[Closed] Bike Insurance- Is it worth it?

As with all insurances, it's only worth it when you need to claim. Quite a few companies have cottoned on that bikes are expensive things these days so will allow you to add a bike as a 'valuable item'.

Indeed, however having spoken to friends it seems the claims process can be quite tortuous. For example, we've heard of someone being unable to make a claim as the broken lock, which the insurance company wanted to see, had been taken along with their bike. 🙁 If anyone has had any similar experiences speak up!

I'm guessing you're looking for customers?

Is it worth it? That's down to the you. If you want to take the risk, don't. If you want to transfer the financial risk, buy it.

Is the level of cover adequate? Like most things you get what you pay for. Some insurers are painfully aware bikes are theft attractive so can/do limit the indemnity levels. If that isn't enough to replace your bike then plenty of other companies will cover it for you.

As for your example. It's reasonable to assume the insurer will want to see evidence you've met their security requirements. I'm sure the receipt would suffice or, if no receipt a photo. Not providing the lock after a theft would not be grounds enough not to pay so I suspect there is more to the story.

No, we don't sell insurance. We're looking to gauge the opinion of cyclists as to whether they find bike insurance good value, fit for purpose etc. or if people even bother with it. The aim is to writing a piece on insurance. All comments appreciated!

In the example given, the insurance policy came with a lock. The bike was locked up by a canal so the thief bust it and presumably threw it in the canal. Along with police report a term of the policy was that the lock had to be returned to be inspected for a claim to be made. Always check the Ts & Cs!

£7 a month extra for my bike to be insured for 2k in and out of the house is well worth the peace of mind.

EDIT

bikmo - Member
In the example given, the insurance policy came with a lock. The bike was locked up by a canal so the thief bust it and presumably threw it in the canal. Along with police report a term of the policy was that the lock had to be returned to be inspected for a claim to be made. Always check the Ts & Cs!

If the lock was stolen with the bike then I think the Ombudsmen would take a dim view of these terms...

Are you asking about a stand alone policy, ie not included with home contents insurance?

I'd love to see the policy wording that said the lock 'had to be returned'. I would also refer the matter to the ombudsmen as that is clearly an unreasonable condition (if in fact that is the condition).

Never came across an insurance policy that provided a free lock. Was this in the last decade?

EDIT: On second thoughts, I'd not love to see it. I couldn't care less.

Hi Rich,

I've removed the email link in your original post; soliciting discussion off-forum in your first ever post is probably bad form.

Also, your website is vulnerable to the Heartbleed SSL bug. You might want to make sure your own insurance is up to scratch before worrying about everyone else's. (-:

Was this in the last decade?

£7 a month extra for my bike to be insured for 2k in and out of the house is well worth the peace of mind.

Are you asking about a stand alone policy, ie not included with home contents insurance?

If the lock was stolen with the bike then I think the Ombudsmen would take a dim view of these terms...

Trouble is, a guarantee which didn't ask for any evidence of the lock being broken (or even used in the first place) would be rather open to abuse.

Bit harsh that you're screwed if the broken lock isn't left there, but it's rather difficult to see how they could provide the guarantee/cover without that check. - CCTV maybe? but would that show which lock was used?

Some trust has to be in place by the insurer but evidence you've at least purchased the lock has from my experience always been acceptable.

I think through Home insurance is by far the best value/affordable way to insure your bikes. Not sure if there are many stand alone bike insurers.

I've had quotes from stand alone insurance companies. My old insurer wouldn't insure me when I moved as there was a stream close by, despite my home being considerably higher than the stream!

It's all very well using postcodes but an individual address should be taken into account by viewing a map.

Most of the quotes were beyond belief and one could have bought a high end bike with the annual premium. 😯

The one time when I used my insurance I found the company to be very good but considering the premium they should be.

Sainsburys homes insurance is great, only adds around £5 a month to my policy and covers outbuildings/sheds etc.

(/shameless plug) cinnamon girl, you should contact a friendly insurance broker to sort your home policy(\shameless plug) 😆

Am just in the middle of a battle with M&S home insurance and their agent, Wheelies Direct. Cutting a long story short, M&S have decided that my stolen wheels can be defined as being a cycle accessory and are not therefore covered unless the whole bike is stolen or damaged at the same time.
I'm saying that 1. this definition is unreasonable and 2. the frame was damaged anyway, the wee scrotes having bent the mech hanger when they hauled the wheels out of the locked frame. I now need to provide a letter from a cycling professional to say that the frame was damaged, to go along with the photographs that I've already sent to Wheelies. I don't have the original purchase invoices for the wheel components any more but have already supplied a letter from the wheel builder confirming the kit that had been supplied to him to use. It's now 18 days since the theft and I'm still no nearer getting the wheels replaced. M&S Home are now on an appaling bad rating in my view. I've paid extra premium to them for many years for just this sort of eventuality and am very disapointed in the stance that both they and their agent are taking.

You have a mech hanger that's part of the frame? That sounds like a shockingly bad design to me.

My experience, when I had to claim, was excellent. It helped that it was a burglary from home rather than a theft, per se. But I had documented every bike and accessory, sent it with independent new for old valuations and never had a quibble. I also found Wheelies to be helpful.

My renewal for home and contents makes the pips squeek. But I still think it is worthwhile.

You have a mech hanger that's part of the frame? That sounds like a shockingly bad design to me.

