Bicycle Insurance

pinkteapot

I cycle to work. I've always had a cheap, ancient bike that I haven't cared about but have just got a new one with a replacement cost of £650.

Our home insurance (Hiscox) does cover it but we have a £500 excess. I'm debating whether to get a separate bicycle policy. I work at University so it's parked in the uni cycle park all day long.

We have the high excess with Hiscox because the only lower excess they offer is £250 and it increases the annual premium by almost that much! We haven't minded the high excess in the past because we decided the home insurance was pretty much just for 'major' claims.

I'm not sure about this position anymore, given the relatively high likelihood of my bike getting stolen.

Looked at Cycleguard and they'll insure the bike for £49 a year. There appears to be no excess for theft claims but I need to re-check the policy wording as that seems quite generous.

Any other recommendations?

Or am I just better off shopping around again for home insurance and finding someone other than Hiscox who'll do good quality cover but offer a lower excess (say £250) without charging a huge premium for it...

I've never liked individual insurance policies (mobile phone insurance, boiler insurance etc). Assume the advice is the same here - try and do it under your house insurance if you can to get better value...

dacouch

Have you asked Hiscox whether they would be prepared to offer a lower excess on the Bike?

HappyMJ

For a theft claim to be successful you need to have locked the bike using an approved lock to something which is secured to the ground. If you did it properly every time then the likelyhood of it being nicked is actually quite low.

Theives go for the easiest target. Snapping a cheap lock is relatively easy but cutting a u-lock does take a few minutes. So get the best lock you can. Two locks are better than one.

Consider getting a GPS tracker for it as well. Cost a bit but could be worth it in the event of a missing bike.

Always lock the bike up when placing it the locked garage or place it inside the house when at home. You might need to bolt something onto your wall/floor to secure it to.

You need proof of the theft and if you get an approved U-lock and the thief leaves the cut up U-lock behind for you send it off to the manufacturer and they could pay your insurance excess for you.

pinkteapot

Thanks both...

I didn't think to ask Hiscox if they'd offer a reduced premium on the bike alone. I'll try it.

Looked at the Cycleguard T&Cs and yes, they have an approved locklist. I have a good lock but would have to get a new one that they approve of, keep the receipt etc. Have read some things online that have put me off them though:

1) They pay out in vouchers. Odds of them giving vouchers for the local specialist bike shop are pretty remote. I'd be miffed if I ended up with Halfords vouchers.

2) There are stories online of people having thieves strip their bike (taking wheels, saddle, handlebars... just leaving the frame) and Cycleguard refusing to pay out because "the bike" wasn't stolen. :eek:

More research required.

I'll wait before doing anything about getting security fittings for the garage till I know which insurer I'm using, as requirements may vary from one to the next. I do lock it at least at the moment which will hopefully be a deterrent if nothing else.

Much less worried about security in our garage than I am about security at work.

rs65

pinkteapot wrote: »

1) They pay out in vouchers. Odds of them giving vouchers for the local specialist bike shop are pretty remote. I'd be miffed if I ended up with Halfords vouchers.

Check with your local shop. I believe some take Halfords vouchers from the cycle to work scheme.

HappyMJ

pinkteapot wrote: »

Much less worried about security in our garage than I am about security at work.

Just saying....that's all...a bike of mine was stolen from my own garage. The lock on a garage door is very easy to break and you have no evidence of your bike being locked up so no insurance payout. If someone sees you on your quality bike they may follow you and plan on getting it from the garage at a later date.

Wheels can be locked to the frame...saddles can be locked using a cable in combination with the U-lock. Replace the quick release mechanisms with bolts. Handlebars...hmmm not sure about that one. Maybe fill the bolt hole with glue and wrapping duct tape around the bolt so it at least delays a thief. The insurance companies will try anything to get out of a claim so plan on the claim being unsuccessful.

If your work is a large site try asking your HR department if they would consider installing a bicycle cage for improved security. Say the benefits of a cage will entice more people to ride a bike to work and the employer will have a healthier employees.