Competitive Cycling Insurance?

Firemunchkin

I am a cycling commuter (don't hate me!) and have full cycling insurance (the works: public liability, theft, injury etc). For the last couple of years I've been with Evans Cycle Insurance (UK General Insurance Ltd on behalf of Ageas Insurance Ltd).

My renewal price for this year is: £118.65 (with 25.9% interest for paying monthly - so a total of £134.07. I know I could save money if I paid upfront the whole lot but I don't have the cash so need to do monthly).

I have no idea whether this is a good deal or not. There's not much comparison out there - so thought I'd ask you helpful lot (pleease be helpful!)

dacouch

Your Home Insurance may already cover the bike and almost certainly covers the Liability. If the bike is not already covered you can normally add it for £30ish (Depending on the value).

You may find it better overall to arrange a policy for injury that covers you 24/7 eg whilst at work etc etc rather than just while you're cycling

Aretnap

Indeed, if you have home insurance the cheapest option is almost certainly just to add the bike to the contents section, unless it's a very high value bike, or possibly unless you're riding competitively. That will cover theft/accidental damage, and liability.

It probably won't include a personal injury element but glancing at the Evans policy documents the personal injury cover is not much cop anyway - it only pays out a small amount for very serious injuries. £5000 isn't going to last long if you lose a limb, nor is £10000 if you're paralysed from the neck down. If you're worried about that sort of thing then you'd be better off looking into income protection and/or critical illness insurance. Yhey're not cheap, but if you do suffer a serious illness/injury which keeps you off work long term (cycle related or not) they'll pay out enough to make a real difference to your quality of life.

Nasqueron

There are several companies if you want to compare, the quote process is usually easy. All below are recommended by people on the bike group I am in on FB - price varies based on kit.

Home insurance wise, check what restrictions they have especially when away from home and weigh up a rise in premiums if you had to claim for a theft of the bike and gear while away - some home insurers will do high value bikes, not all will do, Endsleigh certainly don't

Cycleguard (10% loyalty discount rather than increasing your premiums)
Pedalsure
Yellow Jersey (no rise in premiums after a claim)
Bikesure
Cycleplan
Wiggle
Bikmo
Velosure

I've seen various promotions for each e.g. YJ say you can insure the bike for a new replacement without any depreciation like say Cycleguard do

wongataa

Firemunchkin wrote: »

I am a cycling commuter (don't hate me!) and have full cycling insurance (the works: public liability, theft, injury etc). For the last couple of years I've been with Evans Cycle Insurance (UK General Insurance Ltd on behalf of Ageas Insurance Ltd).

My renewal price for this year is: £118.65 (with 25.9% interest for paying monthly - so a total of £134.07. I know I could save money if I paid upfront the whole lot but I don't have the cash so need to do monthly).

I have no idea whether this is a good deal or not. There's not much comparison out there - so thought I'd ask you helpful lot (pleease be helpful!)

That is a lot of money. Your bike can most likely be put on your home contents insurance and have similar cover for a very small extra fee. If you want 3rd party liability cover join British Cycling or the CTC. Specific bicycle insurance is generally very expensive and not worth it as you can get cheap cover via home contents insurance, unless you have something very specialised.

Aretnap

wongataa wrote: »

If you want 3rd party liability cover join British Cycling or the CTC.

On just rely on your contents insurance, which has a general public liability element which will nearly always include cycle accidents, even if you haven't actually paid to put the bike itself on the policy.

The advantage of the cover that comes with CTC/British Cycling membership would be (a) no excess to pay and (b) no increase in your contents premium if you make a claim. But personally I wouldn't pay £40-odd quid a year just to avoid a fairly slim chance of having to pay a hundred quid excess or see my home premium go up be a few pounds. If you want to join the CTC or British Cycling anyway then the insurance is a nice little add-on, but I wouldn't pay the membership fee purely for it.

Nasqueron

wongataa wrote: »

That is a lot of money. Your bike can most likely be put on your home contents insurance and have similar cover for a very small extra fee.

Specific bicycle insurance is generally very expensive and not worth it as you can get cheap cover via home contents insurance, unless you have something very specialised.

Not all insurers do this

Not all will cover high value bikes (anything over £1000 apparently) especially not premium race bikes that can easily be 2-5k

Most will jack up premiums if you make a claim for a stolen bike (thieves are known to use stuff like Strava to track expensive bikes back to your home if you don't have the privacy setup) which could mean paying more for 5 years

MSE_Tony

Hi,

Hope this new MSE guide is of help:

http://www.moneysavingexpert.com/insurance/bicycle-insurance

DavidT67

Say this thread and thought it meant insurance for competing in cycling races...

Got British Cycling membership and race license for that!

Firemunchkin

Thanks everyone for being so helpful! I've added the bike (away from home) to our home insurance so I'm covered for theft and serious damage, although there is an excess. Have also signed up to British Cycling for the public liability. Considering my options on serious personal injury as think my life insurance might have something useful... thanks so much for all the advice. :T

TheMoneySpider

Firemunchkin wrote: »

I am a cycling commuter (don't hate me!) and have full cycling insurance (the works: public liability, theft, injury etc). For the last couple of years I've been with Evans Cycle Insurance (UK General Insurance Ltd on behalf of Ageas Insurance Ltd).

My renewal price for this year is: £118.65 (with 25.9% interest for paying monthly - so a total of £134.07. I know I could save money if I paid upfront the whole lot but I don't have the cash so need to do monthly).

I have no idea whether this is a good deal or not. There's not much comparison out there - so thought I'd ask you helpful lot (pleease be helpful!)

How much is your bike worth?

I know CyclePlan have a quick quote tool you can use

Theres was a lot less than £118

https://www.cycleplan.co.uk/options?qqval=150.00