Cycle to work scheme, but bike stollen

marvin

neilmcl wrote: »

Because the OP doesn't own the bike, he effectively hires it from his employer. The bicycle doesn't become theirs until the final balance has been paid off which is why standard household insurance won't cover it.

So if I rent a TV it is not covered by my household theft insurance?

Lots of things are on forms of hire purchase supposing you don't tell the insurance company how it was paid for how are they supposed to know? I would never tell my insurance company how things were paid for just that I had them, they were stolen and I no longer have them and want them replaced.

This all sounds very dodgy to me and still hold that the bike should be replaced like for like by the insurer then there is still the same, albeit a different, bike at the end of the scheme.

wealdroam

Somewhat different conclusions have been reached on the OP's other thread:

https://forums.moneysavingexpert.com/discussion/4860874

harrys_dad

That's because if you want a decent answer to a question about insurance you put it on the insurance board. I have no problem with people cross posting but at least they could say they have done it.

neilmcl

Sponge wrote: »

The schemes have been going on for many years, how come this issue isn't highlighted in their documentation? Just a small note in a FAQ to help customers. It must have happened countless times.

I think this is more than just a small note- http://www.cyclescheme.co.uk/community/featured/do-you-need-insurance-for-your-bike

wealdroam

harrys_dad wrote: »

That's because if you want a decent answer to a question about insurance you put it on the insurance board. I have no problem with people cross posting but at least they could say they have done it.

Well, the OP told us he was going to, and did so quite promptly... see post #3.

harrys_dad

wealdroam wrote: »

Well, the OP told us he was going to, and did so quite promptly... see post #3.

True, and I apologise for my oversight.

londonTiger

Always read the terms in the insurance, they will have no qualms when taking your money. But when it comes to claiming that's when they push it through legal to crawl out from paying.

barvid

neilmcl wrote: »

I think this is more than just a small note- http://www.cyclescheme.co.uk/community/featured/do-you-need-insurance-for-your-bike

There are many, many companies your employer can work with if they want to offer Cycle to Work. Cyclescheme, Cycle Solutions, Halfords... Quoting documentation from one of them does not mean all have similar wording.

mttylad

This thread reminds me, I have some stollen in the kitchen - I'm off for some.. yum, yum.

djh77

barvid wrote: »

There are many, many companies your employer can work with if they want to offer Cycle to Work. Cyclescheme, Cycle Solutions, Halfords... Quoting documentation from one of them does not mean all have similar wording.

I have just taken a bike on the cycle to work scheme through Cycle Solutions, and it was made quite clear on the paperwork I got that it was my responsibility to insure the bike, and to check with the home contents provider to ensure it would be covered. I know my company also looked at another cycle to work scheme provider and they were also clear about the need to check insurance properly.