CityCyclingEdinburgh Forum » Questions/Support/Help

boring insurance question

(21 posts)
  • Started 4 years ago by unhurt
  • Latest reply from gkgk
  • This topic is not resolved

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  1. unhurt
    Member

    As bike theft in Edinburgh reaches apocalyptic levels, vast flocks of ravens circle overhead. Meanwhile my home insurance needs renewed.

    Turns out I only put one of my bikes on it last year, oops. I was sure I'd added the Genesis too.

    Adding bikes worth over £500 as individual high value items is doing horrible things to my premium (plus apparently I might be expected to show receipts for upgraded components - uh. That will be a problem given how long I've had some of those...) So, is it worth getting separate insurance just for the bikes (which would also give me third party in case a motorist tries to sue me for scratching their paintwork with my crumpled body / I mow down a terrier)? Any recommendations?

    Posted 4 years ago #

  2. miak
    Member

    I got separate insurance for my bikes and annually costs me around £500 .... too much i know but seemed the sensible thing to do given how much time i spend on them

    Posted 4 years ago #

  3. dessert rat
    Member

    I have the Brit Cycle membership because it provides some insurance

    https://www.britishcycling.org.uk/bikeinsurance

    more interested in the 3rd party liability than the theft cover, but it does have both.

    Posted 4 years ago #

  4. neddie
    Member

    Depends on your attitude to risk and ability to finance a replacement. You should only insure against "heavy" losses (whatever that may be for your own circumstances)

    Personally, I'd set aside £50 per month (or whatever the insurance premium would be) into a ring-fenced savings account.

    After a year, you'll have £600, after two, £1200.

    Hopefully enough to replace the bike even if it gets stolen every two years on average.

    Posted 4 years ago #

  5. unhurt
    Member

    That British Cycling one looks like a reasonable option - not least as while more expensive that adding bikes to home contents it actually covers accoutrements up to a point plus some useful travel-related stuff... not that I'm travelling anywhere in the forseeable but.

    Am more interested in the theft cover as carrying more than one gold sold secure lock round town is HEAVY.

    Task A is to call current insurer and get them to un-auto-renew me as I want to shop around...

    Posted 4 years ago #

  6. chdot
    Admin

    “Task A is to call current insurer“

    Explain what you want, and see if they will quote.

    If they haven’t got that flexibility, perhaps they don’t deserve your custom...

    Posted 4 years ago #

  7. unhurt
    Member

    @neddie - yeah, but e.g. the Surly would cost in the realm of £1700 to replace, taking into account bars, pedals, saddle & racks - it all adds up fast. Plus savings won't give me third party cover - and "£150 returning home cover for the necessary and reasonable costs that you incur to return directly to your home by a registered taxi or public transport following theft of or accidental damage to your cycle." could be VERY handy if stuck halfway to Cape Wrath with a totally busted bike! Premium looks to be sub £200 (maybe a bit more once I give full details.)

    Posted 4 years ago #

  8. Frenchy
    Member

    British Cycling membership also provides free legal advice if you are ever in a collision with someone else. I was actually knocked off my bike approximately one hour after taking out my membership...

    Posted 4 years ago #

  9. Arellcat
    Moderator

    I use Pedalcover for home and contents. It may be the last year I use them, as they (AXA) changed their policy from new-for-old to 50%-of-new-for-old, at least for bikes over 5 years old, which is all of my bikes.

    But they're UK based, all "by 'eck, it'll be reet", they did know what a velomobile was, and weren't too busy batting eyelids when I told them what a new one would cost. It works out slightly cheaper than home policy plus a separate specific bike policy although the finangling to pay monthly is ridiculous and convoluted.

    Posted 4 years ago #

  10. amir
    Member

    My house contents insurance covers our bikes at a reasonable rate. 3rd party is via cycling uk

    Posted 4 years ago #

  11. mcairney
    Member

    £500 a year, that's more than my house + contents insurance and about double my car insurance :O

    Think I'll be relying on my shed at those prices

    Posted 4 years ago #

  12. wingpig
    Member

    I'll check who we use when my wife is next awake. I have to supply replacement/rebuild cost every now and then and usually request away-from-home theft cover to be ticked.

    Posted 4 years ago #

  13. unhurt
    Member

    Cheers - that part is key...

    Posted 4 years ago #

  14. Greenroofer
    Member

    ETA do cycle rescue cover for £20 or so. Will rescue you and your bike after a breakdown. I have it, have used it and can confirm that it works.

    I've given up on insuring my bikes. It was too expensive and they weren't covered if left unsupervised on a train. I spent one year's premiums with Pragmasis on beefing up the bike shed (latest improvement being to include it in the scope of the house burglar alarm system). Third party cover through home insurance. Legal cover through Cycling UK.

    Posted 4 years ago #

  15. steveo
    Member

    Is that the service including big cat to guard the bike shed?

    Posted 4 years ago #

  16. unhurt
    Member

    What about this solution? Not shown: sharks.

    Posted 4 years ago #

  17. Greenroofer
    Member

    It's cheaper to feed the tiger in the shed (but not over-feed it, obviously: need to keep it keen) than it is to pay premiums on high value bikes...

    Posted 4 years ago #

  18. Greenroofer
    Member

    Reflecting on this some more, for a high value bike you have to pay extravagant premiums and lock it with a Gold-rated lock (which weighs a ton). If you ever choose to leave the lock at home or not lock the bike, then it's not covered. If you do lock it with a Gold-rated lock it won't get nicked. If you have a crash then claim the repairs off the other party.

    I couldn't imagine carrying a Gold-rated lock on a long ride...

    Posted 4 years ago #

  19. unhurt
    Member

    I guess my concern is despite gold rated lock someone might yet steal one of "good "bikes - no lock being un-breakable. My concerns are mostly locking them in & around Edinburgh / across the central belt - when i would take the heavy lock (I have a stumpy wee one, so it's not TOO crazy heavy..). Hmm!

    Posted 4 years ago #

  20. wingpig
    Member

    I am informed we're with RIAS, for <=£200/year as a returning customer.

    I saw a thing once which suggested having a really chunky but solid and very small lock and putting it through the crank so that there's no room to waggle or batter it, but there would only be a very small number of places you'd be able to get the bottom bracket area close enough to be able to lock it up. I could get a very thin and long Citadel shackle through my 1992-2005 bike's crank spider but they were much gappier back in the day.

    Posted 4 years ago #

  21. gkgk
    Member

    I'm with AA for contents, with the box ticked to cover items outside the home, specifically includes bikes (item max £1500 or you have to list individually), covers anywhere in UK if locked to immovable object (doesn't specify std of lock).

    Was £90 last year (small flat), £120 this year so thinking to ditch.

    Posted 4 years ago #

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