Stolen bike - To claim or not?

Timmy_Magic

Hi my bike was stolen over night last night from my back garden :-(

I am covered under my Endsleigh Home Insurance but was wondering if this will affect my premium for next year if I make a claim. I have been told by someone that it is the postcode it affects and not directly the individual.

Anyone know exactly or who can offer some advice.

The bike was 3 yrs old and worth around £300.

many thanks

Faith177

Yes it will effect your renewal next year plus you may also lose any ncb you have built up on your home insurance

*Scarlett

Before you make any claim or enquiry, check your policy docs to make sure that you are covered.

Some policies require bicycles to be specified. Most will require them to be locked away or secured to an immoveable object if left unattended.

You could do a few "fake" quotes online including the claim to see how this will affect your price for next year.

It's true that a postcode can be affected by a large number of claims in the area but it is certain that your individual insurance will be affected by any claims or losses.

Also check your excess fee to see if it is worth claiming.

InsideInsurance

It'll effect your premium for the next 3-5 years.

It will also have an impact to everyone elses premium in the postcode area but that is on aggregate with every other insured's experience and it is not only this years but all prior years too (with a weighting placed on more recent years).

So, you would see a noticeable jump in your premium and everyone else may or may not have a few pennies difference.

Before you notify your insurers.... check it is covered (are you required to have it chained to a mounted point, if you are was it etc), what your excess is and what the bike is worth. You can do a dummy quote online to see the premium jump and then work out if its worth claiming

marleyboy

Any sort of insurance claim is going to effect your insurance premiums, as a claim will be classed as an increase in risk assessment.

Timmy_Magic

I only started my premium in Aug last year so potentially wont have any NCB to lose yet. Excess is £50

Thanks for the replies so far guys

rs65

Timmy_Magic wrote: »

I only started my premium in Aug last year so potentially wont have any NCB to lose yet. Excess is £50

Thanks for the replies so far guys

It means you won't gain any NCB for the 1st year at renewal time. Not all home insurers use NCB though.

Tell your friend there are dozens of rating factors (including claims history) - postcode is only one of them.

Quentin

Timmy_Magic wrote: »

I only started my premium in Aug last year so potentially wont have any NCB to lose yet. Excess is £50....

It is the claim on your history that will affect the premium, which you can see for yourself by doing virtual quites online, with and without this claim in your history.

Also bear in mind the loading will affect the premium for the next 3/5 years, depending on how long a history insurers ask for.