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Perhaps this is normal business - so I am happy to stand corrected.
They recently settled a claim where my frameset took a crack at stainburn. I was out riding the other day and lost a saddlebag over some potholes. I didn't notice, backtracked for miles but no sight. It was probably worth about £120-150 after I added all the tools, tubolitos co2 heads etc so I asked (as the insurance covers accessories) - if I was able to claim for it.
The reply was 'maybe but be aware, making claims will impact your ability to make claims in the future even if you remain insured'.
To me that sounds like a threat to break contract. There is no 'max number of claims/value per year' clause in my contract except the amount I stipulated needing covering.
Have I got the wrong end of the stick?
It can affect your insurance risk, but it shouldn't affect anything if you stay with the insurer.
For example, we've had a couple of claims on the house contents, lost camera and lost rings. A few £k. Looked round at insurance, and I've got a bike only contents at Barclays (my main insurer doesn't quite cover the value of a few of the bikes). I thought, right, Barclays can give me a 'full quote' and I ll bin off my original. Nope, they refused to quote due to the claims.
If it's worth the cost of any excess/loss of no claims, then claim. We've only had two claims in 27 years (same insurer) but as they are recent, it's a no no.
Claiming for £150? Isn't there an excess?
To me that sounds like a threat to break contract
The contract is for the period of insurance you're paid for; renewal would a new contract, and the insurer can take account of your claims record in assessing the premium to charge.
So I went back and clarified. There isn't an excess for accessories. They clarified - interesting response (one of the biggest and most popular insurers).
If you make any amount of claims that broach 5k in a 5 year period or if you make more than two claims for loss / damage to a bicycle (not the same one, just say you have one stolen and another crashed) inside 5 years, they will cancel your insurance at the next available opportunity and refuse to insure you again.
This is an interesting point and demonstrates how awful value bike insurance is: as the 5-year cost of the insurance product is more than £5k.
More than £5K to insure your bikes for 5 years... 😲
Depends how many bikes obviously but that seems like an awful lot.
It's a good idea for them to warn you that you might be getting close to a renewal refusal.
If you get one of them, life gets complicated.
More than £5K to insure your bikes for 5 years…
Bike insurance is ridiculous. It costs more to insure a £5k MTB than both our cars combined.
Its a lot, but this policy appears to be one that covers:
They recently settled a claim where my frameset took a crack at stainburn.
accidental damage by the user in the course of its use. Knowing what I do about mountain bikes and breaking them, full value over 5 years seems like a reasonable cost from the insurer, although not one I would be taking them up on.
Yes - but getting an "insurance refusal" mark on your credit record is a massive action to take for simply having a bike that costs more than 5k and either a) crashing or b) having it stolen. Lots of people probably have bikes worth more than 5k insured with them and don't realise that they might have to choose between getting their bike replaced or having car insurance next time.
Most bike (and other use) includes accidental damage (eg a crash).
Costs me a lot less than £5k over 5 years to insure a value a lot more than £5k worth of bikes. Part of my home insurance though, not a separate policy.
Bike insurance is ridiculous. It costs more to insure a £5k MTB than both our cars combine
About £150 to insure 7 bikes totalling £15k as specified items on the house insurance......
Bastard insurance companies in being bastards shocker.
I hate insurance companies
How!?
My house insurance is £50 per year, add two bikes on they want £50 per month!
Pedalcover, £330 a year for buildings, contents and worldwide bike cover and accidental damage for about 5 reasonably expensive bikes. Obviously you wouldn't be claiming for a saddle bag when the excess is £100, but it's at least £700 cheaper a year in premiums...
Just over 5 years ago I had a nightmare with home insurance.
I had storm damage claim a few years before, approx £800, then just before we moved we were burgled to to tune of about 8k. When we moved axa via Pedalcover wanted another £1000k due to the claims. Stating once burgled more likely to be burgled. Despite the fact we were in a different postcode now, with much lower crime. Anyway had to stump up as we needed to be insured for the mortgage. Was also told if I had a third claim in a 5 year period I would be uninsurable. Ditched Pedalcover/a a next renewal as they bumped the premium yet another £1k, switched to aviva with named bikes and they we a quarter of the price for better cover.
Thankfully no claims now for 5 years so worry over.
Now have a £500 excess, and just write any damage off under that. Like when boy#2 smashed the tv screen with a hot wheels car….
Number of claims matters, like a black mark against you
Whilst we are insured I cannot remember when we last claimed. The less you claim, the better premiums you get. Even enquiries re: a potential claim will push up your premiums.
Insurance is just a gamble with the odds stacked in favour of the insurance company.
Insure yourself for events that would financially break you (burning down your house, bikes being robbed), but self-insure for things that you could cover (losing a saddle bag). So in this example, stick your bikes on your home contents insurance with a £500 excess.
Fanatic has it right. I used to work for an insurance company and many of the employees who figured it out self-insured where they could. FWIW I moved to Pedalcover for house contents with cheap bike cover in the early days when they used AXA. Previously I used M&S when that had a low priced bikes add on - that was underwritten by AXA. When Pedalcover went daft with premiums I shopped around again for agreeable contents with relatively low priced bike cover and subsequently found the underwriter was….AXA.
I’m sorry but a claim under £200 on a policy costing £1000 a year tells us something is wrong.
As above You insure what you can’t avoid to loose. So a massive excess would be appropriate here which would push down the premium
Although in this case sticking a £1000 a year in an account for when all goes wrong probably work as well as anything
My house insurance is £50 per year
Where do you live, the 1970's?
My house insurance is £50 per year
And your contents insurance?
Fanatic has it right.
I suppose with a policy of that cost, there is a incentive to claim for everything to try and break even. Horse insurance is a bit like that...
But if you claim for everything you will either get refused or get a gas bill sized quote at renewal.