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gaping hole in vehicle insurance parameters!
rb86
Posts: 2 Newbie
Last November, I had my motorcycle pinched from my parking space behind my flat. It was under a cover, had disc locks on both wheels, a chain through the back wheel and my car parked in front of it. I hoped this would be enough to deter any would be thieves from taking it.....it didn't. I woke up one morning to find it gone, the whole assembly, cover and all. I'm not going to pretend this was some hot, super expensive ride, it wasn't. It was a 2016 MT07 with a few modest mods. It was a glorified commuter bike, which suited my needs and living situation. Because I live in London and have no access to a garage, I've always been somewhat restricted on what bike I can afford and always had to make the "sensible" choice on bikes taking into account the "will someone steal this?" factor. I thought I made a safe choice with this bike and i'd had had no problems for over two years.
So....now I find myself without a bike and unwilling to even entertain the idea of owning one again while I live in London knowing how easy it is for someone to just pick it up and pop it in a van. Lucky I live by a tube station so day to day this hasn't affected my travel to work.
Now we come to the real issue...the sun is coming out...I want to ride and join my pals on the annual bike trip. With bikes, I can submit to peer pressure quite easily so after only 15 mins of nudging and prodding by the friends, I start looking a bikes.
A close friend who doesn't live in London said I could store my bike in his garage along with his own. As I will no longer be commuting and the bike will only be for weekends and touring trips, I jump at the opportunity. Finally, I have a safe place to store my future bike, and because its not in London and I won't be using the bike for commuting, the premium will be low. Also taking away the London and commuting factor, I can stop compromising and get the bike I actually want. The Honda CB1000r is on 0% finance for 36 months until March 31st.....sweet, test rode the bike last year, loved it, now there is a real opportunity for me to own it!
Best call around the insurance companies to see what the prices are like and check the circumstances....and here is the crux of the problem...bloody insurance companies!!!
Firstly I fill out the quote form using the address the bike will be kept at, in a garage, nice and secure - £466 - bargain!
But then I notice the "Is the bike kept at this address?" check box. Right, that makes sense, postal address and then risk address where the bike actually is kept, fine. I fill in my London address and then use my friends address as the alternative address, in a garage, nice and secure - £1500+ - not a bargain!
I start phoning around. It seems my circumstances cannot be accommodated by any insurance companies! Even though my bike would never see the inside of the M25 or the theft zone that is London, insurers only take into account where the applicant lives and not where the bike is kept. I even tried giving them a hypothetical scenario where I kept a bike in my sisters garage in Dorset and where I visit most weekends and would like to have access to a bike to ride the coastal roads. I asked what address I should use and was told I'd need to use my London address. So, I would be paying a London insurance premium, for a bike that is nearly 100miles away, in a secure garage in a low risk area!
I am now at a total loss....either I just give up on the idea of a bike for now, or I buy a house with a garage in a low risk area outside of London so i can put the bike a want in it. Suddenly the Honda deal of 0% over 36months requires an upfront deposit of £350,000!!!
Where can I go from here?!
So....now I find myself without a bike and unwilling to even entertain the idea of owning one again while I live in London knowing how easy it is for someone to just pick it up and pop it in a van. Lucky I live by a tube station so day to day this hasn't affected my travel to work.
Now we come to the real issue...the sun is coming out...I want to ride and join my pals on the annual bike trip. With bikes, I can submit to peer pressure quite easily so after only 15 mins of nudging and prodding by the friends, I start looking a bikes.
A close friend who doesn't live in London said I could store my bike in his garage along with his own. As I will no longer be commuting and the bike will only be for weekends and touring trips, I jump at the opportunity. Finally, I have a safe place to store my future bike, and because its not in London and I won't be using the bike for commuting, the premium will be low. Also taking away the London and commuting factor, I can stop compromising and get the bike I actually want. The Honda CB1000r is on 0% finance for 36 months until March 31st.....sweet, test rode the bike last year, loved it, now there is a real opportunity for me to own it!
Best call around the insurance companies to see what the prices are like and check the circumstances....and here is the crux of the problem...bloody insurance companies!!!
Firstly I fill out the quote form using the address the bike will be kept at, in a garage, nice and secure - £466 - bargain!
But then I notice the "Is the bike kept at this address?" check box. Right, that makes sense, postal address and then risk address where the bike actually is kept, fine. I fill in my London address and then use my friends address as the alternative address, in a garage, nice and secure - £1500+ - not a bargain!
I start phoning around. It seems my circumstances cannot be accommodated by any insurance companies! Even though my bike would never see the inside of the M25 or the theft zone that is London, insurers only take into account where the applicant lives and not where the bike is kept. I even tried giving them a hypothetical scenario where I kept a bike in my sisters garage in Dorset and where I visit most weekends and would like to have access to a bike to ride the coastal roads. I asked what address I should use and was told I'd need to use my London address. So, I would be paying a London insurance premium, for a bike that is nearly 100miles away, in a secure garage in a low risk area!
I am now at a total loss....either I just give up on the idea of a bike for now, or I buy a house with a garage in a low risk area outside of London so i can put the bike a want in it. Suddenly the Honda deal of 0% over 36months requires an upfront deposit of £350,000!!!
Where can I go from here?!
0
Comments
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Anywhere you like on London Transport it would seem.0
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Could your friend who's garage it is going to be kept in insure it but put you down as the main rider.0
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Have you tried phoning a 'proper' broker? I'm sure you're not the only one who does this. Maybe you could get a specific exclusion of no theft cover inside the M25. Or could you get 3rd party only cover (bit of a risk I know). Or (you won't want to hear this) a less nickable bike?0
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My friend already has two other bikes insured on a multi-bike basis. I'd rather not jeopardise his insurance by having him as the main rider and me as named, just in case a claim did need to be made. I want to be wholly responsible for it on all paper work. But your right, this can't be the only case. However, I have phoned a number of brokers and they seem to be struggling with the idea. It seems any multi-address situation like this gets picked up as fraudulent and then they just won't offer anything, even if such as this instance, I have very legitimate reason for not keeping the bike at my home address or indeed using it in my home area.0
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Is the question not “where would it normally be stored when at home”? I’d suggest trying a few other brokers and companies.
I really feel for you. My flat had a shared garage, key card entry, 24-hour security patrols, cctv, and I still had five bikes stolen. I now can’t get theft cover at all so am on third party only.
Fortunately I’ve moved somewhere safer now, and my main bike, and R1200GS seems invisibly to the young scrut!s who do most of the stealing.
Good luck getting cover.0 -
I suspect the problem now is that whoever you talk to it ends up when the computer says no.Mr Generous - Landlord for more than 10 years. Generous? - Possibly but sarcastic more likely.0
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Good luck getting some suitable cover.0
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I am now at a total loss....either I just give up on the idea of a bike for now, or I buy a house with a garage in a low risk area outside of London so i can put the bike a want in it. Suddenly the Honda deal of 0% over 36months requires an upfront deposit of £350,000!!!
Where can I go from here?!
If you really think your bike is safe, do not insure it when its in your friends garage, but just get out on-demand insurance when you ride it?
https://www.coveredondemand.com/learner/moreinfo0 -
Perhaps on-demand insurance as suggested by sevenhills plus storage insurance might do the trick for you? Basically storage will cover only for storage and then you do on demand every time you want to ride it.
https://www.bikesure.co.uk/laid-up-insurance/0
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