House items insurance questions

Rocksolid

Hello,

I need to insure the content of the items in my house.

- Precisely, I wish to insure my bicycle and my motorbike mainly, I think I've got a good deal for 150 pounds annually, considered the value of such items is a very decent price.

- I've chosen 20k for content insurance + a dedicated value for motorbike and bicycle, basically specifying the point of a custom item, not sure if that is necessary honestly but I didn't find that a motorbike or bicycle could be included in these 20k general claim, so 9k more for them.

- Then, how about to claim each item? For example, if someone comes and take my phone, laptop, and motorbike, should I provide proof of ownership (bill) of each item? It works in this way with private parcel sending, and I hate it with all myself...

In case is like that, does it work if the item was bought in another country with a different currency?

What about used items? My bicycle is used and I can only provide photos of me riding it, and it's really unique.

To summarize, I'll make my question as much easy as possible, how is best to move?

Basically I want to be without thoughts regarding a possible theft, for the motorbike mainly, it will be in an insecure storage (no alarm, anyway is not my house), but it will be tied as hell to a secure ancor with alarms.

I've requested this evaluation on a search engine and the insurer is also my car insurer btw, probably the first in the country, not bad.

Kind regards.

MovingForwards

Ideally you have receipts, not everyone keeps them.

Payout depends on cover, whether you have new for old or just current replacement value. Same with any second hand items you purchased. It's based on UK prices, not what you paid elsewhere.

Home insurance will cover contents and push bike, the push bike may need to be listed as a high value item, but that varies between insurance companies.

Motorcycle will require it's own policy with an insurance company who covers motorbikes. They will have their own requirements as to alarm, security, how it's stored.

If your motorbike is stored in your actual home and there is an accident (explosion etc), it may invalidate your policy.

I hope I've read your post right.

Rocksolid

Thanks for the answer, you gave me interesting insights.

If I understood correctly, I need to have a separate theft insurance on the motorbike, even if is for racing, so no plate, is it right?

Yes, based on UK prices was clear, and I declared that I want the price as new (or probablyit was the only option), so even if is worth 3k now used, they are supposed to give me 9k new motorbike...

Honestly it seems too nice to be true, in fact a motorbike or bicycle wasn't in the list of these expensive items (1k threshold), I needed to declare as "other" for each expensive item and in the end I can't be sure if the insurer is gonna accept it, most likely not, unless I make a call.

Right, also the fire insurance is needed, as well as for the fuel stored in the garage, do you know anything about it? Probably that will fall down on the owner policy, but he may kick me out the house if I ask...

So, if I understood correctly, to summarize I need:

- Fire policy

- Theft policy

- ??? On the fuel stored in the garage, obviously in a proper fuel tank.

MovingForwards

HOME INSURANCE
You need home insurance to cover your contents eg clothes, watches, footwear, furniture, white goods etc basically to replace everything if anything happened eg a fire, flood, theft.

As part of the home insurance policy they do cover push bikes, sometimes only to a low value so if yours is more than £500 you may have to pay extra to make sure it's fully covered. That will be one of the questions asked when applying for a policy. 

Insurance offer away from home cover for items so you would list things such as laptop, expensive watch, jewellery, maybe mobile phone, camera equipment etc.

If you are under insured (your possessions are £30k but you have only taken out £20k of cover, your insurance company could decline a claim or only pay part of it.

Buildings insurance will be needed if you are buying a home, if it's a house. If it's a flat then you should be covered by the managing agents policy.

MOTORBIKE
You will need some form of insurance for your motorbike, normal motorbike policies need a number plate and also exclude racing. Therefore you will need specialist insurance and would be best speaking with a broker or having a chat with any other racers you know to see how they cover theirs with insurance. 
Has the motorbike been adapted for racing or is it a standard motorbike? 
All additions and alterations will need to be declared, if not the policy will be invalid.
If the motorbike is standard and not changed from when it was first made in the factory, you will not get £9k for a £3k motorbike if anything happens to it. Any payout is based on the value at the time of damage / theft.

It will not be covered under your home insurance.

I don't know exactly how racing bike insurance works, only normal motorbike insurance.

STORED FUEL
Unless the fuel is stored in a proper secure container, you will not get cover for that, especially in a normal garage. It's too much of a risk of exploding / causing a fire.

Again, speak with your racing friends and see what they do and who they are insured with.


MISCELLANEOUS INFORMATION
To make it easier for us when posting your questions, please list all the important information as we all want to make sure we give you the right advice.

Are you renting, sharing a home with the landlord or buying a home?  

If renting, a landlord may not allow you to store fuel whatever it's stored in, in the garage as that may invalidate his insurance.

If renting you may only have personal possessions (clothes, footwear, watches, laptop etc) and not furniture.

Hope this helps!

Rocksolid

In summary from your previous message, I need to have a proper motorbike theft and fire insurance, I'll check with few fellas.

The fuel tank is the one that I use to fill my motorbike, so yes, it's under regulations but it's not a container for a fuel cargo ship, to be precise .

The motorbike is for racing, it comes in this way, it cannot have a plate.

I rent, so I'll ask my owner if is fine to store fuel.

Yes, I honestly don't care about fornitures, it's owner stuff.