Author Topic: Cycle insurance  (Read 546 times)

Cycle insurance
« on: April 14, 2021, 10:56:18 am »
My Pedalcover insurance is coming up for renewal, and I’ve just discovered they now have a lock standard requirement. In the old days you were covered as long as it was locked- a cafe lock was good enough. Alas, it now needs to be gold/ silver standard depending on value.

Does anyone know if there is an insurer without the requirement for a particular standard?

Cheers

jiberjaber

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Re: Cycle insurance
« Reply #1 on: April 14, 2021, 11:02:07 am »
My Pedalcover insurance is coming up for renewal, and I’ve just discovered they now have a lock standard requirement. In the old days you were covered as long as it was locked- a cafe lock was good enough. Alas, it now needs to be gold/ silver standard depending on value.

Does anyone know if there is an insurer without the requirement for a particular standard?

Cheers
LV home insurance only require it to be secured to an immovable object. Bikes >1000 need to be listed separately though
Regards,

Joergen

Re: Cycle insurance
« Reply #2 on: April 14, 2021, 11:06:58 am »
Yeah home insurance tends to be much vaguer about requirements than bike specific policies.

No guarantee a company would actually accept a claim if the bike was locked with a piece of string cafe lock though. Anyone tried?

jiberjaber

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Re: Cycle insurance
« Reply #3 on: April 14, 2021, 11:18:06 am »
Yeah home insurance tends to be much vaguer about requirements than bike specific policies.

No guarantee a company would actually accept a claim if the bike was locked with a piece of string cafe lock though. Anyone tried?

I lost a glider in the sky and claimed, paid out new for old without hassle so would hope for similar hassle free cycle claim...
Regards,

Joergen

Re: Cycle insurance
« Reply #4 on: April 14, 2021, 11:28:56 am »
LV home insurance only require it to be secured to an immovable object. Bikes >1000 need to be listed separately though

That sounds promising

robgul

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Re: Cycle insurance
« Reply #5 on: April 14, 2021, 11:52:38 am »
"specialist cycle insurance" pricing is a total joke and the security requirements are unreal.

Just add a value for bikes (some may need specifying) to your household contents policy - the increase in pemium is minimal IME - that's with a couple of £2,000+ machines specified and few others at low value.
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Re: Cycle insurance
« Reply #6 on: April 14, 2021, 11:57:21 am »
My Pedalcover insurance is coming up for renewal, and I’ve just discovered they now have a lock standard requirement. In the old days you were covered as long as it was locked- a cafe lock was good enough. Alas, it now needs to be gold/ silver standard depending on value.

Does anyone know if there is an insurer without the requirement for a particular standard?

Cheers
LV home insurance only require it to be secured to an immovable object. Bikes >1000 need to be listed separately though

Does that include when they're at home in the shed?  And beware the "immoveable object" clause too. Pedalcover's underwriters rejected a claim from someone who locked their bike to another bike, that first bike being secured to a tree.  As their bike wasn't directly secured to the tree the claim failed.

Sadly I'm coming to the conclusion that self-insurance (as fas as cycles goes) and a decent lock on the shed is the only real route open to me. In particular because I built all three of my bikes, so can't provide a single receipt of purchase (and not all the parts I used were new, and I didn't keep all the myriad receipts). Insurance underwriters (understandably) want simplicity so assume everything is something that can be bought off the shelf, and if it isn't, tough luck.  Still, should reduce my renewal premium.

Luckily I'm in a low crime area at home, and I've only ever left my bikes out of my site away from home when touring and staying in hotels where I make sure secure storage is available.
We are making a New World (Paul Nash, 1918)

jiberjaber

  • ... Fancy Pants \o/ ...
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Re: Cycle insurance
« Reply #7 on: April 14, 2021, 12:04:56 pm »
My Pedalcover insurance is coming up for renewal, and I’ve just discovered they now have a lock standard requirement. In the old days you were covered as long as it was locked- a cafe lock was good enough. Alas, it now needs to be gold/ silver standard depending on value.

Does anyone know if there is an insurer without the requirement for a particular standard?

Cheers
LV home insurance only require it to be secured to an immovable object. Bikes >1000 need to be listed separately though

Does that include when they're at home in the shed?  And beware the "immoveable object" clause too. Pedalcover's underwriters rejected a claim from someone who locked their bike to another bike, that first bike being secured to a tree.  As their bike wasn't directly secured to the tree the claim failed.

Sadly I'm coming to the conclusion that self-insurance (as fas as cycles goes) and a decent lock on the shed is the only real route open to me. In particular because I built all three of my bikes, so can't provide a single receipt of purchase (and not all the parts I used were new, and I didn't keep all the myriad receipts). Insurance underwriters (understandably) want simplicity so assume everything is something that can be bought off the shelf, and if it isn't, tough luck.  Still, should reduce my renewal premium.

Luckily I'm in a low crime area at home, and I've only ever left my bikes out of my site away from home when touring and staying in hotels where I make sure secure storage is available.

Given a bike isn't an immovable object, I can see their point.



