Bicycle Insurance & Security.

Retrogamer · 21 September 2014 at 4:32PM

Hi all,

Hoping to get some good advise on here after the previous advise i got when choosing a hybrid.

I share a home with someone else just now and the house is in their name. They don't have contents insurance so i can't add my bike to it.

I'm looking to take out insurance to cover my bike(s) in the event they're stolen. I'm looking to insure 2 bicycles.

Boardman Hybrid Pro and GT Avalanche 1.0 for both around £1400.

I done a few basic quotes online and the cheapest i could find was £130 per year which is a bit more than i'd like to pay. Anything under £100 would be ideal.

Does anyone have any recommendations on how / where to get better deals? I still need to check the links on the British Cycling page as i recently became a member but i've no experience if the discounted rates there are only from specific people etc.

Also, do most bicycle insurance policies limit the type of lock / place where the bike can be kept? Ideally it would be locked in my shed which is fairly secure overnight and in there it would be chained to other bicycles.
During the day it would be locked up outside my work under CCTV.

I'm looking at using this lock as it's one of the few than bolt cutters or a hacksaw would have a difficult time with

http://www.chainreactioncycles.com/abus-bordo-6000-folding-lock/rp-prod89014

Any advice or suggestions most welcome

Avoriaz · 21 September 2014 at 6:49PM

Retrogamer wrote: »

..I share a home with someone else just now and the house is in their name. They don't have contents insurance so i can't add my bike to it......

Usually very foolish unless they really have little of value that can be considered to be house contents.

Most people would be surprised if they added up the value and replacement cost of all their possessions.

Have you considered getting your own contents insurance and including your bikes on it?

poppasmurf_bewdley · 22 September 2014 at 10:09AM

My household contents insurance cost £99pa in February this year. To add my electric bike (cost £650) was £1.50 extra in July. That's with Saga.

[Deleted User] · 26 September 2014 at 3:41PM

I put my bike on the contents insurance, I'd be very surprised if your bikes are the only things you have of any value in the house. The insurer will usually require that the bike is locked to something 'immovable', but bear in mind that it's unlikely the insurance will cover any luggage on the bike, in my case that's worth significantly more than the bike.

Richard53 · 26 September 2014 at 11:23PM

I find this very strange. £130 to insure £1400-worth of bike. I don't pay much more than that to insure my car which is worth around double your bikes. Even in the case of simple replacement for theft, the figures don't add up. Then there is the tens of thousands of pounds' worth of damage my car could cause to other vehicles in an accident, and the millions the insurers might have to pay out in the event of a death or serious injury as a result of my driving. All for a measly (and approximate) £180.

What's the risk to the bicycle insurer? Full payment following outright theft, and perhaps a small claim for damages from the pedestrian you hit. It's nothing like the risk of insuring a car on today's roads, and yet they want to charge about the same? I'm baffled.

When I last did bike insurance it was through the CTC and cost me (I think) a fiver a year, probably early 80s. You might check them out.

SailorSam · 26 September 2014 at 11:44PM

Richard53 wrote: »

What's the risk to the bicycle insurer? Full payment following outright theft, and perhaps a small claim for damages from the pedestrian you hit. It's nothing like the risk of insuring a car on today's roads, and yet they want to charge about the same? I'm baffled.

All i can think is the insurance companies think 'cos a bike is a lot easier to steal more of them must go missing.
Comp insurance on my Fiesta was under £300, but when i asked about an electric bike cover it was going to be a lot more.

dandelionclock30 · 27 September 2014 at 6:13AM

Get house insurance with your flat mate and stick the bikes on that, mine was free for the bikes and they are both reasonable. One cost £700 and the other £1050. I got a deal where the house; buildings and contents and the bikes cost me a little over a hundred pounds a year!
Some specific cycle insurers such as Cycleguard have a very bad reputation for not paying out. Just google them.
Marks and Spencers also has a good repuation where bikes and house insurance are concerned.
The best thing though is to ensure they are not stolen in the first place.

GwylimT · 27 September 2014 at 6:18AM

My twice bikes are covered under my contents insurance which is under £100 a year, one bike cost £1900 and the other £1200.

Retrogamer · 28 September 2014 at 10:58AM

It's a high crime area apparently here.
My car insurance is about £700 here and that's with 6 years NCB

The home insurance is a no goer i'm afraid The cheapest quote we could get here was just under £300 per year and he's not interested in splitting it.
I do a lot of traveling as well and most of my assets are stored elsewhere so not really worth it for me as not sure how long i'll be staying here.

Just wondering if anyone had any good experience specifically with bicycle insurance and getting the price down or what not.

Bicycle Insurance & Security.

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