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Bike insurance

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 ralphio 02 Sep 2020

I've recently purchased a Giant TCR (value £2300) and it's doubled the cost of my house insurance when I've tried to add it to the policy. Is it generally better/cheaper to get specialist bike insurance? Any recommendations?... the bike is kept in the house.

Thanks

Post edited at 09:32
 Dave B 02 Sep 2020
In reply to ralphio:

Depwnds who you are insured with. Nationwide added less that £30 for a more expensive bike I'm sure someone will come along and remind me and you of the broker who can help with this.

Alternatively,for theft etc and additional crash damage etc, I'm happy with Laka so far, but I have not had to claim. The reviews say they are good in this respect. Not all insurers are, so check that side out carefully.

Kind regards 

Post edited at 09:39
 Le Sapeur 02 Sep 2020
In reply to ralphio:

I believe good bike insurance will set you back between £150-200 per year. Question no 1 is where do you live and how likely are your bikes to be stolen? I live rurally so risk is low however I still have insurance. My bike is also worth about £2.5k and have had similar for around 25 years. Insurance has cost me double the value of the bike. I get extra insurance for foreign travel but that's under an all encompassing travel package. 

In reply to ralphio:

Have previously had house insurance through Pedalcover which covered bikes at minimal additional cost.  Never had to claim, but they seem to have a good reputation.  Might be worth giving them a call.

 ChrisJD 02 Sep 2020
In reply to Sam W:

+1 for Pedalcover

In reply to Sam W:

Currently with Pedalcover.

They have changed their policies. They used to replace new for old but this now only applies for bikes up to 5 years old. They also have more restrictions for where the bike is stored, what lock is used and that it is secured to an immovable object.

All are sound precautions but there may be better insurance options available. On Singletrack Forum there is a post which could be worth reading.

https://singletrackworld.com/forum/topic/sorry-insurance-again/

 elliot.baker 02 Sep 2020
In reply to ralphio:

I'm with Admiral for house insurance and I have a full susser insured for more than that and a cheaper roadbike which was below the cost threshold to have to  be added on as a specific item.

I think the bikes are covered for theft outside of the house if properly secured. Definitely didn't add that much to the house insurance. I've had it that way for a few years.

Post edited at 13:50
 Sans-Plan 02 Sep 2020
In reply to Prof. Outdoors:

+ another one for Pedalcover.

 Basemetal 02 Sep 2020
In reply to ralphio:

Worth looking at precisely  what you are insuring your bike for, e.g. theft or accident, specifically:

-theft from locked garage/shed/house;

-"stationary" accidental damage to the bike when secure;

-theft when out and about and adequately secured;

-damage/injury/third person liability when riding;

-riding for leisure/commuting/competition.

As much because these different insurances can have hugely different prices as that you might not want some of these covers.

My own 3 bikes are all insured for being in a locked garage and one for out and about without any injury or liability cover, and that worked out under the threshold for my house insurer. I found the specialist cyclists insurers tend to be more third party liability and accident related. 

 nniff 03 Sep 2020
In reply to ralphio:

A few years ago we opted out from the mainstream high street insurers and had an appraisal done and a specific policy chosen.  The driver for this was that we felt (rightly) that the standard contents insurance level was inadequate.  The new policy was the same price as the old.  Bikes are listed specifically.  A few years in we were burgled - they were only in the house for about 10 minutes and my wife disturbed them when she turned into the drive.  They went straight up to where they thought  my wife's treasure would be and took the lot.  They didn't even look in the garage.  they were doing their Christmas shopping.

The insurer sent a Claims Assessor round. We had valuations, photographs etc and documented nearly everything.  we were asked for a valuation - we have it our best shot and off it all went to a specialist valuer, who uplifted it by about 25%.

In contrast - I was involved in a hit and run.  The police traced the driver.  My claim against their insurer was settled easily for physical injury - it seems that there is a schedule of rates for injuries.  As far as the bike was concerned - it was a hand-built, stainless steel, Dura-ace lovely-thing.  Pedals, bars, stem, wheels, rear derailleur, shifters etc all stuffed.  They dragged it out for almost a year - claiming that we were seeking 'betterment' - although how replacing Dura-ace with Dura-ace was 'betterment' was not revealed.  I think they (Zurich) thought a bike cost £300 from Halfords.  Still, there was another bike and I just dug my heels in.

So - go reputable.  Take photos.  High street name probably not the best.

 peebles boy 03 Sep 2020
In reply to ralphio:

Bank of Scotland. £200. £500k buildings, £75k contents, £10k named bikes. Insured away from home. 

 Yanis Nayu 03 Sep 2020
In reply to ralphio:

Try Laka. 

 ralphio 04 Sep 2020
In reply to ralphio:

Thanks for all the replies. I ended up going with cycleplan as they're offering a 50% NHS discount at the moment.


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