Seriously? Even my Trek Madone doesn't have a replaceable hanger, and loads of ti and steel frames don't. they're fairly recent really.

The lock example is a bad one - that's more of a guarantee than an insurance policy. I think insurance is well worth it, having (touch wood) never had to claim

More seriously, I think you're both wrong.

Surely a bike "accessory" is an optional addition. If you take the wheels off a bike, it's no longer a bike by any sensible definition I can think of. Can you ride off without these "accessories"? Have you ever bought a bike from Evans and then been upsold accessories for it like lights, a helmet, wheels? I'm right there with you on your first point, their definition is looney tunes.

On your second point though, a bent mech hanger is fairly obviously not part of the frame, by definition. I can about imagine that discussion in court.

"Can you explain the nature of the damage?"

"Yes your Honour, the mech hangar was bent."

"And can you tell the court the purpose of this 'mech hangar' please?"

"Yes, it's a component designed to break under stress in order to prevent damage to the derailleur and the fra- ... oh."

Considering the many restrictions on insurances, and the many times where claims are reduced, or even denied by insurers i have ceased insuring the bikes i have. I save the premium amounts i would have paid, and i already (after 3 years) have enough for a new bike should i be in urgent need of a replacement.

It of course requires me to be diligent with the cash i have stored.... but much more satisfying than giving it to companies who really just try to protect their margins at my expense (and trust)

The only insurance i take out regularly is travel/medical/repatriation.... as this could in the worst case be millions. I don't have millions of course.

Seriously? Even my Trek Madone doesn't have a replaceable hanger, and loads of ti and steel frames don't. they're fairly recent really.

I sit corrected. I didn't know that, I thought they were standard equipment on MTBs (outside of the BSO arena anyway). I should probably stick to being sarcastic about technology, hey? (-:

I have yet to find a bike only insurance scheme with terms and condictions that bore close scrutiny and remained good value.

It must me mentioned, i have ALOT of bikes. So that does factor into this decision.

Also, your website is vulnerable to the Heartbleed SSL bug. You might want to make sure your own insurance is up to scratch before worrying about everyone else's. (-:

Apologies for the bad form, won’t happen again!

Thanks for the heads up, it seems the patching process hadn't quite gone smoothly, but it's now completed. Thankfully, although the site was "potentially vulnerable", none of our services were in fact affected by the Heartbleed bug and all our data is safe and secure. Plus we’re fully insured, thank you!

Did your team manage ok with it? Have a good Easter weekend of riding!

I had no contents or bicycle insurance up to the age of 41 and then lost all my bikes last October. The question "but you had insurance though didn't you?" began to grate almost as much as the empty garage...

I have insurance now and a very secure garage and bicycles. Most house insurance policies will provide cover for bicycles.

I have yet to find a bike only insurance scheme with terms and condictions that bore close scrutiny and remained good value.

Sainsburys homes insurance is great, only adds around £5 a month to my policy and covers outbuildings/sheds etc.

Most house insurance policies will provide cover for bicycles.

Ime many insurance companies have absolutely no idea how much some bikes can cost. When I quoted values of mine, they were unable to help! Or it wasn't new for old, percentage reduction for age etc.

I completely understand why lardman has gone down the route he's taken. It's a lot of money each year.

My insurer insures bikes of up to £1000 in the home as standard.

If you get the extra personal possessions outside the house which is things like phones, cameras and sport equipment then this gives you cover of up to £1000 per bike outside the house. For me this would cost an extra £12 a month.

For bikes over £1000 they have to be insured as a named item my bike is £2000 for about £7 a month.

All is new for old, only problem is maximum you can insure a bike for is something like £2.5-3k

looked into this at tail end of last year. However without paying a premium for "new for old", our motley collection of bikes (majority new, but several - 15 years in cases - many years old) it was in the end better to suck it up and put a bit aside and hope they're not all nicked or lost at the same time.

Plus when you have old bikes that have been so heavily upgraded - with no receipts usually - that the cranks / frame are only original bits left, how would any insurance company value them? I've no idea of their 'worth' other than as lovely bikes...

On the whole unless paying for specialist insurance provided by a broker the level of cover available is either wildly insufficient or hugely expensive, and specialist insurance tends towards the expensive.
M&S now don't do it for us, we're with Churchill, although I don't have much hope of them indemnifying me for any losses for bikes.

Problem I had was one insurer dumped me once my bikes got past 3 years old, my home contents while initially agreed to insure the bikes but when I probed found out they were shocked at the value of my bikes then decided not to.

When I went for a specific cycle cover, they covered yep but cost more than my home contents, and when I cancelled threatened me with legal action for not having the policy for a year, even though I called and agreed over the phone to cancel the policy as I had found home contents cover for them.

Luckily and so far haven't had to claim, that's the true test, currently with B&B who insure my home contents cheaper than my bank will and cover the bikes I have as well so all good at the moment. Oh and I got a free Meerkat!!

(/shameless plug) cinnamon girl, you should contact a friendly insurance broker to sort your home policy(\shameless plug)

Will bear that in mind for when I next move, thanks. 🙂

Bikmo,

They usually require the insured to take unreasonable or unlikely precautions, lock your 7kg bike with a 2kg lock etc. Terms that are obviously designed to repudiate the most likely claims.

Your policy may be different, publish the terms or pm them to me, there's definitely a market for a half decent policy.

(Standalone policies btw, bike geeks constitute such a small proportion of the general population for it not to be seen as a risk on mass market contents insurance).