, I want good value, but also a provider that is going to pay up should the bike get knocked off / written off (the latter being more likely given my riding ability)
I am not inclined to put it on the house insurance as I don;t want to get hammered with increased premiums should the worst happen.
Any recommendations or companies to avoid?
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Post by Tim Barlow on Jan 16, 2010 5:01:29 GMT -5
In my experience of looking, specialist bike insurance costs around £300 a year, which is prohibitably expensive! Presumably this is much more than the potential rise in house insurance should the worst happen and you make a claim. You can also get additional policies to 'top up' household insurance for specific named items of high value. I'm not sure that a claim on the 'top up' would affect the initial products insurance premium? My XC bike is insured as such using a 'bolt on' to our contents insurance, against loss, theft, accidental damage, etc. I think this was with the Cooperative. It seems that there is maximum that the majority of insurers will cover, once you get to about £2K they start to loose interest. Any bike costing more may not be able to be insured, obviously you can't insure part of it because the risk to the insurer is greater. But, it is a difficult one. you could just go for a big lock, and watch out for height restrictions in car parks  - anything else you do to it carries a maximum repair cost, i.e. if you snap the frame you can replace the front triangle or rear swing arm for a lot less than the cost of a new frame, anything else on the bike is going to wear out sooner or later anyway! Tim |
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Post by Spotless on Jan 17, 2010 6:34:48 GMT -5
Maybe I am wrong, but I had my bike stolen a few years ago along with a few other things and the next year my premium shot up. So for subsequent bikes, maybe naively, I have not had them insured for their full value, but I believe that the saving on premiums will go a long way toward replacing my bike. I favour Tim's suggestion of a good lock and, in my case, security cameras, which were not expensive to install.
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Post by Duncan on Jan 17, 2010 7:27:39 GMT -5
I have always just put mine as named goods on the contents insurance. The new bike added about £40 over the old one. Mind you I cant remember what the old cost was. The overrider is I have to lock it to the car and then lock it to something solid in the garage. So perhaps Nigel is right as he does what I do without the cost.  |
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- anything else you do to it carries a maximum repair cost, i.e. if you snap the frame you can replace the front triangle or rear swing arm for a lot less than the cost of a new frame, anything else on the bike is going to wear out sooner or later anyway!