How to best insure my bicycle

wonko

Hi all, apologies if this has already been covered off elsewhere (I had a look but couldn't see anything)
I live in rented accommodation. So I currently do not have any contents cover - which is fine, except I'm perturbed about the current value of my primary transport - namely my bicycle - a mountain bike. Which was not worth that much - until I added this and changed that and now the total spend to the wee beastie means its replacement value is circa £1,300 - which is a lot to trust to any padlock outside Tesco.
Historically, when I've looked at this, it was cheaper to go down the road of contents cover as opposed to a specific bicycle insurance policy. My Travel Insurance does not cover bicycles. Any other thoughts or experiences/suggestions for minimising insurance costs?

InsideInsurance

My concern would be the fact that by the sounds of it it is now basically a custom built bike and a high street insurer may struggle with it in the claims procedure.

You may be better dealing with a specialist cycle insurance scheme, which if you google cycle insurance you will find hundreds. It wont be the cheapest option but may be the best.

Whatever route you end up going make very sure that you read the requirements of the policy. There have been too many posts on here about bikes being stolen and insurers not paying out because the lock or the object it was locked to etc didn't meet the policy requirements etc

McKneff

You should have contents cover, regardless of whether you rent or not.

If someone has a flood above you and they are not held liable because it is not because of negligence you would bear the brunt of the costs of any damage. So I would suggest that you get some.

It should also cover your bike but you must check that it is.

huckster

Up to you. If you live in a self contained accommodation which is not shared by many unrelated people, then shop around for Contents Insurance, to include a cycle of that value. The cycle will probably need to be specified and it may be a good idea to send the Insurers the details, being that you have added various parts.

Other than that, if you google cycle Insurance, you will find many options.

vax2002

By its nature, you will lose money on insurance.
Not a very money saving tip to insure random items.

InsideInsurance

vax2002 wrote: »

By its nature, you will lose money on insurance.

On average you will but evidently not everyone does. Its all about if you want to exchange risk of losing a large amount for the known losing a small amount or you'd rather take the punt.

VeryFrustrated

Dear Wonko

Having just had my bike stolen (insured via house), I am looking into a better insurance policy for my next bike.

I find this summary very useful - it compares many companies and so many features (nitty gritty) that I didn't know existed. I hope it helps you to find suitable insurance for your needs. http://www.cheshirecycleway.co.uk/h02-07-08-00.html. By the way, you will need to register to see the review.

If you decide to go via a home contents policy, please check the nitty gritty (e.g. my home contents policy has a maximum item limit of about £650 (fine for me) and if a bike is more than 2 years old then they take into account wear and tear (not ideal but I new this and accepted it, but now I'm claiming I'd prefer 'new for old), on the plus side the excess is a mere £25).

Happy cycling.