Bike insurance with (just) lock cover

[Deleted User]

Smithcom said:

vlopes said:

Many thanks for all the replies.

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).

Velosure ask about 'any claims/losses/incidents' in past 5 years.  I wonder why they do that?

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

Why would you declare something to a household insurer for a claim on a separate policy for an incident away from home? Unless their wording says specifically about any claims on any policy then there is no reason to do it. They cannot penalise you for not declaring something unless they specifically ask and you lie.

Who can afford to keep buying £150 locks after someone has damaged it?

That's why I keep mine in eye sight and have it in a secure metal shed at home, not worth the risk

Smithcom

Deleted_User said:

Smithcom said:

vlopes said:

Many thanks for all the replies.

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).

Velosure ask about 'any claims/losses/incidents' in past 5 years.  I wonder why they do that?

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

Why would you declare something to a household insurer for a claim on a separate policy for an incident away from home? Unless their wording says specifically about any claims on any policy then there is no reason to do it. They cannot penalise you for not declaring something unless they specifically ask and you lie.

Who can afford to keep buying £150 locks after someone has damaged it?

That's why I keep mine in eye sight and have it in a secure metal shed at home, not worth the risk

1.  One needs to be very careful with disclosure of claims on other policies, to home insurers, particularly if the bike could potentially be covered on the home insurance.  There is much potential for insurers to suggest non-disclosure even though the claim may have been on a more specific cycle policy.   Question needs to be carefully checked and answer given with appropriate thought.   

With insurance, things are always dead easy.......until something goes wrong - and at that point one would want to be sure that insurers don't have an easy escape from a claim.

You seem fairly sure that disclosure is not required, but with respect, I don't necessarily agree with you, per se.    


2.  If you make regular claims for a damaged lock to your cycle insurer, there are four potential consequences.  Premium may increase.   Possible disclosure to home insurance may be required.   Excess may increase.   Cover may be withdrawn.  So, your strategy of claiming for each damaged lock, particularly if a regular occurrence, could be problematic in the end. 

 
Still, you seem very sure of your position, so please proceed as you feel appropriate

SC