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Yet another bike insurance question...

by sergius
Tue, Jun 09, 2015 17:42
8

Hi All,

Having just bought a second, relatively expensive bike (one at £2500, one at £1250) - I've been looking into specific bike insurance. I've got British Cycling membership which gives some legal cover as I understand it (assuming you don't come a cropper to another BC member, which is hopefully unlikely as my riding is for leisure).

I happen to qualify for a 15% discount with yellow-jersey via a work scheme, so have been looking at them along with Dynamo Cover & the BC scheme.

I'm basically interested in having cover for someone managing to break into my Asgard and nick my bikes, along with cover if I have an accident that wrecks a bike (I'm hazy on the difference between me crashing because I'm useless versus someone hitting me or suchlike).

I'm seeing quotes varying from £20ish to £35ish per month. My wife has flown of the handle about this, pointing out that we get home & contents insurance for our house for >£20/month - similarly that our car insurance is in the same ballpark as some of these quotes - for a vehicle that cost three times as much as all my bikes put together.

Am I missing something here? I only use the bike on the weekends, it's either locked in the Asgard or under me. I don't even make cafe stops leaving it outside!

Is that "just what it costs"?

If you're new please join in and if you have questions pop them below and the forum regulars will answer as best we can.

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8 comments

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Fishy | 9 years ago
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Don't forget bike insurance also tends to give you medical and third-party cover. If anything it's the third-party cover that's so attractive, lest you stack it into the back of a Maserati...

It's priced on the basis of total loss, hence the cost.

The extra point to remember is it also means a claim shouldn't impact the cost of your home insurance - at least in principle.

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chrisl | 9 years ago
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In my casual experience, it looks like most stand-alone policies are about 10% of the bike value. If you think you will probably have your bike nicked or crashed in 10 years, go for it; if you'd rather just run the odds and buy a new one, do that.

I did the 'buy a new one' plan for a while with cheap bikes, but then realised I'd had 2 written off in 3 years, so now I've got a posh bike too they're both insured. I figure the odds on accidents are pretty high in 10 years, more than theft as I use 2 decent locks, common sense and mostly commute on a bike that looks less inviting than the one next to it (shower cap over the Brooks and a bike lock through it too to save me from piranhas).

I went with Bikmo this time as they seem to have good cover, new for old (i.e. not depreciation over 3 yrs old but giving you the number of money you insured it for) cover clothes and accessories inclusive (paramedics got a bit scissor-happy with my £200 jacket last crash) and acknowledge the fact that you're only taking one bike out at a time, which helps the premium. Circa £13/month for £1750 bike and £350 bike. I might see if I can change it in winter when posh bike stays in my bedroom.

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Alex Mills | 9 years ago
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Hi there,

Yes bike insurance is expensive but it is more comprehensive cover than home insurance. Home insurance will typically exclude cover on bikes both away from home and while being used (so basically you have just theft cover from home).

At the end of the day it's risk management - would you rather pay £20 a month, or potentially £4000.

If you do want to talk more about a policy please feel free to email me. road.cc will also be posting an article about insurance soon with some good tips and tricks!

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ianrobo | 9 years ago
0 likes

anyone know of single trip insurance for just a bike ? Looked around and can not find one

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Iamnot Wiggins | 9 years ago
0 likes

With Amlin. I'm an insurance broker so the premium discounts are nice! But even without them, the policy is considerably less than the quote I received for stand alone bike insurance.

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Iamnot Wiggins | 9 years ago
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Stand alone bike insurance policies are an absolute rip off and should be avoided.

You're better off looking at an insurer who can combine your buildings & contents cover with cover away from home etc for bikes & personal items. Discounts get bigger the more you insure and it works out a lot more competitive.

I had a look at a stand alone policy the other day and was quoted in excess of £700 for £10,000 of cover. I pay significantly less per year to insure my contents & bikes on a worldwide, all risks basis. Covered against theft, accidental damage, damage whilst in transit, loss etc. Basically, unless it's excluded in the wording, I'm covered.

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tom_w replied to Iamnot Wiggins | 9 years ago
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Iamnot Wiggins wrote:

I pay significantly less per year to insure my contents & bikes on a worldwide, all risks basis. Covered against theft, accidental damage, damage whilst in transit, loss etc. Basically, unless it's excluded in the wording, I'm covered.

Who are you insured with?

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wodentop | 9 years ago
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I am in a similar position and went with Bikmo - https://bikmoplus.com/

Worked out at around 17 pounds per month (with no additional charges for paying monthly) and as I understand it they cover all types of crashes and theft. They also pay out the amount you are insured for and not what they think your bikes are worth.

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