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Insurance - against theft

(12 posts)
  • Started 11 years ago by DaveC
  • Latest reply from Dave
  • This topic is not a support question

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  1. DaveC
    Member

    We have removed bikes from our home contents cover, after a premium hike, after a few minor claims, inlusding one cycle theft. I took out cover with Total Cycle Assist l;ast year, but when I renewed recently, I found I actually have no cover against theft, but instead Accident Cover (so much for drivers screaming about no insurance eh?). Anyway I want to cover my family's cycles against theft at home and out on the road/street.

    Who do you use, and why? Does CTC membership provide good cover? I read a Herald article from another thread which said Endsleigh specialise in Student Cycle Theft Insurance cover.

    Thanks,

    Dave C
    Addrss withheld, until I ghet cover ;o)

    Posted 11 years ago #

  2. Roibeard
    Member

    Sorry Dave, for our purposes home contents was the best option - specific insurance was hundreds of pounds a year.

    Our household insurance would have needed to double before it would have been worth even considering taking bike insurance.

    As for legal cover, I've got that through cycle organisation membership - they don't tend to have theft cover as part of the membership, but instead have insurance partners.

    Robert

    Posted 11 years ago #

  3. DaveC
    Member

    Hmm, looking at Endsleigh, they ask for what lock I use. Suppose I should ask which lock is the one which would bring the insurance down?

    I have found the Abus Bordo Granit X Plus 85cm Folding Lock appears to be the most expensive. I may have to play with the quotes to see which one yealds the lowest quotes.

    Posted 11 years ago #

  4. crowriver
    Member

    I've been insured with Endsleigh for years (since I was a student in fact). The specified cycle cover is a little bit extra on top of the home insurance cover, but not much. I only insure the bikes I have bought new: not worth it for the second hand ones!

    CTC membership includes third party accident cover (if you hit someone/thing with your bike) and they have free legal advice line if you get hit. CTC also offer cycle insurance, but this is unlikely to be cheaper than adding the bikes to home insurance.

    Lock ought to be 'Sold Secure Gold' or at least 'Silver' to reduce your premium...

    Posted 11 years ago #

  5. Roibeard
    Member

    @DaveC - yes the cycle specific insurance specifies the lock and the method of locking. Not only was it more expensive, but it would have required the bikes to be locked to something immovable inside the locked cycle shed, and similarly when out and about it would be difficult to maintain cover and park conveniently.

    Imagine a car insurance policy that insisted that you had to park in a staffed car park to be insured for theft...

    Robert

    Posted 11 years ago #

  6. DaveC
    Member

    Right I may check out our household cover. But Gold Std locks appear to be VERY PRICEY and equally HEAVY. I only lock my bike at work or at home. I do Audax but have a small combination lock I use to stop opportunistic theives from whipping the bike into a van and driving off. I may carry on as I am now, perhaps with some sort of better security on the place I leave my bikes. Work has a locked room, deep in our office complex but our garage is basic. I think I'd be better supplimenting that and being choosy about where I leave my bike unattended.

    Posted 11 years ago #

  7. Kim
    Member

    Take the money you would have to fork out of an insurance premium and put it on deposit at the best rate you can find. If at the end of three years you have not needed to make a claim , you will probably find you have enough to buy a new bike...

    Posted 11 years ago #

  8. DaveC
    Member

    :D cheers Kim! Good advice .

    Posted 11 years ago #

  9. Snowy
    Member

    Agreed that the Sold Secure Gold locks are pretty heavy. Effective deterence, though. I made the decision to get one, since I often leave my bike outside the gym, and I've had three friends get their bikes nicked from outside various Edinburgh gyms in the last 5 years.

    The irony was that when my rucksack got stolen a year later, it had both the keys in it. Doh! (fortunately I had kept the magic number to get a replacement key)

    I'm ashamed to admit that I don't know whether my home insurance covers my bike away from home. I always assume 'not'.

    Posted 11 years ago #

  10. Dave
    Member

    Our bikes are largely uninsured, as the household policy only covers £2500-worth at a maximum of £1k each (however, this does cover our two utility bikes which are out and about and likely to be pinched while parked).

    I couldn't find anyone who would cover our fleet at home and specialist insurers were not economical: £3-400pa I think, which means every 2 or 3 years of not being robbed I'm saving the replacement cost of one of the bikes.

    Feels slightly risky in terms of garage break-ins, although £400pa buys a lot of garage upgrades, ground anchors and home CCTV ;-)

    Posted 11 years ago #

  11. Kenny
    Member

    My household policy (Direct Line) covers all my bikes, including the mid-life crisis bike (i.e. expensive), but only for theft. They wouldn't cover any of the bikes for damage while out and about. I'd love to find somewhere that would cover them, but they don't seem to be cost effective in the slightest.

    Posted 11 years ago #

  12. Dave
    Member

    Good tip! I thought that we had checked with Direct Line, but apparently not, as I see that bikes are indeed covered up to the full value of contents insured.

    We only switched our existing policy for the house move and it expires in 6 weeks or so. I forsee a switch to Direct Line on the cards.

    Posted 11 years ago #

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