CityCyclingEdinburgh Forum » Questions/Support/Help

Bike Insurance Rip off or Worth it?

(18 posts)
  • Started 6 years ago by StepRam
  • Latest reply from ARobComp
  • This topic is not resolved

  1. StepRam
    Member

    I guess the Question of if any Insurance is worth it or not is a very personal Judgement call. However I was flabbergasted to discover that Bike insurance is more expensive than my car insurance!

    I guess the greatest risk is theft. But how much Bike theft is going on in Edinburgh right now?

    Most common place my Bike is left:
    It Spends most of the time inside my house, Hanging on the wall in my utility!
    Inside my office.
    Tied up around the city centre for short periods.
    However, it may soon be tied up all day at Napier Sighthill and at the Royal Infirmary!

    I use a double litelok.

    Any thoughts?

    Posted 6 years ago #

  2. steveo
    Member

    House insurance with an add-on for bicycle cover.

    My (tesco bank) home and contents covers my bike upto a grand, I swapped to them specifically when my mates bike was stollen and he phone Tesco bank and got it replaced with the least fuss I've heard from an insurance company, they didn't seem to care about the shoddy lock I'd been warning him about for 18 months.

    Posted 6 years ago #

  3. Roibeard
    Member

    The last few home insurance policies I've had have covered more expensive bikes as named items - substantially cheaper than dedicated insurance, with no daft clauses about requiring the bike to be locked up in a secure building, with a gold sold secure lock (broken lock must be submitted with the claim) when not at home.

    I suspect the dedicated insurance might cover accidental damage better, but I'm interested in new-for-old theft insurance. Watch out for those policies that will discount claims for depreciation!

    Robert

    Posted 6 years ago #

  4. acsimpson
    Member

    esure cover bikes up to £500 as standard but I've found them pretty reasonable to add more expensive bikes to too. considerably cheaper than car insurance.

    They were also pretty decent when I last made a claim.

    Posted 6 years ago #

  5. StepRam
    Member

    My issue is my Cannondale SuperX 105 is a 2016 model I got it online for £1200 ( A steal) New for old would be the current SuperX 105 which started at £3k and is now down to £2.5k So for insurance you should insure for £3k, plus any accessories or modifications you would leave attached to the bike.

    So the Dedicated insurers want almost £300 PA which is a total rip off.

    Posted 6 years ago #

  6. neddie
    Member

    You should only insure against heavy losses (damage to house, expensive machinery, jewellery, antiques, etc.).

    Insuring against small losses is a waste of money. For small items, you are better off putting the same premium into a savings account and keeping the money to cover any losses.

    I would define "heavy losses" as anything above £1000. YVMV.

    For motor/house insurance it is typically not worth making a claim if the damage is less than £1000 anyway - since the insurance companies will subtract a hefty excess and claw back the remaining amount via massively increased premiums in the future.

    Posted 6 years ago #

  7. Roibeard
    Member

    I've several expensive bikes (and a huge chain, hungry tiger, etc) and the home insurance didn't query them as named items.

    I think the current insurer only needs them to be named above £1,000.

    Robert

    Posted 6 years ago #

  8. redmist
    Member

    Sounds like you need a cheap commuting bike. Keep your carbon road bike in the house ;-)

    Posted 6 years ago #

  9. neddie
    Member

    @StepRam

    Personally, I'd put the £300pa into a savings account. Make sure you always lock your bike well (even in the flat/house). Then use the money to buy N+1 after 4 years.

    Posted 6 years ago #

  10. CycleCommute.CC
    Member

    Sounds like you need a cheap commuting bike. Keep your carbon road bike in the house ;-)

    What's the point in keeping it in the house? Might as well get the enjoyment out of owning it, and I get most enjoyment by riding bikes.

    Posted 6 years ago #

  11. redmist
    Member

    galaxy - I meant when not riding it ! ie don't leave it unattended outdoors, locked or not.

    Posted 6 years ago #

  12. mcairney
    Member

    I'm assuming that quote is also including third-party cover?
    That quote does seem extremely high so I'd shop around. It might be worth adding it to an existing contents policy as suggested and joining someone like CTC for third-party cover.

    Bike theft used to be pretty rampant in central Edinburgh and studenty areas like Bruntsfield- I had 2 bikes stolen within 3 months of each other and the wheel stolen from one a year prior to that, all from tenement stairways and all locked to railings.

    The suggestion of a cheap(ish) commuter isn't a bad one and keeping your good bike for the weekends. You could get a half-decent commuter hybrid for that £300 with the bonus that it can be replaced more easily and cheaply if it does get nicked.

    Posted 6 years ago #

  13. Roibeard
    Member

    I picked up third-party cover with my house insurance too - I'm not sure if it was an add on with the legal liability cover (cheaper adding to house insurance than car insurance!), or if it came as standard.

    Covers all the family for all activities, including (non-competitive) cycling.

    Robert

    Posted 6 years ago #

  14. StepRam
    Member

    Thanks for the replies,

    Re: Home Insurance some digging around and the AA say:

    They won't cover "theft of unattended pedal cycle(s) unless the bicycle is locked in a building or attached by a security device between the cycle frame or back wheel to a permanently fixed structure."

    Nothing to say what standard of "Security device" is required. Also, their max value on NFO is £5k

    I signed up to Cycling UK so have that Public Liability, If it happens to be of any use!

    The Bike is marked and I'm using two Gold secure Locks but given all of those things just make it inconvenient!

    Police friends of mine suggest that, in general, all you have to do to avoid getting your bike nicked is make sure it's not an easy target. Or at least it's not the highest value and easiest Bike in the area! Easily said!

    Is Bike theft that Common in Edinburgh at present? Sheds in our area were broken into a for a while, but the Police got the people behind that a while ago?

    Posted 6 years ago #

  15. dougal
    Member

    "Or at least it's not the highest value and easiest Bike in the area! Easily said!"

    It's the perfect argument for N+1, "darling I need to get a more expensive bike than you so yours will be safe from theft when we go out together". Watertight.

    Posted 6 years ago #

  16. ARobComp
    Member

    I pay a reasonable amount to insure my bikes, or should I say, my bikes, my wifes bikes, and all my biking gear through Bikmo. Specifics below which are pretty comprehensive. Also covered for all repairs etc. I feel that it's an appropriate amount to pay to cover them all.

    "Property cover which includes the following:
     accidental damage to and theft of your cycles anywhere in the world, including while being used by any person with your
    permission;
     accidental damage to and theft of upgraded parts and components and equipment fixed to your cycle;
     accidental damage to and theft of any articles of specialist cycling, biathlon or triathlon clothing;
     accidental damage to and theft of any luggage designed specifically for the carriage of your cycle;
     the necessary and reasonable costs that you incur to return directly to your home by a registered taxi or by public transport
    following theft of or accidental damage to your cycle insured under this section;
     the necessary and reasonable costs of hiring an alternative cycle following theft of or accidental damage to your cycle
    insured under this section;
     non-refundable fees in respect of an organised competitive cycling even etc etc... "

    Posted 6 years ago #

  17. StepRam
    Member

    @ ArobComp Bikmo wants £233 PA my Car insurance is less on a 13 plate 2.0 TDi sMax Titanium Sport

    Posted 6 years ago #

  18. ARobComp
    Member

    I pay roughly similar for 5 bikes which amount to £**significantly more by a multiple of 3-4 of what my car is worth** if not a touch more tbh - however I'm far more likely to damage, write off or have my bike stolen in an accident that's not my fault. I also like the international and kit cover. Guess it just depends on how many bikes/what you're insuring for!

    Posted 6 years ago #

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