Bike insurance with (just) lock cover

2 Posts

Hi,
I'm trying to find a bike insurer that would cover damage to the lock in case of attempted theft - is there any?
I've recently purchased a new (expensive) anti-grinder lock(Litelok x1) which will most likely stop a common bike theft in London. The problem is that all bike insurers only cover lock damage/loss with a bike claim - meaning I'm better off if having a cheaper lock and someone steals my bike
Litelok also don't have any type of replacement policy for damaged locks
Seems to me that something needs to change with these new locks coming in to the market, as the above makes little sense to me
I'm trying to find a bike insurer that would cover damage to the lock in case of attempted theft - is there any?
I've recently purchased a new (expensive) anti-grinder lock(Litelok x1) which will most likely stop a common bike theft in London. The problem is that all bike insurers only cover lock damage/loss with a bike claim - meaning I'm better off if having a cheaper lock and someone steals my bike

Litelok also don't have any type of replacement policy for damaged locks
Seems to me that something needs to change with these new locks coming in to the market, as the above makes little sense to me
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Just glancing at the internet, value of lock is £150.00. If it was just the lock that was damaged, would it be worthwhile making a claim for the £150, bearing in mind probable subsequent premium increases? If not, your question is surely superfluous.
I'm not sure that your theory of having a cheaper (poorer-standard lock) in order to allow easier theft of your vehicle, in return for a claim for both bike/lock, is one that I would suggest is good solution.
All risks (Personal Possessions) cover under a household policy may well cover a damaged lock with/without theft if cycle. However, I again pose the question, would it be worthwhile making a claim for the £150, bearing in mind probable subsequent premium increases?
SC
That said when I went through the quote prices the quote was a rather eye-watering £130, which is nearly the time what I pay to add my £1500 bike to my home and contents policy. I've never been convinced that a stand alone cycle policy is a worthwhile investment, and nothing I've discovered today had changed my mind...
That said the price of the policy I looked at was nearly as much as the lock, so if you're mainly worried about the lock it would only be a good investment if you think the lock is pretty much certain to be damaged in the next year...
1. How many cycle claims in past 5 years
2. How many years since last claim
The policies also carried an excess of at least £50
We could have a decent debate about the value of making a claim for a £150 lock, when there is (potentially) a policy excess, and possibly an increased premium.
I would make a further point regarding potential disclosure requirements on a policyholder's home insurance policy, if a claim/loss is made under a separate cycle policy. Something to be very careful/aware of.
SC
In my view, for what it's worth, by all means claim for the lock if the bike is also stolen/damaged, but I would personally not be claiming for £100 if all that was damaged was the lock. I would suggest that is probably an unwise route to take, unless of course you are 100% certain that it will never happen again. How many claims would you want against your record?
SC
I have assumed that there won't be a premium increase. Some insurers ask for previous claims, but from my search ~50% don't - so it would be easy to just change providers. Also had a friend with a Velosure policy who made a claim (stolen bike) and his premium did not increase (this was a couple of years ago, don't know if this still stands)
I think that for now I will keep my standard gold lock, get insurance, and hope for the best. Currently there isn't a real incentive in my view to being more secure - neither from any insurer, nor from the manufacturer(s).
Also, may I ask, should a claim (or loss) on a cycle policy also be disclosed to a Household insurer?
To the experts who are advocating claiming for (relatively) small amounts with gay abandon, I would suggest caution.
SC