You don't need to be an 'investor' to invest in Singletrack: 6 days left: 95% of target - Find out more
To start off....i did use the search before posting this thread, but still unclear on a few things.
In a few weeks i am moving into a new place, In the best part of what could be seen as a slightly dodgy area. In the past i havent felt the need for insurance covering bikes.
However i have now built my first high spec bike (all be it mostly second hand parts) still cost me alot and id rather not be left with nothing if the local swag artists find it appealing. This and i have also built up a Heckler for Mrs daver.
So, before getting a few quotes id just like to get a bit of info on how it all works.
When you set the value of your bikes, are they after what you paid for them, or what they would be new? Speaking in regards to second hand parts, for example pro 2 wheelset which was easily half the price they would cost if i were to replace.
Would i have to declare every single part or do they just value it as a whole? What happens if a few months down the line i decide to change a part?
Sorry if these questions make me out to be a little dim witted, its not something ive had to do before. Plus the copious amounts of coffee i have had today doesnt seem to have touched the sides. -.-
daver89
Hello, I speak to you as someone who has struggled with my insurance company and the financial ombudsman for 8 months before they have finally this week agreed to pay out (AA / Allianz).
I insured the sum I paid for my Reign X0 (which I got heavily discounted at the end of the year). I'm now wishing I'd insured the price of a replacement, as 5 years on the payout leaves me a couple of grand short of what I need to replace it, especially given how prices have risen since 2008. They have said they will only pay out the amount that I insured the bike for not the cost of a replacement.
So I guess if you're happy to build yourself another bike from second hand components then you could put the price you paid for the parts but if you want a new shiny bike then you'd better insure it as if all the parts were bought new.
And you really do have to take precautions so that the insurance company can't worm their way out of paying. Make sure you lock your bikes up [u]inside[/u] your house/shed/garage and don't rely on the door lock. In my experience you need proof that the bikes were left secure when you were out and that you took sensible precautions against their theft (like not having just left the door open).
I'm considering bike specific insurance in the future but have no experience with that. Does anyone else?
Cheers,
Chris
Cheers for the info Chris.
If that's the case i will have to work out what they would have been if new. Obviously i guess the premium would go up a fair amount but it would be worth it in the long run.
For the both of them im sure 3 grand would cover it and ive seen some places cover up to 4 grand.
Again, not sure whether to go with specific or tie it in with the home insurance?
Dave
As Browner says, Insure for what you will replace on a new for old basis. Is also best to have some photos and an inventory of the items as the Insurer can get funny if you have a total loss and have no proof of what you had.
They have said they will only pay out the amount that I insured the bike for not the cost of a replacement.
Are you surprised by this fact!? If you put a value of £3000 for a 5 year old car on your insurance, are you going to expect them to pay out for a brand new one?
Read the terms carefully, many take into account depreciation, so the sum insured isn't the sole factor.
They have said they will only pay out the amount that I insured the bike for not the cost of a replacement.Are you surprised by this fact!? If you put a value of £3000 for a 5 year old car on your insurance, are you going to expect them to pay out for a brand new one?
Read the terms carefully, many take into account depreciation, so the sum insured isn't the sole factor.
No, not surprised just thought it worth pointing out. It all depends if you are willing to spend the time sourcing second hand parts again. You do need to read the conditions carfully as njee20 said. Lots of exceptions and depreciation clauses can be a killer.
Are you looking to insure it at home or away?
In the house,flat it usually covered under sum insured but check there may be exclusions.
Any terms for bikes such asoutbuildings secured in a certain way.
Do you need/ want it to cover non secured areas, gardens etc.
[i]I'm considering bike specific insurance in the future but have no experience with that. Does anyone else?[/i]
Don't. If you think you had problems with bikes on your contents policy, just try it with a bike specific one that will charge around 10% of the bikes value in premiums each year. Just go and read the T&C's of any of them if you need any further persuasion!
Bike-specific is properly expensive. Annual premium for my best bike, with one trip abroad, was quoted at £750!
my van insurance is about £340...
The basics
Read all the T&C's, ask for any bike specific ones. Follow these to the letter as a minimum. I asked (as the calls are logged etc. what the requirements were for our bike shed - 1 padlock)
Insure for replacement cost - most home policies do this anyway, the comparison with a car is not that relevant. It's much easier to get a 5yo mondeo than a 5yo TV, etc. Regardless of what you paid - sale/great deal etc it's the amount you would need to get to replace like for like tomorrow.
If they allow for unspecified take some pics etc. If it's a custom build list all the parts with RRP. Failing that see if your LBS can do a valuation for you.
Away from home cover can be useful especially as it will cover in transit problems such as flying.
Thanks for that Mike, little clearer now.
The bikes are kept in a locked garage, But currently not locked to each other/ against anything else, this might change if it voids the insurance and i might pick up a ground anchor or something.
As far as specific bike insurance goes, i cant see that i will need it. We dont actually have any house insurance at the moment either, so might be worth just getting it all together in one package. We dont really have many belongings that would need insurance. 3 grand for the bikes, couple of hundred for a watch, tv and a couple of laptops. It would be nice if the policy insured the bikes away from home aswell though.
from experience would you think getting standard contents insurance is the way to go with this then?
Thanks
Dave
Again check the T&C's for max value items. A bike may go over the limit and need to be named. Also the away from home cover will add to the policy normally. As for locking up again whatever the T&C's say.