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Bike Insurance

by mike1611
Wed, Sep 17, 2014 17:47
9

What i would like to know is there anybody out there who insures their bikes or what they are like to deal with once you make a claim.

The reason i'm asking this is i have just had a quote of £487 for my 3 bike with a total value of £6500 and a £1000 for kit and £1 million public liability which i think is very dear.

The reason i think its dear is that i insure my Ford Transit Custom with a value of £26000 for £450 fully comp.

I have also just insured my mothers mobility scooter which is worth £4000 for £79.80 per year covering £2 million public liability, breakdown, wheelchair cover, accidental damage and theft, for gods sake it will even cover the loss of dentures if they lose them chugging along and that is for real through a company called http://premiercare.info/

Why i'm questioning this is insuring Mobility Scooters with old folks on medication with maybe not quite the same awareness as they once had can be substantially cheaper than insuring a 48 year old with 3 bike used for leisure.

If anybody has any ideas i would be glad to hear them.

Many thanks

Michael

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9 comments

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themartincox | 10 years ago
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Bikmo are just about to press the button on an insurance product which looks to be pretty solid!

might well be worth holding off for a week or two

*disclaimer - i'm using it 1

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mike1611 replied to themartincox | 10 years ago
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Thanks AWP I will keep a lookout for that.

Thanks

Michael

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AWP | 10 years ago
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I've just insured a bike to the value of £7,500 and the premium was £470. After looking around I finally went with Velosure as they were the cheapest when taking into account that they offered a discount if you had the bike Datatagged and their cover seemed to be the most comprehensive. I made the effort to phone them just to make sure what I was getting and after a lengthy conversation with Peter (might have been Paul?) I got an extra 7.5% off and two free tickets to the NEC Cycle Show. They also do 12 month finance which cost about £3/month I think.

My car costs £195 per year.

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mike1611 replied to AWP | 10 years ago
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6.25% of the total product cost insured maybe doesn't sound so bad put like that. I suppose if you look at it like £7500 is the cost of a small hatchback which you could as you say insure for £195 but with the bike comes a much greater potential for an insurance pay out due to theft and damage pay out.

Thanks

Michael

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MaxP | 10 years ago
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Is this a bicycle specific insurance company or added onto your home insurance? Seems rather high.

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mike1611 replied to MaxP | 10 years ago
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Yes it is. there is a selection of them on moneysupermarket.com where you can purge your way through 5-6 companies.

Thanks

Michael

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mike1611 replied to MaxP | 10 years ago
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No they are bike specific insurance companies. Get a couple of quotes on your and see how it comes out for yours. Mine was on 3 bike with a value of £6500 plus £1m public liability and clothing replacement.

Thanks

Michael

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rasalati | 10 years ago
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It probably comes down to your bike being far more likely to be stolen (and easier to steal) than a van or a mobility scooter.

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mike1611 replied to rasalati | 10 years ago
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May be your right but when I looked at the on-line form it asked no questions as to where I keep the bike.
As it happens there are in an alarmed shop which I I own and live over the top, so pretty secure, plus I never leave the bike when i'm out riding.
Its a good point you have made and I have e-mailed an insurance company to explain, so I will update on what they have to say.

Thanks

Michael

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