Mine are listed separately on the contents insurance plus the optional away from home cover. There are requirements on how an external door must be secured also - you'd need to ring them about your Shed question.
Regards,

Joergen

Re: Cycle insurance
« Reply #8 on: April 14, 2021, 12:16:25 pm »
TSB Insurance might be worth a look also. I've just got a quote for home insurance, and added bicycle cover for an additional £25. You can select the cost of your most expensive steed up to £3500, and all other bikes are covered. No need to specify them. Requirements are the bikes must be in a locked storage area, and locked to an immobile object when away from home. I didn't see any further requirements, but I will double check if I decide to go with the quote.

Eddington: 130 miles

Re: Cycle insurance
« Reply #9 on: April 14, 2021, 12:17:24 pm »
And are your bikes "standard" bikes with an easily defined market value, of have you just specified a value? Even so, when it comes to a claim, the underwriter's claims handlers will demand chapter and verse to justify the payout, even if they've happily taken the premium up to tha point. I even had that with a "couresy car plus" stipulation of a car policy. I'd been hit from behind on the M25, but the claims handlers only offered a Corsa (I was driving an A4) on the basis that if I were found liable, it reduced their payout fo the hire car, even though I'd paid additional premiums for a larger courtesy vehicle (I was traveling a lot for work). Took an ill tempered phone call before thay agreed to supply a more appropriate car.

As to the "immoveable object - yes, I agreed with your interpretation, but many didn't and were put off Pedalcover (when all they are is a broker of course).
We are making a New World (Paul Nash, 1918)

Re: Cycle insurance
« Reply #10 on: April 14, 2021, 12:20:50 pm »
TSB Insurance might be worth a look also. I've just got a quote for home insurance, and added bicycle cover for an additional £25. You can select the cost of your most expensive steed up to £3500, and all other bikes are covered. No need to specify them. Requirements are the bikes must be in a locked storage area, and locked to an immobile object when away from home. I didn't see any further requirements, but I will double check if I decide to go with the quote.

My issue is value - two of my framesets were £2-2500 each.  They're both built with Di2 as well, so will easily breach the £3500 limit on the TSB policy.
We are making a New World (Paul Nash, 1918)

TimC

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Re: Cycle insurance
« Reply #11 on: April 14, 2021, 01:05:13 pm »
My NFU home policy will cover many bikes, but they wanted significant supplementary premium when I told them the total value of the then family collection of over 20 bikes. We came to an arrangement that they would cover all of them when at home in a secured garage, but there were strict limits on the value they would cover when we were out and about.

When the family buggered off and I was left on my own, I insured the remaining bikes with Laka, which allows any bike and any build (but it must be detailed, with photos) and the cost varies according to the level of claims they experience. They do specify that bikes must be secured with gold-standard locks when unattended and away from home. On average, the premium for £15k of bikes by replacement value is about £55 a month.

fd3

Re: Cycle insurance
« Reply #12 on: April 14, 2021, 06:26:35 pm »
Worth reading fine-print or ringing/online chat with home insurers.  I was with the Coop for years but one day talked it through with them
- Bikes insured at new price, not at second hand purchase price which is sorta good but...
- £500 max claim for shed break ins, so no more than one bike
- Max value of bikes was about £2,000

So they were good if you have one bike in the house and their insurance covered all hours away from home, which was better than the previous bike specific insurance I had.  But with two second hand recumbents that would not be covered by their insurance (no way what I paid for them mind) I didn;t see the point in adding to my insurance to cover some 10+ year old bikes.

I think if you have cheaper bikes in your home they can still be part of your household insurance, so it's entirely insurance for more expensive bikes or bikes when you are in town.  Probably cheaper to buy a £200 bike to cycle to town on.
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Re: Cycle insurance
« Reply #13 on: April 14, 2021, 07:01:39 pm »
TSB Insurance might be worth a look also.
I've been with them for several years, on a stand alone Pick and Protect Policy not combined with any household insurance.  So much cheaper than any of the alternatives that I triple read the policy looking for the catch, I couldn't find one. 
Had my first claim last year, accident rather than theft, no issues, quickly sorted and surprisingly no hike in this years premium.  Even though they don't specify a lock, I suppose there could always be a question about whether it was adequately locked, I do choose the lock to carry depending on the ride, I think I'm using an appropriate lock for the risk, but I don't know if I'd need to justify that decision.

Re: Cycle insurance
« Reply #14 on: April 14, 2021, 09:03:36 pm »
We have house and car and everything except the cat insured with NFU (partly for historic reasons).
I just phone the local office and talk to someone who knows who I am, and I tell them I have got a new bike, supply description and value and for a relatively small premium it is added to all the rest of the property insurance.
We have had several major claims, including a break-in to our well re-inforced big agricultural shed (used massive force to quote the police) in which two titanium MTBs were taken amongst a stack of other stuff.
Everytime, they have been helpful, sympathetic and paid up. No trying to wriggle out of a claim.
I know they are not the cheapest if you just need bog standard cover for your Ford Fiesta, but for anything out of the normal, they are very reliable. Customer service can't be faulted.

But still wish I had that Airbourne MTB - it was a joyous machine.

And if you are worried about the cat - she is on petplan!