Bicycle stolen - worth claiming?

deeem119

My bike was stolen from outside Waterloo station - 1/3 inch cable lock was cut through. I paid £200 for it 3 years ago, and there were about £50 of bits attached - lights, mud guards. The lock was £25.

The reason I ask is that I recently claimed for a car accident. £1000 damage. I have protected no claims, but because I have now made a claim, the base premium has gone up £450 per year. This quickly wipes out the claim and becomes more expensive than not claiming.

Is home contents insurance the same scam - if I claim, will my premiums go up enough to wipe out any payment quite quickly?

Thanks

lisyloo

Is home contents insurance the same scam - if I claim, will my premiums go up enough to wipe out any payment quite quickly?

Personally I wouldn't call it a scam but basically yes, you will have to add up premium increase for x (3?) years, plus any excess, plus any increase through loss of NCB.
You can check this out by doing quotes and seeing the increase (don't forget to multiply for however many years you need to declare to claim - maybe 3 years).

It isn't worth making small claims.
In answer to the next anticipated question "what's the point of insurance then?".
The answer is that it is worth claiming if your house burns down.

You can do the sums, but my gut feel is that it isn't worthwhile.

geri1965_2

It might not be covered anyway unless you specified it - and if it is, bear in mind that the excess will apply.

I insure my bike separately now.

TSx

also pedal cycles will usually have a wear and tear deduction applicable. 3 years you're looking at around a 30% deduction.